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Inside MBS & ABS

May 12, 2022

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Commercial MBS Issuance Falls Back to Earth in 2022

While CMBS issuance was down overall, there were a few pockets of strength in the non-agency sector. Agency multifamily MBS issuance tumbled 16% from the fourth quarter. (Includes two data charts.) Read More

S&P Withdraws Insurer-Related Proposal Amid Strong Pushback

The rating service’s proposal to notch ratings assigned by rival firms when assessing insurers didn’t sit well with the Justice Department, members of Congress and industry participants. Read More

GSE Credit-Risk Transfer Issuance Increases in 1Q22

Volume increased in the risk-transfer deals issued by Freddie and Fannie. However, unpaid principal balance on the covered pools declined. (Includes data chart.) Read More

Modifications Not Enough to Avoid Downgrade of Warehouse Deals

Moody’s downgraded some of the tranches in loanDepot’s outstanding warehouse financing securitizations even after the company modified the transactions’ governing documents to meet new criteria. Read More

McCargo Working to Open Ginnie to Smaller Issuers

Ginnie Mae President Alanna McCargo wants small banks, credit unions and community development financial institutions to have access to the Ginnie securitization program. Read More

FINRA Rule 4210 Looms Over TBA Market

Small lenders may be able to avoid some of the margin requirements by diversifying the pool of broker-dealers they use for hedging. Read More

Mega REITs Continue to Shed Agency MBS

The nation’s two largest “mREITs,” Annaly and AGNC, continued to shrink their securities holdings in the first quarter, but with the Fed moving to the sidelines, that trend could be ending. Read More

Former Nomura MBS Trader Found Not Liable for Fraud

The Securities and Exchange Commission had charged James Im, a former bond trader for Nomura Holdings, with fraud for inflating the prices of MBS he bought from and sold to investors. Read More

Spring MBS Trading Hardly Robust. A Turnaround Coming?

With rates rising for much of the year, MBS trading has been weak but not exceedingly so. But thanks to recent carnage in the stock market, bonds may be “in” again. Read More

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