There’s no consensus on how the Trump administration’s effort to end the conservatorship of the GSEs should address senior preferred shares in Fannie and Freddie.
Palisades Group issued a $112.1 million securitization on June 30 that included home equity investment assets from multiple companies, a first for the growing sector.
To this point, Freddie has issued multifamily risk-sharing transactions without ratings. The Morningstar DBRS rating could open these multifamily CRT deals to institutions that only invest in rated transactions.
Researchers tracked ratings and defaults on non-agency MBS between 2013 and 2022, finding that Morningstar’s ratings were more conservative than ratings from the big three firms. However, Morningstar’s ratings produced more “false alarms” about potential defaults than the big firms.
Changes to Common Securitization Solutions, including being renamed U.S. Financial Technology, appear to set the company up to serve additional secondary mortgage market participants.
Banking regulators proposed modifying the enhanced supplementary leverage ratio that applies to large banks. If implemented, it could lead to the banks to increase their holdings of Ginnie Mae MBS.
JPMorgan Chase Bank issued a new credit-risk transfer deal and FinBe brought a subprime auto ABS. The last time either issuer offered a similar transaction was in 2021.
It’s the first auto loan ABS with loans aggregated from multiple credit unions. Alloya is a corporate credit union that provides services to more than 1,300 credit unions and other entities.
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