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Inside MBS & ABS

October 20, 2022

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ABS Issuance Slumps Badly in 3Q22 Return to Normal

ABS issuance of business-finance deals was up slightly in the third quarter, but all other sectors of the market posted sharp declines. GM Financial remained the top issuer despite a 32% downturn in production. Read More

MBS and ABS Investors Cautious Amid Economic Uncertainty

Uncertainty regarding future actions by the Federal Reserve has dampened investor demand for MBS and ABS. The outlook, too, is negative. Read More

An Uptick in MBS Trading. Now, Let Us Pray

MBS trading bounced back in September to highs not seen since the spring. As for meaning, that’s a hard one. At the very least, newer higher yielding securities might be in short supply. Read More

Home Price Depreciation the Top Concern for MBS Investors

Declining home prices have MBS investors worried about potential losses and downgrades. Officials from rating services said their assessments include significant stresses. Read More

Lawsuit Against Sprout Could Impede Whole-Loan Maneuvers

The saga of non-QM lender Sprout Mortgage continues. The now-defunct shop is the target of a new lawsuit filed by a warehouse lender. Meanwhile, Sprout is trying to place unsold whole loans. Read More

Top Ginnie Leaders Meet With Japanese Investors

In their first face-to-face meetings with Japanese investors since the start of the pandemic, Ginnie officials looked to assuage concerns over the U.S. housing crisis and drum up investor confidence. Read More

CLO Performance Expected to Hold Up in a Recession

Stress testing suggests that broadly syndicated loan CLOs are resilient to collateral depreciation, according to Fitch. Though DBRS expects some reduction in credit quality increased defaults. Read More

Grapevine: Credit Suisse Tidies Up / GSEs Align on Social Disclosures

Credit Suisse settles legacy non-agency MBS lawsuit; Fannie and Freddie to publish aligned social disclosures for single-family MBS; bank trade groups seek change in FHFA’s capital treatment relating to access of FHLBs; Ginnie portal to re-open Oct. 25; aviation ABS investors in holding pattern on collateral in Russia. Read More

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