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Inside MBS & ABS

April 20, 2018

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Non-Mortgage ABS Roars Out of the Starting Gate In Early 2018 as Issuance Sets Post-Crash High

Production of new non-mortgage ABS soared in the first three months of 2018, pushing the market to its strongest quarter since the April-June cycle back in 2008. [Includes two charts.] Read More

New Issuers Enter Prime Non-Agency MBS Market as Volume Increases Along with Demand from Investors

Since the start of 2018, two new firms have issued prime non-agency MBS and a third player looks set to rejoin the sector. Issuers expect more competition this year due to relatively strong demand from investors for prime non-agency MBS. Read More

DBRS Sees Potential Growth in Film-Rights Securitization, Updates Ratings Methods

The securitization of film rights is a growing market, a wide-open frontier that could be the proverbial mother lode for daring investors or a financial graveyard for the ill-informed. Read More

Stars May be Aligned for Strong Profits at Fannie And Freddie as GSEs Leave DTA Hits Behind

After booking large one-time charges from marking down the carrying value of their deferred tax assets in the fourth quarter, Fannie Mae and Freddie Mac likely will post strong earnings for the first quarter of 2018, according to an analysis by Inside MBS & ABS. Read More

Risk-Retention Requirements Prompted Better Mortgages In Commercial MBS and Higher Costs for Borrowers

Issuers of non-agency commercial MBS responded to risk-retention requirements by tightening underwriting standards and passing costs onto borrowers, according to an analysis by Craig Furfine, a professor at Northwestern University’s Kellogg School of Management. Read More

Stearns Holdings Offers to Buy Back Short-Term Debt, But the Terms are Sketchy

Stearns Holdings LLC has sent out notices to investors that snatched up $250 million worth of short-term debt that it would like to buy back at least $80.0 million of the paper, which matures in 2020. Read More

Rating Agencies Weigh Emerging Issuer Strategies on Mortgage Servicing Advances

New non-agency MBS encompass a variety of different servicer strategies on how they advance payments for delinquent loans, with mixed impact on investors, according to rating services. Read More

Nomura Seeks SCOTUS Review of $800 Million Fine Paid to FHFA; SIFMA Offers Support

Nomura Securities wants the Supreme Court of the United States to hear its case after losing an appeal in October to overturn an $800 million penalty assessed by the Federal Housing Finance Agency. The firm argues that the high court should determine whether the Housing and Economic Recovery Act’s extension of the statute of limitations applies to statutes of repose. Read More

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