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Inside MBS & ABS

November 10, 2022

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CMBS Falters in 3Q22 but Agency MF Softens Decline

Securitization of office-property mortgages fell to its lowest level in 10 years, while retail and lodging also saw big declines in the third quarter. Agency multifamily MBS issuance held up better, paced by a modest gain in Freddie production. (Includes two data charts.) Read More

GSEs’ Multifamily Businesses Avoid Steep Credit Loss Provisions

Home price deceleration forced Fannie and Freddie to set aside money for potential losses on the single-family side, while high interest rates are the major risk for multifamily. (Includes data chart.) Read More

Securitization for Acra? Looks Like Next Year

Acra Lending will continue to sell its production in whole-loan form, given the dicey nature of securitizations. CEO Keith Lind said he feels fortunate to have a strong parent and “plenty” of liquidity. Read More

Fannie Adds MWBE Firm to Approved DUS Lenders

New York-based Basis Multifamily Finance becomes the first minority/women-owned business enterprise in Fannie Mae’s Delegated Underwriter and Servicer Program. Read More

100% CDFI-Backed MBS May Become More Common

Community development financial institutions are exempt from some ability-to-repay rules and can provide up to 40% of their financial services to customers outside their targeted underserved community. Read More

Fitch: Most Loans in Near-Term CMBS Could Refinance

If commercial lending rates stay about where they are now, a quarter of loans that expire within the next year will need to either bring in 50% more income than they are currently or reduce their debt by a third. Read More

Resources, Regulation Drive Investment in Agency MBS

Asian countries are expected to continue to dominate foreign ownership because of their large foreign-exchange reserves. Read More

Grapevine: A Respite From Rising Rates? / Non-QM Turbulence

What, rates have stopped rising (for now)? It looks that way, thanks to a benign CPI report. Meanwhile, some not-so-positive developments in the non-QM sector. Read More

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