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Inside MBS & ABS

December 15, 2022

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With Uncertain Outlook for Demand, MBS Growth Slows

Commercial banks and the Federal Reserve pulled back from the MBS market in the third quarter, but the supply of outstanding securities continued to grow. Money-market funds and other investors appear to be picking up some of the slack. (Includes two data charts.) Read More

Second-Level MBS Issuance Tracks 3Q22 Market Slump

The sharp slowdown in issuance of uniform MBS and Ginnie pass-throughs during the third quarter led to a parallel decline in second-level securitizations. (Includes two data charts.) Read More

SFR Giant Invitation De-Levers by Prepaying MBS

When times get tough, the smart money starts to find ways to save money any way it can. If you’re SFR REIT Invitation Homes, prepaying an outstanding MBS is one way to go. Read More

Industry Bats Around Permanent Loss-Mitigation Ideas

Streamlined refis worked well as a loss-mitigation tool during the pandemic, but aren’t a solution in a rising interest-rate environment. Read More

Fed Moderates Pace of Interest Rate Increases

The Federal Open Market Committee left unchanged its plans to reduce the Federal Reserve’s holdings of agency MBS. Read More

Western Alliance Bank’s CRT Issuance Heavy on Non-QMs

Non-QMs account for nearly 60% of the dollar volume of Western Alliance Bank’s second credit-risk transfer transaction of the year. Read More

Fitch: Experience a Key Factor for Subprime Auto ABS Issuers

Fitch Ratings said the most robust subprime auto ABS issuers will probably perform well even in a downturn, but several risks lie ahead for the sector. Read More

Grapevine: Believing in mREITs Again; A SoFi Anniversary

The tide may be turning for MBS-gobbling real estate investment trusts. If you’re an investor looking for a buy-low, sell-high trade, this may be it. That is, as long as rates don’t reverse course and head higher. Meanwhile, it’s almost a year since SoFi became an FDIC-insured bank. Read More

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