JPMorgan Chase continued to hold the biggest portfolio of MBS/ABS in trading accounts. Bank holding companies posted a 14.9% increase in agency MBS held in trading accounts. (Includes data chart.)
The Structured Finance Association warned that the Federal Trade Commission’s proposed rule on auto dealers could have unintended consequences for the securitization market.
While the Biden administration’s student loan debt forgiveness program doesn’t apply directly to borrowers with private student loans in ABS, prepayments on the loans are expected to increase.
In 2020, the SEC made a move to apply a disclosure rule that had been in effect for nearly 30 years to MBS and ABS. Industry participants have been able to delay enforcement of the rule while seeking changes to the disclosure requirements.
The Inflation Reduction Act will likely increase solar ABS transaction volume and improve performance, KBRA said, due in large part to its enhancement of an existing investment tax credit.
Prepayments on student loan ABS could spike amid debt forgiveness; Annaly sells stock; the Erbey-Altisource-PIMCO connection; commercial MBS at risk with potential bankruptcy of Regal Cinemas owner.
Performance of student loan ABS declined in the second quarter. And a moratorium on payments for federally backed student loans is set to expire at the end of August.
Music investment company Hipgnosis Song Management is set to issue an ABS tied to royalties on 980 songs. The deal received a slightly lower rating than similar ABS from other firms.
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