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Inside MBS & ABS

September 23, 2021

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Fitch Extends Lead in RMBS Ratings, Race Tightens in ABS

New issuance of rated non-agency MBS was up strongly from the first to the second quarter and all five rating services upped new business. But new issuance of rated ABS was down slightly, and competition intensified. (Includes two data charts.) Read More

CRT Market Responds to Proposed Changes to Capital Rule

Fannie Mae will resume credit-risk transfer program after FHFA proposed capital relief for the transactions. Investors look forward to new opportunities. Read More

Standardized Data Will Boost Non-Agency MBS Volume

The definitions used by non-agency MBS lenders and issuers aren’t consistent and many terms haven’t been updated since 2009. The MISMO and the SFA are separately working on setting new standards. Read More

A Lull in MBS Trading as Markets Tread Water

MBS trading volumes fell in August, marking the lowest reading of the year. A summer respite or something else? Read More

Will GSEs Shift to Term SOFR as a Benchmark?

Will the new, forward-looking, credit-sensitive version of the Secured Overnight Financing Rate serve as the index rate for credit-risk transfer and MBS transactions? Read More

Cyber Risk Could Limit Structured Finance Ratings, S&P Warns

Securitization issuers should carefully monitor and mitigate potential cyberattacks as a way to help preserve the credit quality of a structured finance transaction, S&P said in a recent report. Read More

Commercial PACE ABS Market Growing

After a lapse at the beginning of the pandemic, commercial PACE lending and the associated ABS offerings have grown steadily. Read More

Grapevine: Fed Ponders MBS Taper; Conservative Rating Services

The Fed could end its stimulus-related purchases of agency MBS by the middle of 2022; S&P official provides an example of just how conservative rating services can be when assessing non-agency MBS and ABS. Read More

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