Production of new non-mortgage ABS soared in the first three months of 2018, pushing the market to its strongest quarter since the April-June cycle back in 2008. [Includes two charts.]
Since the start of 2018, two new firms have issued prime non-agency MBS and a third player looks set to rejoin the sector. Issuers expect more competition this year due to relatively strong demand from investors for prime non-agency MBS.
The securitization of film rights is a growing market, a wide-open frontier that could be the proverbial mother lode for daring investors or a financial graveyard for the ill-informed.
After booking large one-time charges from marking down the carrying value of their deferred tax assets in the fourth quarter, Fannie Mae and Freddie Mac likely will post strong earnings for the first quarter of 2018, according to an analysis by Inside MBS & ABS.
Issuers of non-agency commercial MBS responded to risk-retention requirements by tightening underwriting standards and passing costs onto borrowers, according to an analysis by Craig Furfine, a professor at Northwestern University’s Kellogg School of Management.
Stearns Holdings LLC has sent out notices to investors that snatched up $250 million worth of short-term debt that it would like to buy back at least $80.0 million of the paper, which matures in 2020.
New non-agency MBS encompass a variety of different servicer strategies on how they advance payments for delinquent loans, with mixed impact on investors, according to rating services.
Nomura Securities wants the Supreme Court of the United States to hear its case after losing an appeal in October to overturn an $800 million penalty assessed by the Federal Housing Finance Agency. The firm argues that the high court should determine whether the Housing and Economic Recovery Act’s extension of the statute of limitations applies to statutes of repose.
Issuance of prime jumbo mortgage-backed securities is on the rise but underwriting standards for loans in the deals aren’t changing much, according to a new analysis by Inside Nonconforming Markets. Some $4.23 billion of prime jumbo MBS was issued in the first quarter of 2018, the highest quarterly volume for the sector since the first three months of 2015. Issuers in the sector have largely maintained super-prime underwriting standards since the financial crisis ... [Includes two data charts]
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