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Inside MBS & ABS

August 23, 2018

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Bank ABS Investment Rebounds in 2Q18, But the Overall ABS Market Grew Faster

Commercial banks and savings institutions added to their holdings of non-mortgage ABS during the second quarter but still play a relatively minor role in the market. [Includes two charts.] Read More

Rating Services Increasingly Differ in their Assessments of Residential MBS, Split on Lower-Rated Tranches

The uniformity once seen across rating services in their assessments of specific tranches of residential MBS has become a lot less common in recent years. The trend prompted Fitch Ratings to raise concerns about “rating inflation,” as competitors have at times been more lenient in their assessments. Read More

FHFA Pulls the Plug on Fannie and Freddie Funding Corporate Single-Family Rentals

The Federal Housing Finance Agency this week stopped Fannie Mae and Freddie Mac from financing corporate landlords that buy single-family rental properties – sometimes in bulk – declaring that SFR operators do not need the “liquidity provided by the enterprises.” Read More

IRS Gives GSE Single Security Project a Boost with Favorable Ruling on Freddie Exchanges

Another piece of the regulatory jigsaw puzzle fell into place this week for the complex effort to create a uniform MBS for Fannie Mae and Freddie Mac to issue in the to-be-announced market. Read More

GSE Mortgage Portfolios Now Heavily Focused on Loss Mitigation, New Issuance Pipeline

Fannie Mae and Freddie Mac continued to report declining balances in their retained mortgage portfolios during the second quarter – with a few wrinkles. [Includes one chart.] Read More

MD Appeals Court Reverses, Finding ‘Foreign’ Statutory Trusts not Subject to State Licensing

The securitization and mortgage banking industries heaved a collective sigh of relief after aMaryland appeals court ruled earlier this month that state licensing requirements do not apply to “foreign” statutory trusts. Read More

LenderLive Is Selling Its Fulfillment and Secondary Market Unit to Computershare

The Australian-based Computershare Limited – a behind-the-scenes player worldwide in stock registration and trades – has agreed to purchase LenderLive Network, a mortgage fulfillment and secondary marketing vendor, for an undisclosed sum. Read More

Rating Services Warn Investors about Shared Workspace in Commercial MBS

Coworking is playing a more significant role in commercial real estate, posing new challenges to underwriting and valuation standards for the commercial MBS, rating services said. Read More

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