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Inside MBS & ABS

November 10, 2017

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Commercial Mortgage Securitization Activity Surged In 3Q17, Big Gains in Agency and Private Markets

New issuance of MBS backed by income-property mortgages jumped sharply in the third quarter of 2017, hitting levels not reached in over a decade, according to a new Inside MBS & ABS analysis. Read More

Effort to Include a Deal Agent in Non-Agency MBS Moves Forward with Development of Key Performance Indicators

The Structured Finance Industry Group this week unveiled key performance indicators (KPIs) for deal agents to track in new non-agency MBS. The measurements were developed by a group of in-dustry participants to help guide deal agents in protecting MBS investors. Read More

Mortgage, Equity REITs Will Remain Competitive Despite Cut in Corporate Tax Rates, Experts Say

A proposal in the House Republican tax reform bill significantly lowering the corporate tax rate, at first glance, may seem to put mortgage real estate investment trusts at a competitive disadvantage with non-REITs. However, the disparity would remain beneficial for REITs, according to tax experts. Read More

MBS-Investing REITs Turn in Strong 3Q17 As Industry Waits for Fed’s Portfolio Un-Wind

Annaly Capital Management increased its agency MBS holdings by 16.1 percent in the third quarter. Its closest competitor among real estate investment trusts specializing in the space, AGNC In-vestment Corp., pushed up its investment by 13.3 percent. Read More

Secured Overnight Financing Rate Seen as Good LIBOR Replacement by MBS/ABS Participants

With uncertainty regarding whether the London Interbank Offered Rate will continue to be pub-lished after 2021, the Federal Reserve is considering establishing an alternative reference rate for indus-try participants. Read More

Fannie and Freddie QM Patch Under Attack By GOP Lawmakers, Trump Administration

The special qualified-mortgage treatment for home loans eligible for sale to the government-sponsored enterprises is getting more attention lately as some say that it gives Fannie Mae and Freddie Mac an unfair advantage. Read More

Trading in MBS Muted in October as Prepayment Speeds Increase. Waiting ‘Correction’ in Bond Prices?

The average daily trading volume in agency MBS totaled $222.5 billion in October, a slight dip from the month prior, but the third best reading of the year, according to figures compiled by the Secu-rities Industry and Financial Markets Association. Read More

When It Comes to Fed Balance Sheet Changes, Concern, Uncertainty and Caution Dominate

There are many unpredictable variables and economic factors outside the control of the Federal Reserve, which makes it hard to project the impact of winding down the U.S. central bank’s historic investment in agency MBS. But economic experts at Fannie Mae are cautiously expressed anticipating greater volatility, an inevitable financial shock and potential changes in the Fed’s strategy as markets evolve. Read More

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