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Inside MBS & ABS

March 24, 2022

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S&P #1 in 2021 ABS Ratings, Moody's Takes RMBS Title

S&P actually lost some market share in rating ABS issued in 2021 but remained well ahead of the competition. Moody's usurped DBRS as the top rating service in the non-agency MBS world. (Includes two data charts.) Read More

Agency REMIC Issuance Unchanged in 2021, with Some Jockeying

Issuance of agency real estate mortgage investment conduits/collateralized mortgage obligations was essentially flat in 2021, with Ginnie sharply increasing its volume while GSE issuance declined. (Includes data chart.) Read More

SEC Considering Climate-Related Disclosures for MBS, ABS

A new SEC proposal wouldn’t set climate-related disclosures for MBS and ABS, though such standards are still under consideration. Read More

As Secondary Market Volume Drags, Maxex Reduces Staff

When originations fall, loan trading platforms suffer as well. Maxex, one of the more high-profile traders, recently instituted cuts. Read More

Nonbank Ponders Conduit to Take Advantage of LLPA Changes

Come April, LLPAs on Fannie/Freddie second-home mortgages and high-balance loans move higher. Good time for a nonbank to start a conduit? Read More

New ABS Tied to Texas Electric Utility’s Storm-Recovery Effort

A subsidiary of Entergy Corp. is offering a $290.0 million securitization backed by system restoration charges on electric customers to help pay for recoveries from storms in southeast Texas in recent years. Read More

SFA Seeks Consensus on LIBOR-Replacement Benchmark

The Structured Finance Association is assessing investors’ and brokers’ preferences for replacing LIBOR in structured finance bonds. Read More

Ginnie Mae MBS Expected to Weather Fed’s Asset Moves

The market for Ginnie Mae MBS should begin to normalize soon, according to T. Rowe Price executive Keir Joyce. Read More

Credit Suisse Wins Legacy MBS Lawsuit on Technicality

Failure to submit a timely and specific repurchase demand involving pre-2008 non-agency MBS doomed a U.S. Bank lawsuit. Read More

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