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Inside MBS & ABS

January 5, 2023

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New Securitization Sputters in Final Chapter of 2022

Residential MBS issuance took the biggest hit from skyrocketing interest rates in 2022, but commercial MBS and ABS production were also down significantly from the previous year. (Includes three data charts.) Read More

Ginnie Facing Risks From Reverse Mortgage Industry

In late December, Ginnie seized HECM servicing from Reverse Mortgage Funding, which had recently filed for bankruptcy. Other HECM servicers are also facing liquidity pressure, according to industry analysts. Read More

Some Positive News: Money Managers Need Yield

A tough beginning to 2023 for non-QM lenders and securitizers? It looks that way, but the irony is that money managers, insurance companies and others continue to have a strong appetite for yield. Read More

Temporary Buydowns Impact MBS Prepayment Speeds

With lenders pushing mortgages that include a temporary buydown feature, MBS investors are pondering prepayment behavior for the loans. Expect loans with temporary buydowns to exhibit prepayment speeds similar to ARMs, according to an industry analyst. Read More

FICC Increases Fees for MBS Trades, Services

Fees associated with MBS trades and other services provided by the Fixed Income Clearing Corp. increased Jan. 1. The FICC said the fee hike was necessary due to lower revenues and higher expenses. Read More

Delinquencies on Commercial MBS Increase

Roughly $1.3 billion in newly delinquent CMBS loans were reported in December, most of which were nonperforming balloon loans reaching maturity. Read More

CMBS Issuance Expected to Decrease Further in 2023

Kroll Bond Rating Agency expects single-borrower/large loan volume to decrease, while Moody’s said interest rates, lower prepayment rates, fewer property acquisitions and limited loan maturities will weigh on issuance. Read More

Grapevine: Ginnie’s Budget Increases; DOJ Turns Down IG Referral

Ginnie’s budget increases for FY 2023; Ginnie senior vice president found to have violated the Code of Federal Relations; Ginnie aligns eNote standards with GSEs; industry-driven FHA loss-mitigation proposals include some potential changes to Ginnie’s standards. Read More

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