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Inside MBS & ABS

February 9, 2023

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Non-Agency CMBS Tanks in 4Q22; Agency MF Edges Up

Most of the major property groups in non-agency CMBS saw hefty declines in securitization in the fourth quarter, though lodging was stronger than most. Agency multifamily MBS was down in 2022 despite a modest fourth-quarter gain. (Includes two data charts.) Read More

CRT Issuance Grinds to a Halt in the Fourth Quarter

Rising spreads brought credit-risk transfer issuance to a halt in the fourth quarter and more than halved reinsurance transactions. Still, combined Fannie and Freddie CRT deals hit a record $21.64 billion in 2022. (Includes data chart.) Read More

New Non-Agency Conduit Eyes Foreign Investors

Another marketplace for non-agency loans? Looks that way. But HomeLend wants to tap foreign investors that have a thirst for American mortgages. Read More

ABS Performance Declining as Interest Rates Rise

Delinquencies and impairments continued to increase on unsecured consumer ABS and subprime auto ABS at the end of 2022. Credit card ABS performance is holding up better. Read More

Issuer Prevails in Legacy Non-Agency MBS Dispute

An appeals court has awarded ResCap Liquidation Trust nearly $22 million in damages and other expenses in its case against Primary Residential Mortgage. Read More

Investor Demand Grows for ESG Disclosures

Issuers of structured finance products continue to increase their environmental, social and governance disclosures, according to a new survey from the Structured Finance Association. Read More

In the Rearview Mirror: Easy Ginnie EBO Profits

Ginnie EBOs tanked in the fourth quarter to just $620 million. Meanwhile, new earnings reports show just how much the reduction has affected companies engaged in such activities. Read More

Grapevine: Credit Suisse Update; Pricing Improves for CRT

Credit Suisse completed the first part of the sale of its securitized products group; tighter pricing for Fannie with latest CRT offering; SEC’s rating service report light on details; retrial in GSE shareholder case set for July; RMF’s planned securitization scuttled. Read More

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