GSEs endorse FHFA proposal on call options for CRT; office properties drive up CMBS delinquencies; Ginnie makes appointments.

After a three-month hiatus, Fannie rebounded with $1.44 billion in CAS deals, while Freddie’s STACR issuance totaled $611.0 million. (Includes data chart.)

Fannie has issued a cash tender offer on CAS notes totaling $4.24 billion. Details from that offer, plus pricing on its upcoming CAS REMIC, give some insight into the state of the CRT market.

In a book released this week, former FHFA Director Mark Calabria provides insight into some of the key policy decisions during his abbreviated tenure.

Questions raised by the Fed prompted big banks to pause CRT issuance. Also, CRT issuance by the GSEs is expected to slow in 2023.

Rising spreads brought credit-risk transfer issuance to a halt in the fourth quarter and more than halved reinsurance transactions. Still, combined Fannie and Freddie CRT deals hit a record $21.64 billion in 2022. (Includes data chart.)

Credit Suisse completed the first part of the sale of its securitized products group; tighter pricing for Fannie with latest CRT offering; SEC’s rating service report light on details; retrial in GSE shareholder case set for July; RMF’s planned securitization scuttled.

The GSEs’ social disclosures should be as granular and specific as those reported for credit-risk transfer deals, according to investors.

Spreads tightened this week for a new CRT transaction from Fannie and new non-agency MBS; prepayment rates on agency MBS exceptionally low; lessons from Silvergate Bank’s crypto activity.

Non-QMs account for nearly 60% of the dollar volume of Western Alliance Bank’s second credit-risk transfer transaction of the year.