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Inside MBS & ABS

November 30, 2018

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Bank ABS Holdings Slide Lower in 3Q18 As Overall Market Continued to Expand

Commercial banks and savings institutions added to their holdings of certain categories of non-mortgage ABS during the third quarter, but the industry’s total ABS portfolio was down slightly, according to a new Inside MBS & ABS analysis of call-report data. [Includes three data charts.] Read More

FHFA Report Shows Little Deviation in Prepayment Speeds for Fannie and Freddie TBA Securities in 3Q18

Prepayment speeds for recently issued Fannie Mae and Freddie Mac MBS in the to-be-announced market were closely aligned during the third quarter, according to a new report from the Federal Housing Finance Agency. Read More

SIFMA Faults Trustee’s Actions in Non-Agency MBS Buyback Case, Warns of Problems if Court Endorses

The handling of a lawsuit relating to repurchase activity on pre-crisis non-agency MBS could have a wide-ranging impact on the industry, according to the Securities Industry and Financial Markets Association. Read More

VA Prepares to Move Against Abusive Cash-Out Refinance Lending But Provides No Details on Plan

The Department of Veterans Affairs wants to act quickly to stamp out cash-out refinance transactions that it deems abusive to service members. It’s going to bypass a lengthy rulemaking process and issue an interim rule to address the problem. Read More

White House May Announce an Interim FHFA Director; Meanwhile, Mnuchin Rumors Unravel

The White House is moving closer to naming an interim successor to Federal Housing Finance Agency Director Mel Watt, whose term is set to expire in early January, industry sources told Inside MBS & ABS this week. Read More

Ginnie Focus on Issuer Liquidity and New Subservicing Requirements is Rubbing Some the Wrong Way

Ginnie Mae’s recent focus on issuer liquidity and requirements for using subservicing vendors has received high marks from key industry factions and former regulators, but not everyone is happy. Read More

Retail Store Closures an Ongoing Concern for Commercial MBS Performance

Despite a robust economy, retailers are still floundering in a shifting business environment. Recent bankruptcy filings and store closures by retailers are posing risks to certain commercial MBS, according to several reports. Read More

Honor Finance’s Post-Crisis Subprime Auto ABS Downgraded Again as Performance Woes Persist

The first post-crisis subprime auto ABS to suffer a downgrade has been demoted further due to ongoing performance issues. The downgrades so far have been limited to the lowest tranche of the ABS issued by Honor Finance, but the class B notes are on watch for a potential downgrade. Read More

Analysts Find Credit-Card ABS Performance Remained Strong Despite Rising Consumer Debt

Performance of ABS backed by credit-card receivables remained strong in the third quarter of 2018 despite rising consumer-debt levels, according to an update from Moody’s Investors Service. Read More

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