Second-level GSE MBS issuance involving excess spread from servicing increased in 2022. Private-equity firms and real estate investment trusts are among the investors buying excess servicing.

In a book released this week, former FHFA Director Mark Calabria provides insight into some of the key policy decisions during his abbreviated tenure.

About half of recent loan curtailments have been followed by recasts. For investors in smaller MBS pools, that could be mean a higher weighted average maturity than expected, RiskSpan said in a recent analysis.

The RMBS rating business nearly ground to a halt in the fourth quarter, but ECM was the place to be in 2022. ABS fared a little better, with business-finance and consumer deals showing relative strength. (Includes two data charts.)

What ails the mortgage market? Answer: high interest rates. But would creating more MBS buyers ease the pain? At this point, it’s an academic equation.

Agency MBS industry insiders recently discussed specified pools, prepayment rates, home price growth and problems with ESG investing.

After undertaking drastic leadership changes in December, Chimera is now looking to expand its investments beyond reperforming loans.

FINRA said the implementation of the amended Rule 4210 can’t take place until the SEC formally rescinds a 2022 stay.

After playing defense in 2022, investors appear to be willing to deploy capital even as the MBS and ABS markets face numerous headwinds. Attendance at this week’s SFVegas conference hit a record level.

Investors are pleased that FHFA has improved the capital treatment of commingled securities. The overall industry response to the proposed rule change, though, has been a resounding “meh.”