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Inside MBS & ABS

November 23, 2022

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Bank ABS Holdings Decline Again in 2022 Third Quarter

Much of the downturn in bank ABS holdings reflects slumping fair-market values for these securities, but the industry also appeared to actively shed some assets. (Includes two data charts.) Read More

Portfolio Buyers (Banks) a Force to be Reckoned With?

Earlier this year, banks saw an advantage in purchasing jumbo mortgages for their portfolios, but of late it seems as though the edge is beginning to erode.  Read More

CECL Standards Drove GSEs' Loan Loss Provisions

The new accounting standard, which went into effect just before the pandemic, requires the GSEs to anticipate losses over the life of the loan.  Read More

RMBS Outlook Dour, Performance Good Though

KBRA said that third-quarter MBS issuance volume didn’t meet its expectations and will drop rapidly in the coming year. Meanwhile, both DBRS and Moody’s noted that performance is stabilizing.  Read More

Two Single-Family Rental Securitizations in the Offing

FirstKey Homes is set to issue an $871.6 million deal backed by loans on 1,827 income-producing properties, while Bridge Single-Family Rental Fund IV Aggregator is prepping its first SRF securitization.  Read More

A Sign of Confidence? MBS Trading Highest Since April

Daily MBS trading has been on the rise since April, a positive sign. It seems some investors are willing to buy and hold, but fear over what the Fed might do next rules the roost.  Read More

Fed MBS Runoff is Way Behind Planned Pace

Since the beginning of quantitative tightening in June, the Federal Reserve has been able to shed less than 20% of the agency MBS it had planned by this date.  Read More

Stress Tests Informed Ginnie Eligibility Requirements

Ginnie Mae has been running stress tests on nonbanks since 2018. Each issuer is tested twice a year and the analysis covers all four Ginnie programs.  Read More

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