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Inside MBS & ABS

February 22, 2019

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Banks Stock Up on Fannie/Freddie MBS as 2018 Ends

Commercial banks and thrifts reversed a year-long trend during the fourth quarter of 2018 and increased their holdings of single-family MBS, a new Inside MBS & ABS analysis reveals. [Includes two data charts.] Read More

Nonprime MBS Issuance Off To a Strong Start in 2019

The market for nonprime MBS is hot as issuers bring larger deals to meet demand from investors. Read More

IRS Needs to Clarify Uniform MBS Rule

The uniform MBS is scheduled to launch in just over three months, but there is still some confusion about how it will affect investors in the to-be-announced market. Earlier this month, the Securities Industry and Financial Markets Association and the Investment Company Institute, in a joint letter, urged the Internal Revenue Service and the Treasury Department to clarify certain diversification requirements under the single security initiative. Read More

Mortgage-Investing REITs Pony Up to the Stock Bar

Through the first two months of 2019, the nation’s mortgage-investing real estate investment trusts have rolled out plans to raise a combined $1.92 billion by selling additional shares of common to the public, according to offering documents filed with the Securities and Exchange Commission. Read More

Ginnie Developing Liquidity Stress Tests for Issuers

Ginnie Mae is in the early stages of developing stress tests for its MBS issuers to ensure they have enough liquidity to withstand adverse economic conditions. Read More

Morningstar Looks to Rate Reverse Mortgages; PACE

Morningstar Credit Ratings plans to increase the types of assets it will consider for credit ratings. This month, it published proposed rating methodologies for MBS backed by reverse mortgages and cash flows from Property Assessed Clean Energy assessments on residential properties. Read More

2019 Auto Lease ABS Have Shorter-Term Maturities

GM Financial’s new auto lease securitization deal is weighted toward shorter-term maturities, likely to combat volatility in the auto market, such as falling prices of used cars. Read More

Outlook Positive for U.S. Credit Card ABS in 2019

Fitch Ratings has painted a positive picture of the U.S. credit card ABS sector this year following a strong finish to 2018. Read More

Mortgage Grapevine

Non-QM Paper; The Return of Nicholas Smith... Read More

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