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Inside MBS & ABS

February 9, 2018

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Agency MBS Production Down in January as Refinance Activity Slowed, Fannie Volume up on Mod-Loan Pools

Fannie Mae, Freddie Mac and Ginnie Mae issued $102.48 billion of single-family MBS in January, a modest 6.9 percent downturn from the previous month, according to a new Inside MBS & ABS ranking and analysis. Read More

TIAA Revs up EverBank Shelf to Join Chase And Flagstar as Bank Issuers of Jumbo MBS

A bank owned by Teachers Insurance and Annuity Association of America is preparing to issue a $381.5 million jumbo MBS, according to presale reports published this week. Only two other banks are actively issuing jumbo MBS: JPMorgan Chase and Flagstar Bank. Read More

Small Credit Investor Braddock Financial Sees Solid Structured Finance Opportunities in ’18

Braddock Financial, a modest investment fund based in Denver, sees plentiful opportunities as a credit investor in a structured-finance market that officials think is still in the early stages of recovery. Read More

After Several Delays, Citadel Readies Its First Non-QM MBS. Angel Oak Says Investor Demand Remains Strong

Citadel Servicing’s foray into securitizing home loans that don’t meet the qualified-mortgage test is now slated for some time in March, after multiple delays, according to sources familiar with the company’s operations. The nonbank’s first nonprime deal is expected to be roughly $150 million. Read More

Tesla Brings Its First ABS Backed by Auto Leases, AAA Ratings with High Credit-Enhancement Levels

A subsidiary of Tesla issued its first ABS backed by auto leases this week and the electric car manufacturer plans to issue more deals going forward. The $608.1 million deal received AAA ratings from Moody’s Investors Service even though concerns were raised about various issues involving the transaction. Read More

Sen. Corker’s Secondary Mortgage Market Reform Legislation Could Make FHLBanks MBS Guarantors

The Federal Home Loan Banks may be required to jointly establish at least one entity to aggregate conventional mortgages and use a new government program to issue guaranteed MBS under draft legislation from Sen. Bob Corker, R-TN. Read More

As FHA Delinquencies Rise Sharply in Puerto Rico, Ginnie Mae is Keeping a Close Eye on MBS Issuers

At yearend, 28.8 percent of FHA mortgages in Puerto Rico were in some stage of delinquency, including 15.8 percent that were 90 days or more past due. These ultra-high late-payment readings – courtesy of hurricanes Maria and Irma – have caught the attention of both Ginnie Mae and the FHA. … Read More

Analysts See Increasing Role of Private Capital in Housing Finance, Thanks to Robust Non-Agency MBS

Analysts are expecting private capital to play a much greater role in housing finance in 2018 through both non-agency MBS and additional credit-risk transfers from the government-sponsored enterprises, according to Standard & Poor’s. Read More

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