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Inside MBS & ABS

July 30, 2020

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GSE Earnings Rebound in 2Q20, SF Loan Holdings Up

After taking big hits in credit expenses and hedging losses in early 2020, Fannie and Freddie reported more normal net income in the second quarter. (Includes data chart.) Read More

Commercial MBS Pummeled in 2Q20, Agency MF Solid

Not surprisingly, mortgages on retail and lodging properties were hit the hardest in the economic fallout of the coronavirus. Agency multifamily MBS issuance rose significantly in the second quarter. (Includes data chart.) Read More

Ginnie Not Exactly Swamped with New Issuer Applications

Where are all the Ginnie Mae applicants? The waiting list has dwindled to a trickle. Reason: The pandemic and related issues. Read More

Strong Demand for Non-QM MBS, but Issuance Uncertain

Investor demand for non-QM MBS is currently near levels seen before volatility in March, helping to sustain issuance volume. The deal flow could slow soon due to limited originations and economic trends. Read More

Outlook on MBS and ABS Upbeat Despite Pandemic

Loans backing securitized products are holding up fairly well even though the use of forbearance has increased. A combination of investor protections and changes in underwriting practices is helping. Read More

New Rez Settles Non-QM Case with Priority Financial

Priority Financial had sued New Residential for reneging on commitments to buy its production during the height of the pandemic. The company also filed similar charges against Angel Oak. Read More

WFS: Investment-Property Pools a Safe Harbor for Investors

The economic effects of the pandemic have slowed refi activity for investment properties. That, in turn, has dampened prepayment speeds for 100% investment-property pools, Wells Fargo Securities said. Read More

Trade Groups Seek Relief Facility for CRE Borrowers

Commercial real estate trade groups have urged the Senate Banking Committee to expand the Federal Reserve’s Main Street Lending Program. Read More

National MI Sells a $322M Insurance-Linked Note

The deal comprises fully collateralized excess-of-loss reinsurance coverage for MI policies written from July 2019 through March 2020. Read More

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