The definitions used by non-agency MBS lenders and issuers aren’t consistent and many terms haven’t been updated since 2009. The MISMO and the SFA are separately working on setting new standards.
Most of the modest gain in bank ABS investment came from a handful of large banks buying deals backed by unsecured consumer loans, a fast-growing market. (Includes two data charts.)
Mountain Hawk II CLO class E and Flagship VII class F are the first two collateralized loan obligation tranches to default following the financial crisis more than a decade ago, according to a recent report from S&P.
Over $60 billion of new CLO issuance came to market in the second quarter of 2021, along with a whopping $70 billion in refinance and restructuring activity. (Includes two data charts.)
With Fannie’s Connecticut Avenue Securities on ice for over a year, the supply of single-family credit-risk transfer debt in the market has declined significantly. (Includes data chart.)
Although 30-day delinquencies were up, Fannie, Freddie and Ginnie all saw significant declines in the number of loans two- and three-payments past due. (Includes data chart.)
Jumbo mortgage originations were up in 2020 but most production remained on the lenders' books. Direct sales of conventional loans to non-agency securitizers also fell. (Includes data chart.)
REIT industry holdings of agency MBS have climbed 8% higher than they were when COVID forced many firms to shrink, but investment in non-agency MBS remains depressed. (Includes data chart.)
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