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Inside MBS & ABS

May 11, 2018

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REITs Pulled Back Slightly from MBS Market in Early 2018 As GSEs Move to Boost Their CRT Participation

Most real estate investment trusts that specialize in the agency MBS market allowed their portfolios to decline slightly in the first quarter of 2018, according to a new Inside MBS & ABS analysis. [Includes one data chart.] Read More

Nonbanks Gearing Up to Issue Non-Agency MBS Backed by Non-QMs as Investor Demand Deepens

A handful of nonbanks are preparing to enter the non-agency MBS market as issuers of deals backed by non-qualified mortgages. Investor demand for the products remains strong, prompting interest from new entrants. Read More

Coming Uniform MBS Could Have Side Effects for Fannie, GSE Cautions

Moving toward a uniform MBS for the two government-sponsored enterprises is widely viewed as a good thing for bond investors – and the mortgage industry at large – but it creates new potential risks if things go haywire, according to Fannie Mae. Read More

Wall Street Group Meets With CFPB on Litigation Against ABS Trusts Based on Servicer Activity

The Consumer Financial Protection Bureau should not take enforcement action against securitization trusts for the acts of servicers, the Structured Finance Industry Group said. Read More

MBS Traders Prevail in Two Cases Brought by Federal Government; RBS Settles with DOJ, GE Could be Next

Non-agency MBS traders defeated charges brought by the federal government in two separate cases late last week. In one case, a judge ruled that a lower court erred by admitting evidence against the trader; in the other, a jury determined that bluffing by a trader didn’t warrant a conviction. Read More

Wells Fargo Analysts Predict More Ginnie Mae Action on Serial VA Refinancing, Rapid Prepayments

Ginnie Mae’s recent action against loan churning and serial refinancing may not be the last this year, according to Wells Fargo Securities Read More

Recent Ruling Shows FHFA Acted Within Its Powers In Treasury Sweep, Another Win for the Government

The Seventh Circuit Court shot down the chances of Fannie Mae and Freddie Mac shareholders reviving their Treasury sweep claims last week. Investors Christopher Roberts and Thomas Fischer argued that the preferred stock purchase agreement was illegal and robbed shareholders of their profits. Read More

Proposed T-Mobile/Sprint Merger Could Strengthen Sprint Spectrum ABS, Weaken Wireless Tower ABS

A proposed merger between telecommunication giants T-Mobile US and Sprint Corp. would provide a credit boost for Sprint’s spectrum ABS but not for the wireless tower ABS sector, according to a report from Moody’s Investors service. Read More

GSEs Continue Trimming Retained Mortgage Portfolio in 2018 But Still Hold Substantial Volume of Whole Loans

Fannie Mae and Freddie Mac continued to whittle away at their retained mortgage portfolios during the first quarter, though the pair still had $469.3 billion of MBS and whole loans on their books at the end of March. [Includes one data chart.] Read More

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