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Inside MBS & ABS

April 21, 2022

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ABS Starts Strong in Early 2022, Driven by Key Sectors

The two biggest sectors in the ABS market — vehicle loans and business finance — saw solid gains in issuance in early 2022. GM Financial was the top issuer; Barclays Capital was the top underwriter. (Includes two data charts.) Read More

S&P Receives Pushback on Risk-Based Capital Proposal for Insurers

S&P has proposed revisions to its criteria for judging the adequacy of risk-based capital when assessing insurers. The revision would prompt higher capital requirements for certain MBS and ABS held by insurers. Read More

Lesson Learned: When In Doubt, Hedge Originations

It seems that some non-QM lenders learned a valuable lesson this spring: When in doubt, hedge your production pipeline. Then again, it doesn’t apply to all loan types. Read More

Clayton Hopes to Capitalize on a Resurgent Non-QM Market

As the non-QM market works out its kinks, deal activity should pick up, despite higher interest rates. Due diligence providers like Clayton are hoping the largess comes their way. Read More

Opportunistic Investors Sole Participants in TALF 2.0

All of the participants in the Fed’s TALF program set up in the early days of the pandemic were so-called opportunistic investors that hadn’t previously been buying AAA-rated deals. Read More

Fed’s Signals May Help to Avoid Taper Tantrum Repeat

The market decline, in response to the end of QE, has been severe, but much more orderly than in 2013. Read More

Overvaluation, Geographic Mix Could Impact RMBS

New reports from S&P and Fitch look at how home price appreciation, affordability and housing overvaluation trends, especially in certain geographic markets, might impact residential MBS. Read More

Certain CMBS Sectors Could Face Refi Difficulties

Kroll Bond Rating Agency estimates around 60% of loans maturing through 2023 would be able to refinance without added costs. But the refi prospects for retail properties and lodging are bad. Read More

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