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Inside MBS & ABS

January 30, 2020

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CLO Issuance Up in 4Q19 But Not Enough to Catch 2018

The drop in total CLO production last year resulted from a decline in refi transactions. Issuance of new deals was up 15% from 2018 to 2019. (Includes data chart.) Read More

GSE Credit-Risk Transfers Finish 2019 With Flourish

Fannie's massive CAS deal backed by seasoned HARP loans drove credit-risk note offerings to a record $4.54 billion in the fourth quarter of 2019. (Includes data chart.) Read More

MBS Trading Slips to Yearly Low as Volatility Increases

December was a slow month for MBS trades but 2019, on average, was quite good. Meanwhile, just when you thought rates might start rising, a monkey wrench or two gets thrown into the works. Read More

Rating Services Faulted by SEC for Various Compliance Issues

The SEC found numerous compliance issues when examining rating services in 2018. The report on the problems, though, was even more vague than usual. Read More

Credit Unions to Make a Run at ABS Post Policy Tweak

A $175 million prime auto ABS issued by GTE Federal Credit Union in November was the first rated ABS issued by a credit union. Other deals are likely to follow thanks to revisions made by the NCUA. Read More

CMBS Continue to be Exposed to Retail Woes

Store closings are piling up in 2020, adding pressure to loans backing retail CMBS. Malls in secondary and tertiary markets are vulnerable. Read More

State AGs Urge OCC to Drop Madden Preemption Proposal

A coalition of state AGs and Hawaii’s Office of Consumer Protection urged the OCC to withdraw a proposed rule that would confer federal preemption privileges on unregulated nonbanks. Read More

ARRC Solicits Feedback on Spread-Adjustment Methods

As the industry moves from LIBOR to SOFR, the ARRC is seeking input on whether the spread-adjustment methodology for cash products should be consistent with what’s adopted internationally for derivatives. Read More

Don Layton on CRT: Credit Where Credit Is Due

Among the housing commentariat, Don Layton is essentially the lone voice from the former C-suites of Fannie and Freddie. Read More

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