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Volume 2017 - Number 15

April 21, 2017

Few Losses on MBS Backed by Re-Performing Loans, But Underwriting Likely to Worsen in Future Deals

Losses on rated non-agency MBS backed by re-performing loans have been minimal, according to DBRS. RPLs have been one of the dominant types of mortgages in post-crisis non-agency MBS. Issuance of MBS backed by RPLs increased significantly in 2015, according to DBRS. Some $13.4 billion of volume was issued that year, compared with a total of $5.9 billion of issuance between 2010 and 2014. The deals often don’t receive credit ratings, which can make them difficult to track. Some $15.3 billion of RPL MBS were issued...

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.

 

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