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Inside MBS & ABS

May 7, 2020

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Refinancing Pushes Agency MBS to Record in April

Fannie and Freddie saw huge gains last month as total agency MBS issuance soared to an all-time record. Heavy refinance activity was the biggest factor. (Includes two data charts.) Read More

Ginnie Ponders Private Financing. Forbearance Looms

Will the FHA hike premiums as a way to allay forbearance risk on Ginnie Mae-backed loans? Probably not, but it’s an option. Read More

FHFA Directs GSEs to Limit Certain Loan Purchases

As the COVID-19 economic picture worsens, the GSEs are getting more discerning about what type of loans they will purchase. Read More

A New Money Stream for Servicers: Deferment Fees

It’s not final yet, but servicers stand to make at least $500 per unit to handle GSE loans that need to be deferred because of COVID-19-related hardships. Read More

GSE Portfolios Unchanged as COVID Clobbers Earnings

Fannie and Freddie reported sharp drops in net income in 1Q as they substantially boosted loss reserves in anticipation of the impact of COVID-19. G-fee pricing between the two came into closer alignment. (Includes data chart.) Read More

ABS Investors Waiting For TALF to be Operational

As the Federal Reserve works to get TALF up and running, industry participants hope more types of assets are added to the mix. Read More

SEC Fines Semper Capital for Mismarking Investments

Semper Capital has agreed to pay $375,000 to settle charges that it inflated the value of certain investments in its non-agency MBS fund. Read More

CMBS Delinquency April Jump Biggest Since 2017

The increase, though, is relatively modest compared to expectations, as more borrowers likely became 30-day delinquent on May 1. Read More

CRT in a Post-COVID World

The coronavirus laid waste to Fannie’s first-quarter profit but those costs were offset by a $637 million gain in the fair market value of its CRT. But not for long. Read More

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