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Inside MBS & ABS

January 16, 2020

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4Q Non-Agency MBS Rally Lifts 2019 to Post-Crisis High

Deals backed by seasoned loans still accounted for over half of last year’s non-agency MBS issuance, but securitization of newly originated prime and expanded-credit mortgages more than doubled in 2019. Read More

In the Secondary Market, Non-QM Prices Get Frothy

Secondary market investors, especially hedge funds and private equity firms, are bidding up the price of non-qualified mortgages. That’s good news for sellers, but can it last? Read More

Non-Agency MBS Issuance Picks up After Holidays

Six non-agency MBS backed by newly-originated mortgages have been introduced since the beginning of the year. Issuance is ramping up after a slow December. Read More

CSS Board Shakeup Gives FHFA More Direct Control

The move gives the regulator more direct control over Common Securitization Solutions, which is responsible for issuing and administering the uniform MBS. Read More

Non-Agency Players Top Picks Among REIT Stocks

REITs with non-agency operations look attractive to stock analysts as the Trump administration works to decrease the footprint of the government-sponsored enterprises. REITs cited as “top picks” include Ellington, New Residential and Starwood. Read More

Mr. Cooper the Latest Nonbank to Tap the Debt Market

Another nonbank lender/servicer is issuing debt. This time around, it’s Mr. Cooper, a top player in the Ginnie Mae market. Read More

Lower Income Threshold for GSE Programs Costs PMI Companies

The percentage of private mortgage insurance sales tied to the GSEs’ low-downpayment programs dropped from 20% in July to 12% in December, with industry players pinning the fall on lower income thresholds. Read More

CMBS Mall Loans Warrant Cautious View, Rating Services Say

The next few years might be even more challenging for mall loans backing commercial MBS, with refinancing seen as difficult and delinquencies ticking up, according to rating agencies. Read More

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