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Inside MBS & ABS

May 18, 2018

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Large Institutions Led the Way as Banking Industry Pulled Back from Residential MBS Market in 1Q18

After an extended period of steady growth in its investment in the residential MBS market, the banking industry changed course in early 2018 and reduced its participation in the market, according to a new Inside MBS & ABS ranking and analysis. [Includes two data charts.] Read More

Strong Demand from Investors for Prime Non-Agency MBS Boosts Issuance Volume

The volume of prime non-agency MBS issuance is on the rise as investor demand for the product increases. Pricing in the non-agency MBS market for jumbos is rivaling execution levels for holding the loans in portfolio, and some issuers are seeing better returns by placing loans in non-agency MBS instead of delivering them to the government-sponsored enterprises. Read More

Investment-Property Mortgages in New Non-Agency MBS Seen as More Risky than GSE-Eligible Loans

The types of investment-property mortgages being included in new non-agency MBS pose more risk to investors than similar mortgages eligible for sale to the government-sponsored enterprises, Fitch Ratings warned this week. [Includes one data chart.] Read More

Caliber Home Loans Unveils Unique Financing Structure Backed by Ginnie MSRs, Excess Spreads

Caliber Home Loans has announced pricing of a uniquely structured private offering of secured term notes backed by Ginnie Mae mortgage servicing rights and excess servicing spreads Read More

Housing-Finance Reform Appears to Have Morphed into a Plethora of What-Ifs

The prospects of a legislative overhaul of the housing-finance system this year have diminished considerably, but many have turned to deciphering possible moves by the Trump administration. Read More

MBS Trading Volume Improves Slightly as Bond Prices Fall. Is a Recession on the Way?

The average daily trading volume in agency MBS inched up to $220.7 billion in April, a stable but weak reading compared to the earliest months of the year, according to figures compiled by the Securities Industry and Financial Markets Association. Read More

White House Announces Nominee for Top Ginnie Mae Post; FHA Still has No Chief

President Trump this week nominated Michael Bright to be president of Ginnie Mae after serving nine months in the post as acting president of the secondary mortgage market agency. Read More

Fannie Mae, Freddie Mac Credit-Risk Transfer Programs Growing on Multiple Levels

Issuance of the government-sponsored enterprises’ credit-risk transfers has been growing consistently over the last five years, according to Suzanne Mistretta, senior director at Fitch Ratings. Read More

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