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Inside MBS & ABS

August 17, 2018

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Banks Retreat Slightly from MBS Market in 2Q18 Despite Big Moves by Handful of Large Investors

As a group, commercial banks and thrifts ended the second quarter of 2018 with slightly reduced holdings of single-family MBS, although several institutions raised their stakes in the market significantly, according to a new Inside MBS & ABS analysis and ranking. [Includes two data charts.] Read More

MBS Trading Volume Hits Low for the Year As Gross New Issuance Remains Subdued

The average daily trading volume in agency MBS fell to $204.1 billion in July, the weakest reading of the year, according to the Securities Industry and Financial Markets Association. Read More

With Single Security Launch Less than a Year Away, TBA Eligibility Is Still Up in the Air

Fannie Mae and Freddie Mac appear to be on track for a June 2019 launch of the new uniform MBS, but the Securities Industry and Financial Markets Association has yet to issue a formal declaration on to-be-announced eligibility for UMBS. Read More

Term Notes Backed by Servicing Rights Hit the Market, But It Might be an Option Only for the Financially Well-Heeled

Thanks to higher interest rates and rock-solid valuations, the market for securities backed by mortgage servicing rights is beginning to heat up, with at least two deals hitting the market this month – one from PennyMac, the other from AmeriHome Mortgage. Read More

RBS to Pay Hefty Penalty for Pre-Crisis MBS Claims; Citigroup Fined for Doc Issues; NCUA Loses Suit

The Department of Justice this week announced a $4.9 billion settlement with the Royal Bank of Scotland to resolve legacy-related claims that the bank misled investors on the quality of residential MBS they purchased from RBS between 2005 and 2008. Read More

Long Foreclosure Timelines Have Only Small Impact on RMBS Losses, Said Moody’s

Mortgage servicers and investors often complain about long foreclosure timelines in states with a judicial foreclosure process, but Moody’s Investors Service said the delays will only marginally increase losses on residential MBS. Read More

Fewer Investor Protections Seen in Current Subprime Auto Loan ABS Deals Compared to 1990s Issuances

There are fewer structural protections in today’s speculative-grade securities backed by subprime auto loans compared to below-investment grade issuances in the 1990s, according to an S&P Global analysis of the subprime auto loan ABS sector. Read More

Ginnie Officials Describe Counterparty Risk Tools, Saying Everybody’s in the Same Boat

Ginnie Mae officials described a two-pronged approach to assuring MBS investors that the agency is protecting their interests from the risk that issuers might fail to deliver principal and interest payments in a timely manner. Read More

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