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Inside MBS & ABS

February 23, 2023

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Bank ABS Holdings Rose Modestly in Late 2022

Bank holdings of ABS backed by auto loans and financing for businesses rose solidly in the fourth quarter, offsetting declines in consumer and credit card securitizations. (Includes two data charts.) Read More

Second-Level MBS Issuance Up in 4Q22, REMIC Slides

Freddie Mac saw a big fourth-quarter increase in Supers issuance that appeared to make up for lost ground earlier in the year. All three agencies posted declines in new REMIC production in the fourth quarter. (Includes two data charts.) Read More

Delinquencies, Losses Increasing on Subprime Auto ABS

The 60-day-plus delinquency rate on subprime auto ABS hit a record in December. Performance is expected to decline this year and non-investment-grade ratings could face downgrades. Read More

New Issuers Enter Expanded-Credit MBS Market

AB CarVal Investors and Ares Management are in the market with separate expanded-credit MBS, marking the first time either firm has offered that type of MBS. Read More

Ginnie’s HMBS Pool Size Reduction Aimed at Issuer Liquidity

Ginnie Mae has reduced the required minimum size for MBS pools with home-equity conversion mortgages to $250,000 from $1 million. Read More

MBS Trading Increases as Interest Rates Head North

January was a good month for MBS trades as transaction volume picked up substantially. Of course, there’s always been a seasonality to the early months of the year. The biggest question mark: rising rates. Read More

FHFA: Should the GSEs Issue Single-Family Social Bonds?

Would social bonds backed by single-family loans rather than multifamily loans still comport with the GSEs’ mission without impacting safety and soundness? FHFA issued a request for input on the matter. Read More

OIG: Risk Assessment of CSS in the Works

A new report outlines the risks CSS poses for the GSEs and the secondary mortgage market. Read More

Grapevine: Trade Groups Seek More Time on SEC Proposal

SFA and others have asked the SEC to extend the comment period on a proposed rule regarding conflicts of interest in the securitization market; SFA revises TRID grid; Fitch reviews RPL MBS; new ABS with Small Business Act Section 7(a) loans. Read More

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