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Inside MBS & ABS

March 26, 2020

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The Fed Takes Extraordinary Measures. Still Undecided: Nonbanks

The coronavirus economic assistance package is signed, sealed and delivered but concerns remain over the ability of nonbanks to pay MBS holders in the event delinquencies spike over the short term. Read More

The Federal Reserve Doubles Down on MBS Buying

A resumption in quantitative easing — at a pace that dwarfs asset purchases during the financial crisis — is just one of several Fed actions to keep credit markets functioning through the coronavirus crisis.

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Pandemic Weighs Heaviest on Non-Agency MBS/ABS

The agency MBS will likely see a 10% increase in new issuance when the March data come in, but non-agency MBS, ABS and CMBS production has dried up over the past three weeks. Read More

Fannie Mae and Freddie Mac Dollar Rolls Explained

The FHFA’s move to allow Fannie Mae and Freddie Mac to buy MBS has a narrow and specific goal. Read More

Market for MBS Backed by Non-QMs Stalls

A month ago, investors were gobbling up MBS with non-QMs. Now, the sector is shut down due to the upheaval caused by the coronavirus. Read More

Fed's Coronavirus Efforts Seen as Inadequate for Non-Agency MBS, ABS

The Fed is taking steps to boost the market for agency MBS and certain sectors of the ABS market, while non-agency MBS isn't receiving direct relief. The Structured Finance Association called for an expansion of the new TALF.

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DBRS Tops in 2019 RMBS Ratings, S&P First in ABS

DBRS and Fitch grew their RMBS market share in the fourth quarter as total issuance surged. S&P held on as the top ABS rating service in a slow year. (Includes two data charts.) Read More

FHFA Directs GSEs to Wind Down Front-End CRT

To make sure Fannie and Freddie get the most value out of their CRT deals, the FHFA has directed them to wind down front-end transactions. Read More

Coronavirus Adds to Existing Troubles of Retail CMBS

Retail commercial MBS was already out of favor before the coronavirus, which has worsened the problems facing the sector. Read More

Ginnie Providing Services Despite Outbreak

Ginnie Mae said it continues to provide services and is in close communication with issuers, servicers, vendors and trustees. Read More

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