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Inside MBS & ABS

March 16, 2023

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So Far, Other Investors Step Up as Banks and Fed Retreat

Mutual funds, foreign investors and insurance companies boosted their MBS holdings during the fourth quarter as banks and the Federal Reserve pulled back. (Includes three data charts.) Read More

When Forced to Sell HTM Assets, the Red Ink Flows

On any given day, a buyer can be found for two of the most liquid assets out there: Treasuries and MBS. But that doesn’t mean they can be sold at a profit. If anything, the bank liquidity crisis reminded us: Don’t put all your assets in one held-to-maturity basket. (Includes data chart.) Read More

Fed Throws Banks a Lifeline With Funding Program

The Bank Term Funding Program comes in the wake of Silicon Valley Bank incurring losses on sales of MBS at current prices, which it undertook to pay back depositors. Read More

Investor Appetite Growing for Excess Spread from Servicing

Second-level GSE MBS issuance involving excess spread from servicing increased in 2022. Private-equity firms and real estate investment trusts are among the investors buying excess servicing. Read More

Ginnie Requests Funds for Servicing RMF’s HMBS

As part of its 2024 budget proposal, the White House has asked for a $20.6 million increase in funding for Ginnie Mae. Read More

Calabria Excoriates Credit-Risk Transfer in Memoir

In a book released this week, former FHFA Director Mark Calabria provides insight into some of the key policy decisions during his abbreviated tenure. Read More

Curtailments, Recasts a Factor in MBS Prepayments

About half of recent loan curtailments have been followed by recasts. For investors in smaller MBS pools, that could be mean a higher weighted average maturity than expected, RiskSpan said in a recent analysis. Read More

Grapevine: Bank Worries Hit CRT; Consumer Delinquencies Decline

CRT transactions from Western Alliance Bank and Pacific Western Bank face scrutiny amid bank failures; impairments on unsecured consumer loans in ABS decline; Credit Suisse and what’s to come. Read More

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