Requirements for asset-level disclosures for certain ABS fell off of the Securities and Exchange Commission’s most recent regulatory agenda but the issue remains on the regulator’s radar, according to industry participants. Asset-level disclosure requirements for MBS and ABS have been a concern since 2010 when the SEC proposed revisions to Regulation AB. Some of the so-called Reg AB2 revisions were ultimately finalized in 2014, establishing disclosure requirements for ...

Investor demand for non-agency MBS backed by re-performing loans has prompted an increase in issuance, with a new emphasis on deals that have credit ratings. Chimera Investment issued its first rated RPL transaction this week and MetLife Investment Management is preparing to enter the market as an issuer. “Rated RPL MBS has fundamentally changed the market,” Scott Waterstredt, a managing director at MetLife, said at the recent ABS East conference. He noted that ...

Fannie Mae and Freddie Mac – wards of the federal government for over nine years now – are poised to report stellar earnings for the third quarter, likely blowing past results of the prior two periods, according to an analysis by Inside MBS & ABS. Not only did the two government-sponsored enterprises benefit from a strong origination market in the third quarter, and robust guarantee fee income, but a previously announced legal settlement with Royal Bank of Scotland will soon ...

Roughly 9.8 percent of Ginnie Mae’s outstanding MBS portfolio may be potentially at risk due to hurricanes Harvey, Irma and Maria, according to data released recently by the agency. The tally represents the number of Ginnie loans and their unpaid principal balance amounts in the presidentially declared disaster areas in Texas, Florida, Georgia, Puerto Rico and the U.S. Virgin Islands. A total of 1.066 million mortgages with a UPB of $184.5 billion have been affected. Ginnie’s current MBS portfolio totals $1.9 trillion

Nomura Holdings and the Royal Bank of Scotland fought a long battle but eventually lost in a court appeal last week when the judge decided not to undo an earlier order forcing them to pay the government $839 million. The settlement was based on the banks not being truthful about non-agency MBS sold to Fannie Mae and Freddie Mac prior to the housing meltdown. The firms’ lawyers chose to appeal the 2015 decision by U.S. District Court Judge Denise Cote. She found the companies ...

Vacancy rates are up in the single-family rental space, mostly due to seasonal factors, according to a new report from Morningstar Credit Ratings. Meanwhile, the toll from Hurricane Irma is still being calculated. “The average vacancy rate among single-family rental securitizations climbed to 5.7 percent in August, as property managers dealt with increased lease expirations, typical of the summer months,” analysts from Morningstar said. This was the fifth consecutive monthly increase. They cited two ...

MetLife said a number of new investors have started buying RPLs in recent years. And even with the strong demand, it’s still a market that offers relatively attractive returns…

The GSEs and Ginnie Mae remain the dominant forces in the MBS/ABS market. Their combined single-family issuance hit $346.98 billion in 3Q17…

The capital and liquidity requirements targeted by Treasury were largely established by the Basel III accords and the Dodd-Frank Act…

In a new report, Cowen gives the early lead on the FHFA job to Mark Calabria, chief economist to Vice President Mike Pence...