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Inside MBS & ABS

January 26, 2023

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CLO Market Ends 2022 with Modest Decline in Issuance

Despite a surge in middle-market CLO issuance in the fourth quarter, total production of structured credit deals drifted lower in late 2022. Blackstone was the most active sponsor, while JPMorgan led in CLO underwriting. (Includes two data charts.) Read More

FHFA Slashes Commingling Fee; Will It Be Enough?

Even though the upfront fee Fannie and Freddie impose on commingled securities has been sharply reduced, some industry watchers argue that it has permanently damaged the market for Supers and REMICs. Read More

SEC Proposes ABS Conflict of Interest Rule

The proposed rule is meant to prohibit ABS issuers from engaging in “conflicted transactions” that could influence the deal structure in a way that puts their interests ahead of those of investors. Read More

The Ginnie Mae EBO Game: Shrinking Opportunities

Thanks to rising rates and sagging home values, early buyouts from Ginnie MBS are starting to look long in the tooth. Opportunities are out there, but are not for the faint of heart. (Includes data chart.) Read More

Ginnie’s Financial Position Improves Amid Slower Issuance

The agency’s earnings increased in fiscal year 2022 while its MBS issuance declined by 30.5% on an annual basis. Ginnie defended its reliance on contractors and upcoming revisions to capital requirements. Read More

Is Agency MBS Pricing Modeling Improving?

Sophisticated pricing models for agency MBS, like the Bloomberg MBS Index, are subject to various sorts of model error. Experts say it takes an expert to know how to use them. Read More

CHLA Calls for Permanent PTAP Program at Ginnie

An industry trade group wants Ginnie to make permanent an assistance program that aided just a handful of nonbank servicers. Read More

Grapevine: Santander Offers CRT; Two Harbors Swings to Profit

Santander Bank’s CRT is backed by loans that have seasoned for 6.3 years; Two Harbors Investment earned comprehensive income of $1.83 to $1.87 per weighted average basic common share in the fourth quarter. Read More

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