A heavy load of maturing commercial real estate loans is expected to boost non-agency CMBS production in 2025, and first-quarter issuance suggests the market is up to the challenge. Agency multifamily MBS got off to a slow start, as usual. (Includes two data tables.)
CMBS securitizers can exploit an exemption in risk retention rules to unload riskier tranches. Researchers said this may signal lower loan quality to investors.
Joe Gormley is rumored to be leading Ginnie Mae ahead of his potential official nomination for Ginnie president; new leadership at multifamily securitization vendor putting emphasis on decentralized finance.
The nearly 800 lease terminations announced by the General Services Administration in the past 30 days have been linked to 64 commercial MBS. And some terminations have been reinstated.
Fed reduces redemption cap for Treasury securities, allows agency MBS runoff to proceed; Annaly to issue securitization with HELOCs; non-agency MBS term financing transaction from PIMCO.
A proposal from S&P would have a wide-ranging impact on ratings of commercial MBS. Fitch is also considering allowing data center ABS to carry additional leverage.