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Inside MBS & ABS

April 9, 2020

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Still Unsettled: Nonbank MSR Liquidity. Fed Acknowledges the Issue

In the end, the Federal Reserve will step in to fund nonbank MBS servicers if push comes to shove. At least, that’s what the mortgage industry is banking on. Read More

Non-Agency MBS Issuance Slump Could Last All Year

Analysts at Bank of America Securities predict just $3.4 billion of prime jumbo and non-QM MBS will be issued for the rest of 2020. Non-agency MBS issuance came to a near standstill in March. (Includes three data charts.) Read More

Fed Adds Assets Eligible for TALF, Industry Pushes for More

Following pressure from industry participants and lawmakers, the Federal Reserve added legacy commercial MBS and CLOs to the TALF. Industry is hoping that eventually non-QM assets might be covered. Read More

Left Holding Loans Meant for MBS, Velocity Adjusts

Velocity Financial raised capital by selling stock after plans to issue MBS were disrupted by volatility from the coronavirus. Several REITs also provided updates on their financials. Read More

Ginnie Moves to Make MSRs More Liquid

In an effort to add liquidity to the market for servicing advances, Ginnie Mae is permitting a note structure, which allows for the securitization of servicing cash flows through a trust. First user: PennyMac. Read More

Coronavirus Prompts Changes to MBS, ABS Rating Criteria

When issuance of non-agency MBS and ABS resumes, issuers will face tougher standards from rating services due to the coronavirus. Read More

After CECL, Industry Wants Mark-to-Market Suspended

With markets reeling from the impact of the coronavirus, trade groups have called for the suspension of the mark-to-market accounting rule. Read More

Commercial Mortgage REITs Come Under Pressure

Commercial mortgage REITs are coming under pressure due to investor concerns and liquidity issues triggered by COVID-19. Read More

Ginnie Allows Electronic Signatures for HUD Forms

Ginnie Mae temporarily waives in-person signatures and takes other precautions in response to the pandemic. Read More

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