Production levels surged for agency 1-4-family MBS, non-mortgage ABS and commercial MBS from the second to the third quarter. Nonbanks continued to dominate the agency market. Includes three data charts.)
Issuance in the MBS and ABS markets seems to be humming along with tighter spreads. But industry participants warn investors should beware of over-optimism.
The ruling partially lifts the cloud surrounding a 2015 ruling over the valid-when-made doctrine, providing banks with legal arguments to defend their securitization trusts against state usury laws.
ABS tied to Bojangles, powersports equipment and airline mileage programs recently hit the market. Meanwhile, a whole-business ABS from Planet Fitness was downgraded.
With revenue lower than expected due to the coronavirus pandemic, California is allowing electric utilities to use securitization to avoid sharp rate increases for customers.
Ultra-low interest rates are fueling both record originations and a stampede of debt offerings by mortgage firms far and wide. The latest participants: Rocket, NewRez and Fidelity National.
Issuance of ABS tied to marine container leases set sail in August, with the sector producing more volume in recent weeks than all of 2018 and 2019 combined.
TD Bank and Charles Schwab, the two biggest bank investors in ABS, both pulled back from the market in the second quarter, but industry-wide holdings rose slightly. (Includes two data charts.)
The bull market in debt offerings by mortgage-related vendors continues. The latest participant: ICE, which is buying Ellie Mae for a stunning $11 billion.
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