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Inside MBS & ABS

June 4, 2020

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Agency MBS Issuance Sets Another Record in May

Sellers delivered a record $253.3 billion of single-family loans into agency MBS during May thanks to a continuing surge in refi business. Strikingly, several of the top seller-issuers saw significant declines in monthly volume. (Includes two data charts.) Read More

FHA Rolls Out Forbearance Policy, Wants 20% Indemnification

With Ginnie Mae forbearance requests now at 13% of outstandings, FHA has introduced a “temporary” policy to cover loans in progress. Read More

Agency MBS-Focused REITs See a More Stabilized Market

The market for REITs that invest in agency MBS is looking a lot better than it was in April. Meanwhile, AG Mortgage Investment Trust reached a $5.0 million settlement with Royal Bank of Canada. Read More

Arbor Completes its First Non-Agency Multifamily MBS

Arbor Realty Trust issued a $727.2 million non-agency multifamily MBS. For the most part, these deals are uncommon because the GSEs dominate the market. Read More

Non-QM Whole Loan Market Heats Up, Bargains Gone?

The non-QM whole loan market appears to have turned the corner from its recent doldrums. Some bids are now close to par. Read More

The Birth of a Secondary Market for Forbearance Loans?

A secondary market is developing for COVID-19-related forbearance loans where the mortgage has already funded but the consumer has asked for relief from their monthly payments. Read More

OCC Codifies Final Changes to ‘Valid-When-Made’ Rule

The rule clarifies that when a bank transfers a loan, the interest rate permissible before the transfer remains unchanged. Read More

Asymmetric Information Remains a Problem in ABS Deals

The issue presents a potential conflict in securitization transactions because lenders typically take a borrower’s word on income reporting, according to two Federal Reserve economists. Read More

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