Fed stays course on MBS sales; SFA close to revising data tape for prime non-agency MBS; MBS on watch for rating upgrades by Fitch; subprime auto ABS impairments rise; commercial MBS delinquencies decline; Fannie sees tighter spreads for latest CRT; Morningstar not ready to give positive commercial MBS credit for “mass timber” construction.
Fitch upgrades ratings on nearly half of outstanding GSE CRT issuance; delinquencies in commercial MBS declined in December led by improvements in loan performance for office properties; Morningstar plans new criteria for assessing securitizations tied to small businesses.
As the automotive ABS market sees record issuance, U.S. Bank has begun marketing a credit-risk transfer transaction backed by $2.46 billion in prime auto loans.
After S&P made changes to its insurer risk-based capital adequacy criteria, Arch Capital canceled eight of its mortgage insurance-linked note transactions, citing newly unfavorable capital treatment.
CAS, STACRs, CIRT and ACIS volume were all down sharply during the first nine months as origination volume continued to decline. (Includes data table.)
Some credit unions are toying with the idea of selectively trimming their holdings of seasoned residential mortgages. A trend or just a blip in activity?
Fannie Mae and Freddie Mac combined cranked out $3.71 billion in STACRs and CAS notes in the second quarter, an 81.1% jump from the first three months of the year. (Includes data chart.)
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