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Inside MBS & ABS

November 27, 2019

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Banks Continue Retreat From Non-Mortgage ABS

TD Bank, State Street, Northern Trust and several other banks bucked the trend and increased their ABS investment during the third quarter. But the industry's total holdings fell 1.5% from June. (Includes two data charts.) Read More

More Nonbanks Offer Notes at Attractive Yields

Mortgage REITs, many of which have origination affiliates, are selling short-term notes. In most cases, the proceeds are used for expansion. Read More

Prepayments and Variable Servicing Fees Spur MBS Losses

Investors in some prime non-agency MBS are taking losses even though loans in the deals are performing well. The red ink is tied to variable servicing fees and high prepayment rates.

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Some Variety in Non-Agency MBS Ahead of Thanksgiving

Provident Funding is set to issue a non-agency MBS with standard mortgages eligible for sale to the GSEs. An affiliate of Cerberus is also planning a relatively large deal backed by seasoned mortgages.

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Genworth Announces First Mortgage Insurance-Linked Note Deal

The $302.8 million transaction is comprised of fully collateralized excess-of-loss reinsurance coverage from Triangle Re on a portfolio of existing MI policies written this year.

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MBS Trading Volume Slumps a Bit. Is the Fed Done?

MBS trading spiked in September but then came back down to earth in October. Is the refi boom starting to look long in the tooth? Never say never.

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Fed's Agency MBS Purchases Spike, Prompting Questions

The Fed has significantly stepped up purchases of agency MBS in recent months. However, the central bank's balance sheet shows no sign of an increase in MBS holdings, prompting some questions. Meanwhile, shoring up the repo market might be a factor.

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Seeing MBS Through Foreign Eyes. Yes, That's Right

The novelty of prepayment as a primary risk factor is one of the charms MBS have for foreign investors, particularly sophisticated institutional investors. That’s because it has a relatively low correlation factor with other assets.

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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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