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Inside MBS & ABS

February 20, 2020

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Banks Boost MBS Holdings in 4Q19 Thanks to BofA

The biggest gain in bank MBS investment over the past year was in agency pass-throughs, up 11.4% from December 2018, although holdings of non-agency securities also climbed 7.4%. (Includes two data charts.) Read More

JPMorgan Issues First Credit Card ABS in Two Years

JPMorgan Chase has issued its first ABS transaction backed by credit card receivables through Chase Issuance Trust since May 2018. A wildcard to the deal, however, is a pending lawsuit involving the issuance trust. Read More

As Non-QM Warehouse Credit Expands, MBS Deals Should Benefit

A noticeable increase in warehouse credit to non-QM originators is bolstering both lending volumes and MBS creation. Another positive: better terms for nonbank borrowers. Read More

GSE Multifamily Loan Originations Slowed in 4Q19

Two prominent GSE multifamily lenders cut production in the fourth quarter as they adjusted to the new investment limits set for Fannie and Freddie. The new caps are unlikely to constrain GSE business in 2020. Read More

MBS Trading Remains Quite Brisk. Can It Last?

MBS trading turned in a stellar performance in January but market watchers are nervous about stock valuations and interest rates. Read More

Fed Stress Tests Focused on Leveraged Loan Risk

The Federal Reserve’s 2020 stress tests will examine certain large banks’ ability to weather severe shocks in the leveraged lending market. Read More

CECL Impact on GSEs Over-hyped?

Many analysts anticipated the implementation of CECL would balloon the loan loss reserves of the GSEs. Last week, though, both enterprises downplayed CECL’s potential impact on first-quarter earnings. Read More

Securitization of Rural Multifamily Loans in Limbo

Thousands of rural multifamily property rehabilitation loans are stuck in the pipeline due an abrupt change in the U.S. Department of Agriculture’s subordination policy. Read More

The Grapevine: A Crazy Merger Idea? / Amherst Wants to Buy SFR Operator

Merge Fannie and Freddie, says Mayor (Candidate) Bloomberg; Also: Amherst wants to buy Front Yard REIT. Read More

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