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Inside MBS & ABS

October 22, 2020

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ABS Market Roars Back in Biggest Post-Crisis Quarter

Auto-loan securitization remained the biggest ABS sector, but business-finance deals recorded the biggest third-quarter increase. Delta’s air-mile deal set the pace. (Includes two data charts.) Read More

Uptick in Delinquencies on Auto ABS a Worrying Sign

Delinquencies in auto securitizations increased in August, the first uptick in five months. But losses were at record low levels during the month. Read More

Another Week, and More Note Offerings by NBs

Mortgage firms continue to court the debt market with note offerings. The latest deals come from loanDepot, Starwood and PennyMac Financial. Read More

Standing in the Way of Huge GSE Earnings: Not Much

What might the GSEs earn in the third quarter? Based on their securitization volume, it should be a ton. Just subtract the COVID hit. Read More

GSEs Want Most COVID Reforms to be Permanent

The payment deferral option will go a long way in providing a much more seamless way for borrowers to get back on track in paying their mortgages, according to the CEOs of Fannie and Freddie. Read More

Age of Collateral in Non-Agency MBS Depends on Loan Type

Issuers of prime non-agency MBS are completing deals with mortgages originated after the market volatility of March while expanded-credit MBS continue to be stocked with older loans. Read More

Moody’s: Relief Plans Credit Negative for Student Loan ABS

Growing student debt has exposed ABS backed by such loans to elevated risks, increasing the possibility the notes will not pay off by their final maturities. Read More

Fannie Juices Long-Term Debt Issuance

The GSE expanded its footprint in the long-term debt market this year, issuing $165.72 billion of instruments as of Aug. 31, compared to $21.55 billion for all of 2019. Read More

National Delinquency Rate Falls Ever So Slightly

Loans in the seriously delinquent category decreased for the first time since the onset of the pandemic, according to Black Knight. Read More

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