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Inside MBS & ABS

September 12, 2019

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Bank ABS Investment Falls in Growing 2Q19 Market

Most of the industry's pullback in ABS holding resulted from portfolio trimming by the three largest bank investors. Total ABS outstanding rose sharply in the second quarter. Read More

CLO Production Up in 2Q But 2019 Still Trailing 2018

Year-to-date CLO issuance lagged behind the pace set in 2018 because of a slowdown in refinance transactions. Octagon Investment Partners was the most active sponsor at midyear. Read More

Treasury Proposal Aimed at GSEs’ Recap and Reform

The Treasury Department envisions a multi-year recapitalization of the GSEs. Secretary Steven Mnuchin told the Senate Banking Committee on Tuesday that the process is already underway. Read More

Industry Reserves Comment on Housing-Finance Reform Plan

While most in the industry held back their comments, Milken Institute Director Eric Kaplan said the plan’s focus on capitalization of Fannie Mae and Freddie Mac makes it looks like the release of the GSEs is really in the cards. Read More

MBS/ABS Expected to Perform Relatively Well in a Recession

If the U.S. economy enters a recession, MBS and ABS are expected to perform relatively well, according to S&P. Subprime auto ABS, certain commercial MBS and CLOs are most at risk for downgrades. Read More

Whole Business ABS Rating Cut; More Deals in the Works

A whole business securitization from TGI Friday’s was downgraded by Kroll Bond Rating Agency. Meanwhile, two such deals hit the market. Read More

Treasury Sees Bigger Role for Ginnie Post Housing Reforms

Treasury recommends Congress authorize Ginnie Mae to provide “last position” guarantee on MBS backed by conventional and multifamily home loans as well as give it the flexibility to adjust its guarantee fee. Read More

Ginnie Reinstates Sun West, NewDay in Multi-Issuer Pools

The agency has removed restrictions on NewDay USA and Sun West Mortgage from including VA single-family loans in multi-issuer pools. Read More

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