Issuance jumped in May and volume year-to-date is well above the level of issuance seen in the first half of 2023. Investor demand has remained strong amid the surge in issuance.
Researchers show that U.S. insurance companies monitor the riskiness of the assets backing their CMBS bonds but they didn’t sell off significant portions of the portfolios.
Delinquency rates on commercial MBS in April hit a level last seen in September 2021. And AAA investors in a commercial MBS suffered a loss this month, a first for deals issued after 2010.
Big increases in securitization of office-property and industrial mortgages lifted non-agency CMBS issuance to $21.9 billion in the first quarter, a 68.6% increase from the prior period. (Includes two data tables.)
Ginnie seeing strong demand from foreign investors; non-QM demand particularly strong in MBS market; McCargo lands at Federal Home Loan Bank of San Francisco; CMBS downgraded.
The collapse of commercial real estate during the 2008 financial crisis wasn’t the result of poor underwriting by lenders, but due to a widespread misperception of risk, according to a new Fed paper.
Ginnie to increase reporting requirements on defaults, loss mitigation; Fitch prepares to rate commercial PACE securitizations; loans for hotels near Disney World head into commercial MBS; FHA extends waiver tied to Ginnie multifamily MBS.
The agency single-family MBS market is the main driver of structured finance issuance, but it recorded a decline in first-quarter production while ABS, commercial MBS and non-agency RMBS posted gains. (Includes three data tables.)
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