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.)

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

FDIC monitoring commercial MBS performance; MISMO to update ASF data standards; ACC subprime auto ABS servicing update.

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.

Prime jumbos are unlikely to account for the majority of non-agency MBS issued this year, a first for the products since the time before the financial crisis. Non-QM MBS issuance is holding up better and second-lien securitizations are building some momentum.

Finally, prices are starting to seem (somewhat) reasonable for non-agency whole loans of the non-QM variety. But this applies to recently originated product — where supply is lacking.

Global conflicts top of mind at SFVegas; ESG and credit risk; no housing-finance reform expected when the sun’s out; Ginnie looking to fill COO position; American Car Center’s subprime ABS under review.

AB CarVal Investors and Ares Management are in the market with separate expanded-credit MBS, marking the first time either firm has offered that type of MBS.

SFA and others have asked the SEC to extend the comment period on a proposed rule regarding conflicts of interest in the securitization market; SFA revises TRID grid; Fitch reviews RPL MBS; new ABS with Small Business Act Section 7(a) loans.

Redwood Trust isn’t planning to ramp up acquisitions and sales of prime non-agency mortgages in the near term due to elevated interest rates and strong competition from banks for jumbos.