Non-agency securitization involving home equity increased by 39.3% in the second quarter even as some big players pulled back. Issuers that weren’t active in the first quarter helped fill the void. (Includes two data tables.)
Rithm will restate financials going back to 2021; commercial lending executives expect MBS issuance to remain strong; new wildfire risk mitigation recovery bond.
Much of the second-quarter gain came from NPL/RPL and home equity securitizations. Prime MBS issuance in the first half was up three-fold from last year, while ECM production was up 32.7%. (Includes data tables.)
The non-agency market could gain from a reduction in GSE loan limits, revision in capital requirements for banks and updated requirements for publicly registered securitizations.
Fitch Ratings sees relatively smooth sailing for residential MBS this year while times are tough in the CMBS market, and the worst could be yet to come.
Cherry Hill plans to drop its external manager, consider additional strategic options; FHFA publishes historical VantageScore data; Computershare, NewRez receive master servicer ratings; commercial MBS from Morgan Stanley downgraded.
S&P lost a little market share in rating newly issued ABS but remained the top provider in the first quarter. Fitch had a similar experience in the non-agency MBS market. (Includes two data tables.)
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