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Inside MBS & ABS

April 8, 2021

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Slowdown in Agency MBS Weighs on 1Q21 Issuance

Slumping purchase-mortgage business in the agency MBS market was a big factor in the 6% downturn in total MBS-ABS-CMBS issuance in the first quarter of 2021. Agency business rebounded in March, however. Read More

A Change by FHFA Sparks Disruptions in NOO Trading

Loan prices for second homes and investment properties are getting whipsawed, giving bottom feeders the upper hand. Credit the FHFA. Read More

Mr. Cooper Plans to Amp Up Its EBO Game

The nondepository so far has been reluctant to actively participate in early Ginnie buyouts, only purchasing loans that it was sure had the best chance at reperformance. Read More

Annaly Selling its Commercial Mortgage Investment Unit to Slate

An asset manager based in Toronto agreed to acquire Annaly’s commercial business. The REIT will put an even greater emphasis on its investments in residential MBS. Read More

FRBNY Economists Propose Central Clearing for Agency MBS

Last March, major dealers simply didn’t have the liquidity to accommodate the volume of agency MBS being sold. Would a clearing facility speed up settlement enough to prevent a similar market failure in the future? Read More

SOFR Variant Seen as Alternative to LIBOR for MBS and ABS

A 30-day average of SOFR would make a good replacement for LIBOR when pricing new MBS and ABS, according to a recommendation from a committee of industry participants convened by the Fed. Read More

Securitization Costs Drive Opposition to GSE Window Caps

Securitizing mortgages can be expensive and recent PSPA changes might force the hand of smaller lenders, at least that’s how some trade groups see it. (Includes three data charts.) Read More

CMBS Delinquency Rate Continues to Improve

After an impressive decline in February, the CMBS delinquency rate continued to improve in March. Read More

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