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Inside MBS & ABS

August 27, 2020

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Bank ABS Holdings Edge Up Despite Slippage at the Top

TD Bank and Charles Schwab, the two biggest bank investors in ABS, both pulled back from the market in the second quarter, but industry-wide holdings rose slightly. (Includes two data charts.) Read More

Rate-Lock Disaster Averted (for Now) Over GSE LLPA Charge

The controversial refi-related LLPA from Fannie Mae and Freddie Mac has been delayed until later in the year. Might it be killed outright? (Lenders can only hope.) Read More

Non-Agency MBS Investors May See Reduced Cash Flow

Losses on non-agency MBS, a rarity for deals issued since 2010, look likely as forbearance plans for distressed borrowers end. Investors in the senior tranches appear to be safe for now. Read More

Prepayment Speeds Decline in July. Odd, Isn’t It?

The fall in prepayment speeds follows four successive months of steady increases. This may have something to do with how the rate is calculated. Read More

After Surge in Non-QM Deals, Analysts Revise MBS Forecast

Issuance of expanded-credit MBS was expected to remain suppressed after volatility in March halted activity. After a strong second quarter, industry analysts revised their projections. Read More

Whole Loan Trading: Non-QM Bargains Have Evaporated

Hoping to buy non-QMs on the cheap for an upcoming securitization? Forget it. The bargains are all gone. The good news: New lending is increasing from severely muted levels. Read More

Colorado Settlement Eases Marketplace ABS Uncertainty

The agreement will allow lenders to start including loans to Colorado borrowers in ABS securitizations, Kroll Bond Rating Agency said. Read More

Fannie, Freddie on Track for LIBOR Transition

Beginning Sept. 1, all new floating rate quotes for multifamily loans can only be indexed to SOFR, the two GSEs said. Read More

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