Fannie's massive CAS deal backed by seasoned HARP loans drove credit-risk note offerings to a record $4.54 billion in the fourth quarter of 2019. (Includes data chart.)
December was a slow month for MBS trades but 2019, on average, was quite good. Meanwhile, just when you thought rates might start rising, a monkey wrench or two gets thrown into the works.
As the industry moves from LIBOR to SOFR, the ARRC is seeking input on whether the spread-adjustment methodology for cash products should be consistent with what’s adopted internationally for derivatives.
The move gives the regulator more direct control over Common Securitization Solutions, which is responsible for issuing and administering the uniform MBS.
The percentage of private mortgage insurance sales tied to the GSEs’ low-downpayment programs dropped from 20% in July to 12% in December, with industry players pinning the fall on lower income thresholds.
Total new issuance of securities backed by home loans, commercial mortgages and non-mortgage assets jumped 24% from 2018’s levels to $2.14 trillion last year, the biggest volume since 2007. (Includes three data charts.)
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