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Inside MBS & ABS

October 27, 2022

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CLO Issuance Sinks Again in 3Q22 as Refi Deals Vanish

CLO issuance backed by broadly-syndicated loans held fairly steady in the third quarter, but the CRE sector tanked and refi/restructuring fell off the edge of the cliff. (Includes two data charts.) Read More

Ginnie Eases Seasoning Requirements for Reperforming Loans

Servicers will now have a shorter wait time to deliver reperforming loans back into Ginnie MBS, and the loans will no longer have to go into special RG pools. The changes are aimed at increasing liquidity for Ginnie issuers. (Includes data chart.) Read More

Showing No Love for Agency MBS? Yep. But for How Long?

Wide swaths of traditional MBS buyers are sitting on the sidelines, avoiding acquisitions. One possible explanation: concern over prepayments. Read More

Ginnie Issuers Get One-Year Breather on RBC Standards

Ginnie Mae President Alanna McCargo said she’s hopeful the one-year extension of the implementation deadline for Ginnie’s new risk-based capital requirements will give its nonbank issuers room to breathe and time to consider their restructuring. Read More

Credit Suisse Selling Securitized Products Business to Apollo

The Swiss bank is transferring most of its securitized products unit to a group of investors — affiliates of Apollo Global Management and PIMCO. The deal is expected to close in the first half of 2023. Read More

GSEs Discuss Foreclosure Mitigation, Equitable Plans

Loan modification is easy when interest rates are low, but what does foreclosure mitigation look like when rates soar? Read More

Is There Light at the End of The Tunnel for MBS REITs?

Thanks to MBS-to-Treasury spreads busting their straitjackets, it’s been a tough row to hoe for MBS owners, particularly REITs. But signs of improvement could be on the horizon. Read More

Regulatory Uncertainty Limiting Bank CRT Activity

Much like the GSEs, banks have the ability to share credit risk on a pool of assets. However, bank CRT issuance has been limited thus far as industry participants wait for an endorsement from banking regulators. Read More

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