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Inside MBS & ABS

July 18, 2019

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Non-Agency MBS Buoyed by Seasoned Collateral in 2Q19

Non-agency MBS backed by seasoned collateral, mostly nonperforming and re-performing loans, accounted for 54.3% of new issuance in the second quarter. Securitization of newly originated loans slipped 13.5% from the previous period. Read More

Ginnie to Allow Financing of Servicing Advances

In a bid to boost liquidity for issuers, especially nonbank players, Ginnie Mae by yearend will allow financing of servicing advances. Read More

Angel Oak Executive Says Non-QM Potential is Underestimated

Bullish signs abound for non-QM securitizations. Top-ranked lenders Angel and Citadel Servicing Corp. are coming off record originations for 2Q19. Angel Oak believes the market is underestimated. Read More

Rulemaking Proposed to Ease Securitization Safe Harbor Rule

The Federal Deposit Insurance Corp. plans to ease disclosure requirements for privately placed residential MBS under a rule guaranteeing the agency won’t reclaim securitization assets upon a bank’s failure. Read More

A Spike in Originations Will Aid Securitizations But...

MBS creation took off like a rocket in the second quarter and the way lenders are feeling today the good times should last for a few more months at least. But there is a downside: prepayment speeds. Read More

SIFMA Calls for Explicit Government Guarantee of Agency MBS

The Wall Street trade group cautioned that releasing the GSEs from conservatorship without an explicit government guarantee will scare investors and reduce the liquidity in the TBA market. Read More

Decreased Preference for CRE Funding Through CMBS

With increased competition in financing channels, commercial MBS is losing its popularity to fund commercial real estate loans when a previous CMBS loan reaches maturity, according to a Trepp report. Read More

Fed MBS Runoff Surges to a Record $22.68 Billion in June

With interest rates falling, refis have spiked, creating a wave of principal pre-payments that the Fed has used to cut its MBS holdings. Read More

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