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Inside MBS & ABS

June 18, 2020

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Agency Market Drives 1Q20 Securitization Rates Higher

Ginnie MBS issuance caught up with strong primary market originations of FHA and VA loans, while Fannie and Freddie held steady in the conventional-conforming sector. (Includes data chart.) Read More

Issuer Buyouts of Delinquent GNMA Loans Spike in May

Repurchases of delinquent loans from Ginnie MBS pools jumped sharply in May, including a significant number of performing loans under COVID-19 forbearance plans. (Includes data chart.) Read More

Non-Agency MBS Investors Return

Demand for non-agency MBS has increased significantly in recent weeks after investors fled the market in late March and April. Issuance has been driven by somewhat seasoned non-qualified mortgages. Read More

NewRez, Angel Oak Sued Over Aborted Non-QM Deals

When the pandemic struck this spring, non-QM sales in progress fell apart involving some heavy hitters like NewRez. Now those loan buyers are getting sued for reneging on their contracts. Read More

MFA and AGMIT Take Large Losses in First Quarter

The two real estate investment trusts saw red ink in the first quarter as they were forced to sell assets when prices plummeted. MFA raised capital this week while AGMIT is considering its options. Read More

SEC Urged to Up Disclosures for MBS and ABS Ratings

An advisory panel has called for greater transparency around credit ratings. SEC officials say the reforms could be difficult to implement. Read More

Title Insurance Giant Sells 10-Year Paper at 3.40%

Mortgage industry vendors seem to have no trouble tapping the capital markets these days. The latest example: Fidelity National Financial. Read More

FHFA Moderates Guidelines for UMBS Alignment

Instead of larger, multi-issuer uniform MBS pools, FHFA wants seller/servicers to closely monitor the prepayment speeds of their broker/correspondent channels to ensure closer alignment of Fannie/Freddie pools. Read More

Colorado Court Says Banks Cannot Pass Interest to Nonbanks

The court declined to consider updates on the so-called valid-when-made doctrine. But the ruling is still subject to reconsideration. Read More

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