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Inside MBS & ABS

October 19, 2018

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Non-Mortgage ABS Production Down Sharply in 3Q18 But Market Still Ahead of Last Year’s Pace

Issuance of new non-mortgage ABS dropped significantly from the second to the third quarter of 2018, although a few sectors saw increased volume, according to a new Inside MBS & ABS analysis and ranking of the market. [Includes two data charts.] Read More

Issuers Choose Private Placement ABS to Avoid Hassles Involved with SEC-Registered Deals

ABS issued as private placements tend to draw less demand from investors than deals registered with the Securities and Exchange Commission, but issuers have a number of incentives to bring deals as private placements, according to industry participants. Read More

Fitch Faults Rating Service Competitors on Galton Non-Agency MBS; Suggests Criticism Will Continue

Fitch Ratings issued a commentary this week criticizing other rating services for the preliminary ratings they made on a non-agency MBS from Galton Funding. The company also suggested that it will increase its output of unsolicited commentary due to “late-cycle credit behavior.” Read More

Ginnie Mae EVP Says Prepays are Still a Problem for Investors; Meanwhile, Stress Test Results Coming

Although prepayment speeds on Ginnie Mae MBS are now at the lowest level since 2014, agency Executive Vice President Maren Kasper expressed persistent concerns about the matter in remarks at the annual convention of the Mortgage Bankers Association this week. Read More

PennyMac Ready to Issue Its First Rated Credit-Risk Transfer Deal on Fannie Loans

PennyMac Mortgage Investor Trust is putting together its first rated credit-risk transfer deal using Fannie Mae’s L Street Securities platform. Read More

Fannie and Freddie Just About Done Financing SFR Operators, But Review of the Pilot May Not Come Soon

Freddie Mac recently confirmed that it will provide indirect financing of $51.3 million to Reven Housing REIT, a publicly traded company that owns and manages 824 single-family rental units. Read More

Fannie, Freddie CEOs Cite Benefits of Conservatorship Discuss What the Future Holds for the Mortgage Industry

The CEOs of Fannie Mae and Freddie Mac – one recently departed, the other soon to leave – told attendees at this week’s annual convention of the Mortgage Bankers Association that a number of good things came out of the 10-year conservatorship of the two government-sponsored enterprises. Read More

Market for RPL and NPL MBS Changing with Ongoing Housing Recovery, Plenty of RPL Supply Remaining

The characteristics of MBS backed by reperforming and nonperforming loans are evolving as the housing recovery ripens. The supply of NPLs is declining while RPL MBS issuance looks to remain stable in the coming years, according to industry participants. Read More

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