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Inside MBS & ABS

February 13, 2020

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Freddie Gains Level Playing Field in 4Q19 GSE Market

For the first time, Freddie was able to charge a higher average g-fee for new single-family business during the fourth quarter of 2019. Pricing disparity was a key driver in the development of the uniform MBS. Read More

Surge of Non-Agency MBS Hits the Market in February

Presale reports for 12 non-agency MBS backed by new originations have been published this month, led by seven expanded-credit products. Read More

Securitization Rates Nudge Up in 4Q19, Still Trail 2018

Issuance of single-family MBS backed by newly originated loans rose 12.3% from the third to the fourth quarter, while primary-market production was up just 7.9%. (Includes data chart.) Read More

Mortgage-Investing REITs Keep Saddling Up to the Equities Bar

Strike while the iron’s hot: Mortgage REITs are raising cash by selling additional shares of common. How long can the trend last? Read More

Issuer-Pays Ratings Model a Problem with No Solution

The SEC is facing pressure to address “ratings shopping” in the MBS and ABS markets. Big rating services are not keen to switch from the issuer-pays model. Read More

Radian Issues Latest Insurance-Linked Note Deal

Radian Guaranty brings $488 million mortgage insurance-linked note deal to market, the second for 2020. Read More

SOFR v. LIBOR: The Good and the Bad

The move from LIBOR to SOFR suffered a setback in December when financial institutions issued less than $4 billion in floating-rate notes tied to the new reference rate. Read More

Coronavirus Outbreak to Hit Pandemic Bonds, Aircraft ABS

The coronavirus outbreak may strike little-known pandemic bonds issued by the World Bank in 2017. Travel restrictions in response to the outbreak may also impact ABS backed by aircraft leases. Read More

Are CLOs Backed by Leveraged Loans Risky?

The Structured Finance Association has brushed aside concerns that CLOs backed by leveraged loans pose a systemic risk to the economy. Read More

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