Ginnie officials meet with government and private finance entities in Taiwan and South Korea; Chase hopes to use securitization to reduce capital requirements; Fitch downgrades PacWest’s credit-risk transfer deal; KBRA gives all clear on bank exposure in non-agency MBS.

Volatility stemming from bank failures in March put a damper on non-agency MBS issuance. A jumbo deal was pulled and expanded-credit activity slowed.

Acra’s non-QM pipeline is up to $500 million, double what it was a few months back. Angel Oak is seeing improved conditions as well. Better times ahead for these two nonagency stalwarts? Looks that way.

Fannie and Freddie captured a smaller share of the conventional-conforming market last year, and non-agency issuance dropped sharply in the second half. (Includes data chart.)

FRBNY plans to consolidate SOMA’s agency MBS holdings. However, the dollar value and composition of those holdings will not change.

Despite privacy issues, industry stakeholders said Fannie’s and Freddie’s social bond disclosures should provide more granular data.

Issuance of ABS backed by music royalties will continue to grow, according to KBRA. Also, streaming royalty rates, a large share of music catalog revenues, are expected to increase in coming years.

The two most significant forecasting models for MBS prepayments are struggling under the weight of the COVID-19 pandemic and the recent bank failures, according to a new TCW report.

Activity in the commercial MBS space will pick up again in the months ahead, said analysts.

The SEC’s proposed rule on conflicts of interest in the securitization market is unworkable and unnecessarily broad, according to industry stakeholders.