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Inside MBS & ABS

July 28, 2022

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New CLO Issuance Rises in 2Q22 But Refinancing Slows

A sharp decline in restructuring of existing CLO deals overshadowed a substantial increase in new BSL securitization during the second quarter of 2022. (Includes two data charts.) Read More

Buyouts of Delinquent Loans from Ginnie MBS Plummet

With FHA loan performance relatively strong and the spike in interest rates this year, early buyout activity from Ginnie MBS is limited. Overall, removals are slowing thanks to elevated interest rates. (Includes data chart.) Read More

Auto ABS Market Well Positioned to Weather Economic Downturn

Higher interest rates aren’t cutting into the issuance of auto ABS this year and there are few concerns about loan performance. Read More

Fed Monetary Policy Leads to SOMA Losses

The mismatch between falling interest income at the Fed and growing interest expense is projected to result in deferred assets of between $60 billion and $150 billion. Read More

AGNC, Annaly See Better Days Ahead for Agency MBS

The two largest REITs in terms of holdings of agency MBS noted extreme volatility in the second quarter while also suggesting that market dynamics are set to improve. Read More

Whistleblower Loses Appeal for Reward in MBS Case

A federal appeals court panel ruled that the SEC didn’t act on the whistleblower’s information about misconduct at RBS even though it passed the information to the DOJ and FHFA, which reached settlements. Read More

Ginnie’s McCargo Talks Leadership with mPower’s Davies

The unprecedented concentration of Black women leadership in the housing finance industry is an opportunity to make changes that have been long overdue, according to Ginnie Mae President Alanna McCargo. Read More

Pagaya Set to Issue Its First Rated SFR Securitization

The $249.2 million issuance from the Israeli fintech firm is backed by one loan. Read More

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