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Inside MBS & ABS

February 16, 2018

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Banking Industry Increased Its MBS Holdings in Late 2017, But Many Institutions Pared Back Their Portfolios

Commercial banks and savings institutions held a combined $1.844 trillion of single-family MBS in their investment portfolios at the end of 2017, a modest 0.3 percent increase from the previous period, according to a new Inside MBS & ABS ranking and analysis. Read More

Due Diligence Firms Jockey for Position In Growing Expanded-Credit MBS Market

MBS backed by expanded-credit loans increased by more than 400 percent last year, with an even better year anticipated in 2018. And although the growth in terms of dollar volume wasn’t huge, due diligence firms are beginning to feel bullish about their prospects. Read More

Court Rules that Many CLO Managers Are Not Subject to Risk-Retention Requirements

A three-judge appellate court panel late last week ruled that federal regulators improperly set risk-retention requirements for managers of collateralized loan obligations. The ruling overturned a decision by a lower court but won’t take effect immediately as the federal government could appeal. Read More

Seeing a Strong Jumbo MBS Market, Redwood Issues Large Super-Prime and Expanded-Credit Deals

New jumbo MBS from Redwood Trust are coming fast and furious after a lull in the fourth quarter of 2017. The real estate investment trust has multiple execution options for the jumbos it aggregates and MBS issuance now looks to be providing better returns than whole-loan sales. Read More

The Consumer Credit Cycle Appears to be Softening, Largely Led by Faltering Student Loan Performance

The consumer credit cycle seems to be weakening, given current credit trends in consumer ABS, analysts at Wells Fargo Securities said in a new report. They see the solution as being broad economic growth. Read More

GSEs Report $9.4B Loss in 4Q Due to New Tax-Cut Provision on DTAs, Retained Portfolio Below Cap

Fannie Mae and Freddie Mac this week reported a combined loss of $9.4 billion for the fourth quarter of 2017, a direct result of the Tax Cuts and Jobs Act and its impact on their deferred tax assets. The two government-sponsored enterprises had to reduce the value of the DTA by $10.2 billion. Read More

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