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Inside MBS & ABS

March 2, 2023

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Agency Single-Family MBS Tests New Lows in February

Ginnie ranked as the top agency MBS issuer in February for the sixth month in a row. A tweak in the agency's RPL pooling policies helped. (Includes two data charts.) Read More

MBS/ABS Players Optimistic Despite Gloomy Economic Outlook

After playing defense in 2022, investors appear to be willing to deploy capital even as the MBS and ABS markets face numerous headwinds. Attendance at this week’s SFVegas conference hit a record level. Read More

Industry Unimpressed with Proposed Changes to GSE Capital Rule

Investors are pleased that FHFA has improved the capital treatment of commingled securities. The overall industry response to the proposed rule change, though, has been a resounding “meh.” Read More

Ginnie’s McCargo Addresses Market Stresses

The mortgage servicing rights market has been incredibly volatile lately, Ginnie Mae President Alanna McCargo told attendees at SFVegas. Read More

Rising Interest Rates Reshape Non-Agency MBS Market

Prime jumbos are unlikely to account for the majority of non-agency MBS issued this year, a first for the products since the time before the financial crisis. Non-QM MBS issuance is holding up better and second-lien securitizations are building some momentum. Read More

Signs of Improvement in Non-QM Whole-Loan Prices

Finally, prices are starting to seem (somewhat) reasonable for non-agency whole loans of the non-QM variety. But this applies to recently originated product — where supply is lacking. Read More

Potential and Risks of Blockchain in Securitization

S&P Global Ratings said that the advantages of decentralized finance securitizations, including increased transaction speeds and greater transparency, are counterbalanced by several risks in the sector. Many of the risks are inherent to the use of a blockchain, like difficulty correcting errors in registered information. Read More

Grapevine: Military Experts at SFVegas; Ginnie Hiring COO

Global conflicts top of mind at SFVegas; ESG and credit risk; no housing-finance reform expected when the sun’s out; Ginnie looking to fill COO position; American Car Center’s subprime ABS under review. Read More

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