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Inside MBS & ABS

October 12, 2018

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Non-Agency MBS Issuance Down Sharply in Third Quarter as Nonprime Sector Tops Prime

New production of non-agency MBS in the third quarter couldn’t keep pace with the record level reached in the previous period, but the market remained on track to top last year’s total issuance by the time 2018 ends. [Includes three data charts] Read More

Wells Differs from Other Banks with Its First Post- Crisis Jumbo MBS, Prompting Low Credit Enhancement

Wells Fargo is testing the prime jumbo MBS market for the first time since the financial crisis with a transaction that has features that differ from those issued by other banks in recent years. Read More

MBS Trading Volume Improved in September, but Lenders And Issuers Are Anxious About the Interest Rate Picture

The average daily trading volume in agency MBS totaled $219.4 billion in September, a modest increase from the month prior, which marked a low point for the year, according to figures compiled by the Securities Industry and Financial Markets Association. Read More

Securitization of Mortgage Servicing Rights Helps Nonbanks; Freddie Urged to Join Fannie, Ginnie

The creation of securitization structures to finance mortgage servicing rights was the most significant development for nonbank mortgage lenders in the aftermath of the financial crisis, according to Vandy Fartaj, CEO at PennyMac Financial Services. Read More

Fitch Ratings Offers More Detailed Grading of MBS Due Diligence Firms

Fitch Ratings is now giving a more detailed assessment of MBS due diligence firms. This week, the company introduced a tiered rating system to replace the previous designations used for classifying third-party reviewers conducting due diligence on new non-agency MBS. Read More

HSBC to Pay DOJ $765 Million to Resolve Legacy MBS Case Alleging Misrepresentation, Fraud

HSBC has agreed to pay $765 million in civil penalties under a settlement agreement with the Department of Justice to resolve allegations it misled investors on the quality of its residential MBS and the accuracy of its due diligence procedures. Read More

MISMO Plans Non-Agency Standardization Effort

The Mortgage Industry Standards Maintenance Organization is launching an effort to standardize the loan-grading systems used by due diligence firms in the non-agency MBS market. Read More

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