Over the past two weeks, the whole-loan market has been rife with rumors that bond giant PIMCO is working on a massive securitization deal. And as usual, the company is tight-lipped about its plans.
The Department of Veteran Affairs’ interim final rule on cash-out refinancing appears to be a positive move for borrowers and investors, especially for higher coupon MBS but potential loopholes could seriously weaken it, analysts warned.
Issuers of auto ABS will likely continue to complete clean-up calls on seasoned transactions even in a rising interest-rate environment, according to S&P Global Ratings. The rating service said clean-up calls yield a positive impact for auto ABS issuers and investors.
Participants in the MBS and ABS market took major steps toward addressing the end of the London Inter-bank Offered Rate. This week, the Structured Finance Industry Group released a draft of best practices for transitioning new issuance away from LIBOR, echoing similar moves by the Al-ternative Reference Rates Committee administered by the Federal Reserve and the New York Fed.
With many consumers shopping at brick-and-mortar stores this holiday season, mortgages on department stores and shopping malls that are included in commercial MBS will likely see good performance in the end of 2018, said DBRS. [Includes one data chart.]
Meanwhile, acting Ginnie Mae President Michael Bright still awaits Senate confirmation, even though he was officially nominated to the post by President Trump on May 15.
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