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Inside MBS & ABS

February 11, 2021

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CLO Market Rebounds but Can’t Make up Lost Ground

CLO issuance surged in the fourth quarter, fed by growth in restructured deals and the BSL market. Palmer Square ranked as the top manager of new issuance. (Includes data chart.) Read More

Freddie CRT Streaks Past $10 Billion While Fannie Idles

In late 2020, Fannie came back into credit-risk transfers with a bespoke deal with one of its largest nonbank sellers. Freddie continued full speed ahead with more traditional STACR issuance. (Includes data chart.) Read More

Freddie Revenues Surge in 2020; Profits Stable

Due to COVID-related forbearances, Freddie faced a $2.2 billion increase in its provisions for losses in 2020. However, that expense was more than offset by an across the board increase in revenues. Read More

REITs Investing in MBS Still Not Out of the COVID Hole

Profits in the fourth quarter weren’t enough to offset losses incurred earlier in the year by Annaly and Two Harbors. Meanwhile, a REIT with a non-agency focus turned a profit. Read More

Top Jumbo MBS Issuers Going Full Steam Ahead

Goldman Sachs, JPMorgan Chase and Redwood Trust ramped up issuance of jumbo MBS in recent weeks, while other firms in the sector have still not fully recovered from COVID volatility. Read More

Freddie’s Capital Markets Segment Swings to Loss in 2020

Net interest income for the capital markets business came to a measly $522 million for the year. The segment posted actual losses from investments and other sources, producing just $25 million in net revenue. Read More

CMBS Delinquencies Improve for Most Sectors

In January, Fitch reported 28 newly delinquent hotel loans totaling $564 million. Retail loans were a distant second, with 18 newly delinquent loans worth a total of $268 million. Read More

Grapevine: PennyMac Takes Loss on CRT; Non-Agency MBS Update

PennyMac Mortgage Investment Trust took a $108.4 million loss in the fourth quarter on CRT transactions; Ellington Financial and an affiliate of Caliber Home Loans plan to bring non-QM MBS to the market. Read More

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