Standard & Poor’s lost a little market share in the business of rating non-mortgage ABS during the first quarter of 2016, but the firm still was the most active player in the market, according to a new ranking by Inside MBS & ABS. S&P rated 58.4 percent of the $41.42 billion of non-mortgage ABS issued in early 2016, down from its 61.5 percent share for all of last year and its 64.1 percent share back in 2014. The company’s strong suit was in vehicle-finance ABS, where it rated 64.7 percent of the market, by dollar volume. While S&P’s share was up slightly in a few categories, its stake in the credit card ABS segment fell...[Includes two data tables]

A federal appeals court in New York this week will hear arguments from African-American subprime borrowers in Detroit in connection with a proposed class action challenging Morgan Stanley’s mortgage securitization practices during the subprime mortgage boom. The American Civil Liberties Union and its partners are seeking class-action status for the borrowers’ Fair Housing Act claims, which were initially rejected by a lower court. The court previously ruled that each borrower would have to sue on his or her own. The issue on appeal at the U.S. Court of Appeals for the Second Circuit is...

In fact, the transition to a new GSE single security that’s scheduled to start in 2018 could become a test run of sorts for the even bigger changes ahead…

What does the Brexit vote for Fannie Mae and Freddie Mac? Hedging losses, maybe?

First-time homebuyers account for a growing share of home purchases, and even though housing inventory is limited, originations of mortgages for first-time homebuyers are up sharply. First-time homebuyers accounted for 40.8 percent of home purchases in May, according to results from the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. The share for first-time homebuyers, based on a three-month moving average, was the highest level seen in more than five years. “Demand from first-time homebuyers is...

The sale of residential mortgage servicing rights has been gaining steam the past few weeks – unless you happen to be in the market for Ginnie Mae product. In particular, there’s a growing concern about price discounts on Ginnie servicing rights, and a strong belief that the agency – including its president, Ted Tozer – is once again getting anxious about so many nonbanks being such large players in the market. Tozer is so concerned about the matter that the agency – with the help of the Mortgage Bankers Association – is hosting what’s been described as a “liquidity summit” in Washington, DC, with several stakeholders and regulators, including officials from the Federal Reserve and U.S. Treasury. The summit, closed to the media, is scheduled for June 24. Ginnie issued...

Financial regulators tell Congress: Do something now on GSE reform before it's too late...

The mortgage industry and others want LLPAs eliminated now...

The market is beginning to see more MSR auctions, much of it tied to GSE product...

Roughly 100 guests were invited to the Ginnie Mae "liquidity summit," including regulators from the Federal Reserve.