Six federal regulators tasked with overseeing risk-retention requirements for residential MBS decided to leave the standards unchanged after a two-year-long review.
Some investors in MBS and ABS are ready to discard data collected in the past two years due to distortions from actions by the federal government. One problem: projecting asset performance moving forward.
The Fed will reduce its purchases of agency MBS more quickly than initially planned; the Senate confirmed Alanna McCargo as Ginnie Mae’s president; Parthenon Capital Partners will acquire a majority stake in Kroll Bond Rating Agency; KBRA raises concerns about non-agency MBS due diligence sampling practices; United Wholesale offers its first non-agency jumbo MBS.
Securitization rates drifted lower in the third quarter in most segments of the mortgage market, and primary-market originations of agency-eligible loans declined. (Includes data chart.)
The latest MBS from Blackstone includes non-agency mortgages for investment properties from various lenders. The firm’s pre-pandemic non-agency MBS were backed by loans from Finance of America.
The House passes legislation to help address legacy contracts for MBS and ABS tied to LIBOR; the SEC expands payment methods for various filing fees; transportation ABS is performing well despite supply chain issues.
UWM has its own non-agency MBS shelf, allowing the lender/servicer to directly issue deals. However, the company continues to contribute mortgages to non-agency MBS issued by others.
Non-agency MBS hit the market ahead of Thanksgiving; rating upgrades possible with new commercial MBS methodology at Moody’s; timeshare securitization performance stable; Fitch extends comment period for proposed criteria to rate shipping container ABS; California launches tobacco-settlement securitization.
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