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Inside MBS & ABS

May 20, 2021

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Bank MBS Demand Surges in 1Q21, BofA Sets the Pace

Banks increased their holdings of Fannie/Freddie pass-throughs by $176 billion in the first quarter, while shrinking their Ginnie MBS holdings. Bank of America boosted its Fannie/Freddie portfolio by $85 billion. (Includes two data charts.) Read More

Non-Agency MBS Getting a Boost from New GSE Limits

As much as $20 billion of GSE-eligible mortgages could go into non-agency MBS annually due to new restrictions on GSE acquisitions of mortgages for investment properties and second homes. Read More

FHFA Paints a Fairly Grim Picture for CRTs

Since 2013, CRT has cost Fannie Mae and Freddie Mac a combined $15 billion, but provided just $50 million in benefits, according to a new FHFA report. Read More

Trading in Agency MBS Dips. A Canary in a Coal Mine?

MBS trading is drifting lower in a rising rate environment, but the outlook remains cloudy as mortgage bankers wonder how many more months they have left before refis drain for good. Or will they? Read More

Experts Aren’t Buying Into Calabria’s Living Wills Idea

Analysts argue that resolutions plans for the GSEs are purely theoretical devices because the government will never let them fail. Read More

Refinancing Maturing CMBS Loans May Be Difficult: Fitch

Loans backed by hotel and retail properties, which have been hit particularly hard by the pandemic, will be difficult to refinance, the rating service said. Read More

SFR-Backed CMBS Issuance Spikes from 4Q20 to 1Q21

Also, first-quarter results from Invitation Homes and Americans Homes 4 Rent — the two corporate SFR giants — show an increase in business. Read More

Grapevine: When Prepayments Head in the Right Direction

CPRs are headed in the right direction for MSR and MBS investors but for how long? Some forecasters see a rate decline coming in the fall. Read More

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