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Inside MBS & ABS

August 1, 2019

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Commercial MBS Issuance Gain Fueled by Non-Agency

Securitization of income-property mortgages rose 12.4% from the first to the second quarter and six-month volume was up from last year. Non-agency CMBS saw the biggest quarterly gain. Read More

FHFA Reviewing a Cap on High LTV Cash-Out Refis

HUD is cracking down on the securitization of high LTV cash-out refis. Coming changes will affect FHA and VA lenders. Meanwhile, the FHFA may be ready to act as well. A big deal or much ado about nothing? Read More

Fannie and Freddie Survive Rate Volatility, Earnings Up

The GSEs took hits to their net earnings as a result of hedging losses for the third straight quarter. The launch of the uniform MBS pushed Fannie and Freddie into an indemnification agreement. Read More

Non-Prime, Non-QM Issuance May Exceed 20% of RMBS Market

Non-prime, non-QM collateral may be higher quality than crisis era, but the absence of current data makes the analysis difficult. Read More

Blackstone-Owned SESAC to Issue $560M Whole Business ABS

The largest for-profit performing rights organization is set to issue a whole business ABS. SESAC’s clients include Bob Dylan and Adele. Read More

Proposed Transaction Tax Has Industry Concerned

A financial transaction tax proposed by Democratic lawmakers has raised concerns about its impact on investor returns and market liquidity. Read More

Ramifications Regarding Expiration of the ‘GSE Cap’ Overblown?

The “GSE patch” news is a week old now, but the ramifications are still unclear. One big wild card: the election of a Democrat president. Read More

Blockchain in Structured Finance Faces Hurdle

Several firms are interested in using blockchain in MBS and ABS but rating services suggest implementation is years away. Read More

Court Favors Insurer in RMBS Case; Nomura Settles

A U.S. court dismissed nearly all claims against U.S. Bank in an RMBS case. Meanwhile, Nomura has agreed to a $25 million settlement. Read More

MBS Grapevine: A Tax Break for (MBS) Investors? / The (Young) UMBS Market is Doing Just Fine

Will President Trump bestow a tax cut on investors in stocks and bonds? Christmas isn't too far away. Meanwhile, corporate landlord Invitation Homes (80,000 homes strong) posted strong results for the second quarter.

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Featured Poll

As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?

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