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Inside MBS & ABS

December 8, 2022

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Elves in Retreat: Agency MBS Slinks Toward Winter

Ginnie Mae has ranked as the top agency issuer of single-family MBS for three months running, echoing the market of the 1990s. Production levels continued to drop in November, and it’s hard to see when that will change. (Includes two data charts.) Read More

Angel Oak (the REIT) Standing Pat for Now

The Angel Oak REIT has been through the wringer of late, its share price falling to a recent 52-week low. What’s next for the non-QM pioneer? Hard to say. Read More

Fitch Predicts Higher CMBS Delinquencies in 2023

The ratings service expects commercial MBS loan delinquencies will reach between 4.0% and 4.5% by year-end 2023. S&P Global Ratings, meanwhile, said CMBS delinquencies crept up 5 bps in November. Read More

Ginnie: Wide Availability, Investor Demand Keep VA Liquidity Strong

In its report to Congress on the liquidity of the VA home loan program, Ginnie Mae also made recommendations for improving the lending market. Read More

A $155M ABS Backed by Solar Assets Hits the Market

Distributed Solar Development plans to issue its first securitization, which is backed by commercial and industrial photovoltaic systems and related customer agreements. Read More

Fannie Announces Another CAS Tender Offer

Investors appear increasingly reluctant to sell their credit-risk transfer notes back to the enterprises at the prices Fannie and Freddie are offering. Read More

U.S. Lags Europe in Adopting Basel III Securitization Standards

The 2017 revisions to Basel III may impact the capital treatment of securitizations, but not before 2025. Read More

Grapevine: Has a REIT Bottom Been Hit? / The Capital Raise Outlook

Interest rates keep falling but has a trough been reached? And if so, have REITs been bottomfishing in conventional MBS? Also, what’s the outlook for 2023 in terms of capital raises? Read More

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