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Inside MBS & ABS

July 27, 2018

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Non-Mortgage ABS Issuance Slowed in 2Q18, But Production Remained Ahead of Last Year’s Pace

The non-mortgage ABS market took a breather in the second quarter as new issuance fell modestly from the red-hot pace at the start of the year, according to a new Inside MBS & ABS analysis. Read More

Distinguishing Capital from Accounting Standards Could Boost Bank Risk-Sharing Activity, SFIG Says

Federal regulators should separate capital standards for banks from accounting standards, according to the Structured Finance Industry Group. Such a maneuver would likely allow banks to issue risk-sharing transactions similar to deals in recent years from Fannie Mae and Freddie Mac. Read More

Strong 2Q18 Non-QM Originations Portend Good Things For the Sector, but How Much Will Wind Up in MBS?

Angel Oak Companies this week reported record non-QM originations of $512.0 million for the second quarter, giving it an annual run-rate of more than $2 billion – another bullish sign this fledgling sector will post stronger growth rates than conventional and government lenders in the quarters ahead. Read More

Industry Execs Concerned About Growing Fannie And Freddie Footprint in Multifamily Mortgages

Fannie Mae and Freddie Mac continue to be significant players in the multifamily mortgage market, but some industry observers question whether the mortgage giants are doing too much in this arena and how they’re going about getting business. Read More

As GSEs Ready 2Q18 Results, the Industry’s Lobbying Focus Shifts from Capitol Hill to Pennsylvania Avenue

Fannie Mae and Freddie Mac in a few days are expected to report second-quarter results that likely will top earnings of the prior period when they posted a combined net profit of $6.5 billion, according to an analysis by Inside MBS & ABS. Read More

Moody’s Raises Concerns About Reduced Due Diligence in Prime MBS from Some Issuers

Three issuers of prime non-agency MBS have bucked industry standards and closed deals where some of the loans weren’t subject to pre-securitization reviews by third-party due diligence firms. The trend could cause problems for MBS investors, Moody’s Investors Service warned this week. Read More

Positive Responses from Lawmakers Suggest Michael Bright Will be Confirmed as GNMA Chief

Michael Bright, President Trump’s nominee to lead Ginnie Mae, wants to ensure that the agency is well run and that mistakes that led to the 2008 financial crisis are never repeated during his watch. Read More

Credit Rating Agencies Concerned About the Rise of Underperforming Commercial IO Mortgages

Interest-only loans represent a growing share of collateral securitized by commercial MBS conduits over the past few years. Credit rating agencies are concerned because IO loans generally perform worse than amortizing mortgages. Read More

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