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Inside MBS & ABS

February 15, 2019

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Despite 4Q Slump, GSE 2018 Earnings Hit Six-Year High

Fannie Mae and Freddie Mac racked up $25.19 billion in combined net income in 2018, their most profitable year since 2013, when earnings were inflated by accounting rules for deferred tax assets. [Includes one data chart.] Read More

Securitization Rates Steady In 2018, Non-agency Rising

The overall mortgage securitization rate fell slightly in 2018, with 70.0% of home loans originated in the primary market ending up in MBS pools, according to an Inside MBS & ABS analysis. [Includes one data chart.] Read More

HARP Is Gone but High LTV Refis Are Here to Stay

“HARP is dead, long live High LTV Refinance programs!” That’s the title of a recent report by structured finance analysts at Bank of America Merrill Lynch on the impact HARP’s replacements will have on the government-sponsored enterprises’ credit-risk transfer programs. Read More

SoFi’s First Consumer Loan ABS of 2019 Is Stronger

SoFi’s first consumer loan securitization deal this year will include a higher portion of loans from the company’s lowest credit tier, but rating agencies said the credit quality of the transaction is stronger than its previous consumer loan ABS deals. Read More

ABS Backed by Oil and Gas Royalties Likely This Year

Securitizations backed by oil and gas royalties likely will be issued this year, according to Fitch Ratings. The agency updated its future flow securitization rating criteria last week in anticipation of such ABS issuance. Read More

Commercial MBS Market to Remain Buoyant in 2019

The commercial MBS market is expected to stay healthy this year due to sound underwriting standards and strong investor demand, said an analyst. Read More

LIBOR Transition Issues Remain Unresolved

Several key issues remain unresolved as the securitization industry attempts to move away from the London Interbank Offered Rate. It’s not clear which parties should enact transitions away from the benchmark rate and, moreover, a replacement hasn’t been developed yet. Read More

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