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Inside MBS & ABS

November 17, 2022

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Banks Post Another Drop in Residential MBS in 3Q22

A market-wide slump in MBS fair market values accounted for most of the decline in reported bank holdings of these securities during the third quarter. And there was a significant increase in MBS held in bank trading accounts. (Includes two data charts.) Read More

Despite Market Churn, MSR Financing Is in Good Supply

Capital markets deals to finance MSR have slowed down, but servicers still have access to funding through bilateral loans from banks and excess-spread transactions. Read More

Another Bank Exits GNMA Servicing, Commercial, That Is…

Another bank is poised to depart as a Ginnie servicer, this time in the multifamily sector. Say goodbye to Midland States, which is off-loading $2.3 billion in Ginnie MF MSRs. Read More

SoFi Preps $440M Consumer ABS, Its First of the Year

Analysts expect SoFi’s first consumer loan securitization of 2022 to perform “very well” from a credit quality perspective. The ABS is stocked with collateral seasoned for a longer than usual period. Read More

Secondary Loan Pricing Requires Mulling Hundreds of Data Points

Secondary market loan pricing depends on market timeframes, roles, pull structures and other esoteric economic components. Read More

Ginnie Hosts Global Investment Summit at HUD HQ

Former Ginnie President Ted Tozer, who attended the investor summit, said a big topic was what the rapid increase in interest rates means for MBS. Read More

CMBS Delinquencies Steady, But 2023 May Be Different Story

The CMBS delinquency rate will be steady through the end of the year, Fitch Ratings said, before deteriorating in 2023. Meanwhile, KBRA found that most of the single-borrower CMBS loans in default developed performance problems during the height of pandemic lockdowns. Read More

Grapevine: 100% HELOC MBS; S&P Settles With SEC; Angel Oak Launches ETF

An MBS stocked solely with home-equity lines of credit; KBRA assigns rating to an $808.2 million CMBS conduit transaction; S&P settles with SEC; a new ETF focused on mortgage assets. Read More

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