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Inside MBS & ABS

September 15, 2022

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RMBS Market Up Again in June, Agency Chugs Along

The Federal Reserve remained the largest single investor in single-family MBS, though its portfolio finally began to decline during the second quarter. Ginnie led the agency market gains, while non-agency posted a fourth straight quarterly gain. (Includes two data charts.) Read More

McCargo Sets Listening Tour on Ginnie Issuer Eligibility Standards

According to the Ginnie Mae president, the “majority” of the agency’s is-suers would already be in compliance with the new capital requirements. But at least one of its counterparties is considering exiting the Ginnie program. Read More

MBS Investors Bracing for More Volatility Linked to Fed

A higher-than-expected inflation reading for August led to volatility in interest rates this week, hurting the value of agency MBS. Still, the CEO of AGNC, a real estate investment trust focused on agency MBS, expects that concerns tied to the Fed will diminish by the end of the year. Read More

When in Doubt, Time to Trim Those Repo Lines

One after another, nonbanks are lining up to reduce the size of their master repurchase deals or cut the credit entirely. Message: The mortgage boom is over. Read More

Balance Sheet Reduction and the Federal Budget

The Federal Reserve’s pandemic-driven asset-buying spree altered the composition of assets and liabilities, a change that impacts balance sheet reduction. Read More

MBS Trading Nears Its Low for the Year. More Trouble Ahead?

A weak origination market is fueling reduced activity on MBS trades. Still, some view MBS as a safe haven of sorts, especially with the equities market reeling. Read More

Prepayments on Private Student Loan ABS Could Jump

While the Biden administration’s student loan debt forgiveness program doesn’t apply directly to borrowers with private student loans in ABS, prepayments on the loans are expected to increase. Read More

Commercial MBS Market Faces Diminished Demand for Office Space

Office property occupancy still hasn’t recovered from the pandemic, putting downward pressure on valuations and the availability of liquidity for both CMBS and CRE borrowers. Read More

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