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Inside MBS & ABS

April 30, 2020

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GSE CRT Issuance Up in 1Q20, Ratings Under Review

The first three months of 2020 saw a record $6.8 billion of credit-risk transfer bonds issued by the government-sponsored enterprises. Rating services have begun reviewing the impact of the coronavirus on both older and new CRT deals. (Includes data chart.) Read More

Ginnie’s Liquidity Program Proves Popular. More to Come

Designed to aid MBS issuers hurt by the pandemic, the Ginnie Mae PTAP has received high marks thus far. Details about usage could be released before the weekend starts. Read More

PPP Loans Eligible for Sale in the Secondary Market

Some of the $659 billion of loans originated through the Paycheck Protection Program are eligible for sale in the secondary market, but it remains to be seen whether the loans will make it into ABS. Read More

CLO Issuance Down in 1Q20, COVID Having Huge Impact

Social distancing is having a huge impact on the corporate ratings that underlie CLO collateral, and analysts expect most of the damage to fall on speculative-grade tranches. (Includes data chart.) Read More

Coming Soon: LLPAs on FHA Loans. A Better Deal?

A loan-level pricing adjustment payment grid is expected shortly from FHA. The charges could have a profound impact on the Ginnie Mae market. Read More

Congress and CFPB Weigh In on Mortgage Servicing

Democratic lawmakers have urged federal entities to take steps to help servicers. Meanwhile, CFPB issued best practices for MSR transfers. Read More

FHFA Chief Calabria Defends Liquidity Moves

If servicers’ cash crunch becomes critical, the onus of creating a liquidity facility would fall on the Federal Reserve and Treasury, not on the FHFA, agency Director Mark Calabria said. Read More

Loan Extensions Piling Up on Auto ABS

Servicers of loans in auto ABS increased their use of loan extensions in March to help borrowers struggling to make payments. Read More

Rating Services Place Consumer ABS on Watch

Rating services anticipate the sharp rise in the unemployment rate brought on by the pandemic will damage borrowers’ ability to repay loans. Read More

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