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Inside MBS & ABS

June 13, 2019

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MBS Investors Step Up to Fill Central Bank’s Fading Role

The Federal Reserve reduced its holdings of agency MBS by $47 billion during the first quarter, but several other investor groups picked up the slack. Total MBS outstanding grew 0.4% during the first three months of the year. Read More

Non-QM and Prime Non-Agency MBS Markets Diverge

Issuance of MBS backed by non-QMs remains healthy while prime non-agency MBS activity has slowed. Read More

MBS Trading Hits Annual Low. Fear on Prepayment Front

Agency MBS trading hit a yearly low in May. What lies ahead will be determined by the Federal Reserve. Will the central bank ease credit? And if so, what will happen to MBS prepayments? Read More

Self-Storage Share of Commercial MBS Increasing

The share of self-storage loans in commercial MBS is increasing, raising concerns from investors. The loans are performing well, though. Read More

First Post-Crisis HELOC MBS in the Works by Cerberus’ FirstKey

FirstKey Mortgage plans to issue a non-agency MBS stocked entirely with home-equity lines of credit, the first of its kind post-crisis. Read More

FHFA Sues Wells Fargo in Legacy Subprime Case

The subprime crisis of 2008 may be over but court cases tied to MBS underwriting misdeeds continue to linger. The latest action pits the FHFA against Wells Fargo for one of its acquisitions: Wachovia. Read More

Senate Passes Bill Allowing Pooling of VA Orphan Loans

The Senate last week passed a bill aimed at rectifying an error that prevented “orphaned” VA loans from delivery into Ginnie MBS pools. Read More

U.S. Bank Sues BofA for Faulty Pre-Crisis MBS

U.S. Bank has sued Bank of America for breach of contract related to a nearly $2 billion pre-crisis residential MBS trust. Separately, HSBC has been given another shot at its lawsuit against Deutsche Bank. Read More

Grapevine: The Lowest Rates Ever? MBS Prepays?; Ginnie Mae Seeks ‘Committed Capital’

In the MBS Grapevine this week: The lowest rates ever (maybe) and concerns about future GSE earnings from regulator Mark Calabria. Also, Ginnie Mae seeks committed capital. Read More

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