Commercial banks and savings institutions added to their holdings of certain categories of non-mortgage ABS during the third quarter, but the industry’s total ABS portfolio was down slightly, according to a new Inside MBS & ABS analysis of call-report data. [Includes three data charts.]
Prepayment speeds for recently issued Fannie Mae and Freddie Mac MBS in the to-be-announced market were closely aligned during the third quarter, according to a new report from the Federal Housing Finance Agency.
The handling of a lawsuit relating to repurchase activity on pre-crisis non-agency MBS could have a wide-ranging impact on the industry, according to the Securities Industry and Financial Markets Association.
The Department of Veterans Affairs wants to act quickly to stamp out cash-out refinance transactions that it deems abusive to service members. It’s going to bypass a lengthy rulemaking process and issue an interim rule to address the problem.
The White House is moving closer to naming an interim successor to Federal Housing Finance Agency Director Mel Watt, whose term is set to expire in early January, industry sources told Inside MBS & ABS this week.
Ginnie Mae’s recent focus on issuer liquidity and requirements for using subservicing vendors has received high marks from key industry factions and former regulators, but not everyone is happy.
Despite a robust economy, retailers are still floundering in a shifting business environment. Recent bankruptcy filings and store closures by retailers are posing risks to certain commercial MBS, according to several reports.
The first post-crisis subprime auto ABS to suffer a downgrade has been demoted further due to ongoing performance issues. The downgrades so far have been limited to the lowest tranche of the ABS issued by Honor Finance, but the class B notes are on watch for a potential downgrade.
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