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Inside MBS & ABS

May 4, 2023

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Spring Thaw Underway in Agency Single-Family MBS

For the first time ever, nonbank lenders held the top seven rankings among agency seller-issuers in April. Their aggregate clout equaled over 40% of the market. (Includes two data charts.) Read More

GSEs’ Mortgage Holdings Shrink, Profits Up in 1Q23

Profits increased at Fannie Mae and Freddie Mac in the first quarter of 2023 despite a historic decline in volume. (Includes data chart.) Read More

Bank Failures Shake Up Market for MBS Investors

Banks have gone from being reliable buyers of agency MBS to cautious holders of the securities, prompting wider spreads and opportunities for nonbank investors. Read More

First Republic’s Ties to the Non-Agency MBS Market

At one point, First Republic Bank was a major contributor to non-agency MBS. In recent years, the bank retained its production, though JPMorgan Chase could move to sell the loans. Read More

MIAC Selling SPS Portfolio. As for the Rest…

What might the thirst be for a roughly $37 billion package of mortgage servicing rights tied to non-agency loans? Deal broker MIAC Analytics is about to find out. A handful of MBS-investing REITs have been identified as possible bidders. Read More

Fed Rate Hike Won’t Accelerate Balance Sheet Reduction

In no month since quantitative tightening began last June has the FOMC approached the $35 billion monthly cap on its planned MBS reduction. The latest action by the Fed won’t change that. Read More

FEMA’s Risk Index to Cover Climate Changes in Future

During a recent webinar, Casey Zuzak, a senior risk analyst at FEMA, discussed the potential uses of the agency’s National Risk Index on natural hazards within the residential MBS sector. Read More

Grapevine: New MBS Disclosure Portal at Freddie; Ginnie on LIBOR

New disclosure portal for Freddie MBS investors; Ginnie details LIBOR transition plan for multifamily MBS; Andrew Davidson offers prepayment analysis for specified pools; DBRS proposes revisions to rep and warrant criteria. Read More

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