Super-senior classes of conduit CMBS transactions should be resilient if office loan values fall, but the lower end of the capital stack may not hold up as well, according to S&P Global Ratings.

Servicers will now have a shorter wait time to deliver reperforming loans back into Ginnie MBS, and the loans will no longer have to go into special RG pools. The changes are aimed at increasing liquidity for Ginnie issuers. (Includes data chart.)

Wide swaths of traditional MBS buyers are sitting on the sidelines, avoiding acquisitions. One possible explanation: concern over prepayments.

Ginnie Mae President Alanna McCargo said she’s hopeful the one-year extension of the implementation deadline for Ginnie’s new risk-based capital requirements will give its nonbank issuers room to breathe and time to consider their restructuring.

The Swiss bank is transferring most of its securitized products unit to a group of investors — affiliates of Apollo Global Management and PIMCO. The deal is expected to close in the first half of 2023.

Thanks to MBS-to-Treasury spreads busting their straitjackets, it’s been a tough row to hoe for MBS owners, particularly REITs. But signs of improvement could be on the horizon.

Loan modification is easy when interest rates are low, but what does foreclosure mitigation look like when rates soar?

Much like the GSEs, banks have the ability to share credit risk on a pool of assets. However, bank CRT issuance has been limited thus far as industry participants wait for an endorsement from banking regulators.

Uncertainty regarding future actions by the Federal Reserve has dampened investor demand for MBS and ABS. The outlook, too, is negative.

MBS trading bounced back in September to highs not seen since the spring. As for meaning, that’s a hard one. At the very least, newer higher yielding securities might be in short supply.