While key sectors in the non-agency CMBS market faltered in the second quarter, retail and hospitality both saw hefty gains in securitization volume. The GSEs upped their issuance of multifamily MBS, but Ginnie production was down. (Includes two data charts.)
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There’s nowhere to hide for non-agency MBS issuers as quickly rising interest rates prompt losses. Loans the issuers are looking to sell have seen limited demand and lose value when retained even short-term.
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Fannie and Freddie issued a combined $17.57 billion in CAS and STACR certificates in the first half of 2022, more than in any full year since CRT was invented. (Includes data chart.)
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While credit unions will be treated on par with banks, state housing finance agencies will be fully exempted from capital requirements imposed on those participating in the Ginnie MBS program.
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Music investment company Hipgnosis Song Management is set to issue an ABS tied to royalties on 980 songs. The deal received a slightly lower rating than similar ABS from other firms.
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