A huge rebound in securitization of credit-card receivables in 2017 helped boost the non-mortgage ABS market to a significant 21.2 percent increase in new issuance, according to a new rank-ing and analysis by Inside MBS & ABS.
Although the stars might be aligned for legislative reform of Fannie Mae and Freddie Mac this year, new developments late this week illuminate the difficulty of the task at hand.
After a typical lull at the end of the year, issuance of non-agency MBS is coming fast and furious. A number of issuers are prepping deals backed by a variety of newly originated loans, including prime jumbo mortgages, expanded-credit mortgages and loans eligible for sale to the government-sponsored enterprises.
Issuers of MBS and ABS are finding ways to finance their holdings of retained risk in the wake of risk-retention requirements that came into effect in 2016, according to attorneys at the law firm of Mayer Brown.
Freddie Mac recently introduced a new front-end credit-risk transfer option for its Agency Cred-it Insurance Structure program, the second-largest form of its CRT activity.
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