The Blackstone Group wants to make its mark in the non-QM arena and has hired away an executive from Annaly’s Onslow Bay unit.

Non-agency MBS issuers typically ensure properties in the deal are damage free. That standard can be difficult to achieve if a hurricane strikes while the deal is still in the works.

Issuance of non-agency MBS backed by scratch-and-dent mortgages to date this year has surpassed issuance through all of 2023.

Deals rated by Moody’s successfully navigated the end of LIBOR reporting; vintage MBS wrapped by MBIA downgraded; GSEs, Ginnie increase MBS disclosures; ICE offers emissions estimates for MBS; new TBA trading app from South Street Securities.

Delinquencies on securitized non-QMs are increasing. But market participants believe there is so much credit enhancement on the deals, plus home equity, that it’s a non-issue for now.

Delinquencies are projected to increase across asset classes, though some sectors will be hit harder than others.

Initial estimates on Hurricane Helene’s impact; Ginnie to host summit with a focus on nonbanks; MSR financing securitization from Freedom; T-Mobile moves forward with cell phone financing ABS.

Rated ABS issuance was relatively flat in the second quarter. In the non-agency MBS market, rated production was buoyed by the surging home-equity sector. (Includes two data tables.)

FINRA received approval from the SEC to shorten reporting requirements for most trades of MBS and ABS from within 15 minutes to within one minute of a deal having transpired.

New rating criteria for securitizations of residential transition loans have helped increase uniformity across recent issuance.