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Inside MBS & ABS

November 3, 2022

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Agency MBS Issuance Still Searching for the Bottom

Now that the purchase-mortgage market is getting squishy, agency MBS issuance may sink to its lowest level in years. New pricing from the GSEs may be offset by a potential cut in FHA premiums. (Includes two data charts.) Read More

CRT Issuance Plummets in Sharpest Drop Since Start of Pandemic

With interest rates rising, investors want higher premiums on credit-risk transfers. And that makes the transactions less economically appealing for Fannie Mae and Freddie Mac. (Includes data chart.) Read More

DBRS Cautiously Optimistic on GSE CRT Performance

The rating service said both technicals and fundamentals in the mortgage market appear more resilient to stress than in previous crises, while highlighting some vintage differences. Read More

Fed Chair: MBS Sales Will Not Happen in the Near Term

The Federal Reserve hiked rates by another 75 basis points. But Chair Jerome Powell said the time to begin selling the Fed’s MBS holdings “is not close.” Read More

Ocwen Financial Pondering Its Ginnie (Capital) Options

When Ginnie released its new capital eligibility standards this past summer, nonbanks far and wide were not happy. The agency later extended the implementation deadline until late 2024, but some shops are pondering their options. Ocwen is one of them. Read More

Horizon Tech Preps $100M ABS With Venture Debt

The ABS tied to loans to developing and growth-stage companies is Horizon Technology Finance’s second such deal to date. Read More

Top-Rated CMBS Could Endure Drop in Office Values

Super-senior classes of conduit CMBS transactions should be resilient if office loan values fall, but the lower end of the capital stack may not hold up as well, according to S&P Global Ratings. Read More

Grapevine: Outsourcing Risk Management? / Expanding the Asset Menu

You know times are tough when the risk management team gets outsourced. Meanwhile, many REITs continue to diversify away from MBS but perhaps the trend has peaked? Read More

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