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Inside MBS & ABS

April 23, 2020

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Non-Agency CMBS Being Thrashed by Coronavirus

New issuance of non-agency CMBS has been stalled for a month and prospects are dim for much of a comeback until the market gets a clearer view of the impact of the coronavirus. Read More

Nonbank Liquidity: Signs of Hope (and Despair) for Issuers

Ginnie Mae came to the rescue of a handful of MBS issuers with its PTAP program. Meanwhile, Fannie/Freddie issuers needing cash because of the pandemic have some new options, but will they be used? Read More

CRT Investors Could See Losses

Some credit-risk transfer deals explicitly exempt forbearance losses due to natural disasters. Freddie Mac clarified that it considers the coronavirus a natural disaster. Fannie Mae has yet to provide guidance. Read More

Non-Agency MBS Return With Seasoned Mortgages

The bulk of non-agency MBS currently being issued is backed by seasoned mortgages. Rating services are also adjusting criteria to account for the coronavirus. Read More

Auto ABS Deals Return, Investor Demand Strong

Auto ABS offerings returning to the market are being met with strong demand from investors, prompting deal sizes to be increased. Read More

Loss Projections Rise for Recent Auto Loan ABS

The coronavirus-triggered lockdown has prompted rating agencies to increase loss expectations for newly issued auto ABS. Read More

Large Commercial Mortgage REITs Sell More Assets

Ladder Capital and Colony Credit Real Estate recently sold assets at a loss in an effort to increase liquidity. Read More

FHLBanks to Accept PPP Loans as Collateral

The Division of FHLBank Regulation’s decision to accept PPP loans as collateral is based on the Small Business Administration’s 100% guarantee of the unpaid principal balance. Read More

Grapevine: A New Gig for Citadel / Assessing the Whole-Loan Market

Thanks to economic damage caused by the coronavirus, the non-QM market is in tatters. Yet, opportunity abounds in the junk heap. Will Citadel become a specialty/subservicer? Read More

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