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Inside MBS & ABS

May 14, 2020

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COVID Brings Huge Drop in REIT MBS Holdings in 1Q20

All 17 publicly traded REITs reported double-digit declines in their MBS portfolios during the first quarter, with six institutions now with portfolios less than $1 billion. (Includes data chart.) Read More

Non-Agency Mortgage Securitization Opening Up After Pause

After non-agency MBS issuance all but froze in March, issuers are beginning to return to the market. Neuberger Berman issued a non-QM MBS this week and others are working on deals as well. Read More

Ginnie PTAP Could Grow as MF and Reverses Are Added

Ginnie Mae's PTAP initiative has been expanded to include multifamily collateral and reverse mortgages could be next. But will issuer usage grow?

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PennyMac’s CRT Woes May Continue in 2Q

Uncertainty regarding the performance of mortgages underlying its CRT in-vestments prompted PMT to boost the discount rate on its loans from just 5% at the end of the fourth quarter to about 11% as of March 31. Read More

Fitch Cautions that Marketplace Lender ABS Could Be Harder Hit

The performance of ABS from marketplace lenders could take a harder hit from the pandemic than other types of MBS and ABS, said Fitch. Read More

Three Mortgage Vendors Offer Senior Notes

Zillow Group, Radian Group and First American Financial recently priced senior note offerings to bolster liquidity. Read More

SOFR Transition: GSEs Still on Pace, Fed, Not So Much

Since March, spreads between SOFR and the three-month LIBOR have widened to roughly 80 basis points. The five-year average, which the ARRC recommends as a “spread adjustment,” is only 27 bps. Read More

Co-Working Model Under Test During Pandemic

The fight between WeWork and its tenants has cast doubt on the company’s ability to pay rent, which in turn will impact billions of dollars in commercial MBS. Read More

MBS Grapevine: TALF and Non-QM? / Overblown Liquidity Concerns?

Hope springs eternal that the Fed's TALF initiative will be used to aid the non-QM MBS market. It's just a matter of when.

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Featured Poll

As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?

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