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Inside MBS & ABS

May 4, 2018

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Agency Single-Family MBS Market Gets Spring Mojo As Freddie and Ginnie Post Big Monthly Gains in April

The agency single-family MBS market stepped into the spring homebuying season with a solid increase in production, though still coming up slightly short of last year’s activity. [Includes two data charts.] Read More

Price War on GSE Guarantee Fees Appeared to End in Early 2018 in Response to FHFA Directive on Targeted Returns

Competition between Fannie Mae and Freddie Mac on MBS guarantee fees appeared to play a role in Freddie’s surge in market share during the fourth quarter, but the price war seemed to ease up in 2018. Read More

Two Mortgage REIT M&A Deals in Two Weeks Could Signal Further Consolidation in the Industry

It appears the mortgage real estate investment trust sector – a somewhat stable universe the past few years – might be ready for a major rollup, courtesy of margin compression and tighter margins. Read More

Fitch Upgrades Non-Agency MBS Backed by Seasoned Loans, Citing Stronger than Expected Performance

Fitch Ratings last week upgraded 18 non-agency MBS backed by seasoned loans. The deals had been issued in recent years and performed better than the rating service expected. Read More

Nonprime Residential Lender Angel Oak Ventures into Small-Balance Commercial Market, Eyes Securitization

The Angel Oak Companies has officially entered the small-balance commercial loan market, focusing on credits of $5 million or less for a host of properties, including multifamily, industrial, mixed-use, retail and medical. Read More

Issuance of ABS Backed by Life-Contingent Structured Settlements Expected to Increase

A number of issuers are exploring bringing ABS backed by life-contingent structured settlements, according to DBRS. Interest in the sector increased following a $59.9 million deal DRB Capital issued near the end of 2017 backed by annuities and life-contingent structured settlement receivables. Read More

Risk-Layering Stable in Prime RMBS, Despite High- CLTV Cash-Out Refis Emergence, Moody’s Reports

Collateral backing prime non-agency MBS issued after the financial crisis has performed well in part because of limited risk layering, though an increase in cash-out refinance loans is a possible source of risk, said Moody’s Investors Service. Read More

Issuer Suspended Due to Alleged Churning is Back in Ginnie Mae’s Multi-Issuer Program

Ginnie Mae has reinstated one of two VA lenders it suspended last month for alleged loan churning practices that triggered rapid prepayments in the agency’s MBS. Read More

GSEs in Preparation Mode This Week To Issue First REMIC CRTs in 2019

Freddie Mac plans to issue its first credit-risk transfer deal as a trust execution this month in preparation for the new Real Estate Mortgage Investment Conduit structure, according to Michael Reynolds, vice president of credit- risk transfers. Read More

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