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Inside MBS & ABS

January 20, 2022

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ABS Issuance Hits Record in 2021, Market Cools in 4Q21

Every sector of the ABS market saw substantial increases in new issuance last year. Vehicle finance securitization and business ABS remained the top asset classes, though other markets gained share. (Includes two data charts.) Read More

Earnings Preview: Strong Profits for Fannie, Freddie?

Fannie and Freddie have yet to release a date for their fourth-quarter results, but 4Q was likely a tad shy of 3Q. Credit stable interest rates and decent MBS volumes. Read More

Expanded-Credit MBS Issuance Perks Up Following Year-End Lull

Six issuers offered expanded-credit MBS in recent days, ending a nearly 30-day pause in issuance. Loans in the deals have seasoned for longer than the turn times seen for prime non-agency MBS. Read More

Ginnie MBS Investors Closely Watching FHA Capital Ratio

Head of investment strategy at Amherst Pierpont Securities said changes to FHA premiums based on the MMIF capital ratio had big impacts on prepayments following the Great Recession. Read More

A Very Weak December for MBS Trades, Volume Down in 2021

It wasn’t a pretty month for MBS trades. And with interest rates rising, the age-old question looms: Where do we go from here? Read More

GSEs Spurn New Debt Issuance in 2021

Fannie and Freddie issued essentially zero long-term debt in 2021, dramatically lowering their total outstanding debt. Read More

Home Partners Launches Rent-to-Buy Affordable Housing Program

The new Choice Lease program targets low- to medium-income individuals and is offering below market rents. Read More

Agency Multifamily Business Surges

Market growth in 2022, though more restrained than in 2021, should give Fannie and Freddie plenty of runway to hit their multifamily caps for the year. Read More

Grapevine: SFVegas Postponed; Commercial MBS Delinquencies Up

SFVegas pushed back to July; commercial MBS delinquencies rise for first time in more than a year; Fannie obtains ratings for older CRTs; Verizon to issue more ABS tied to cellphone payment plans. Read More

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