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Inside MBS & ABS

May 11, 2023

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Non-Agency CMBS Issuance Rebounds; Agency MF Down

A resurgence of conduit deals helped lift non-agency CMBS issuance in the first quarter of 2023. But agency multifamily securitization fell sharply. (Includes two data charts.) Read More

Agency MBS Investors Cautious With Debt Ceiling

With the U.S. debt ceiling resolution far from certain, investors in agency MBS are being careful in terms of financing and leverage. A U.S. default also has ramifications for outstanding MBS and ABS. Read More

End of Rate Hikes Could Help Spur CMBS Issuance

The pipeline for commercial MBS issuance is starting to fill up after a slowdown tied to volatility from the regional bank failures. Longer term, higher interest rates are a concern for loans in outstanding CMBS. Read More

GSEs’ CRT Issuance Bounces Back in First Quarter

After a three-month hiatus, Fannie rebounded with $1.44 billion in CAS deals, while Freddie’s STACR issuance totaled $611.0 million. (Includes data chart.) Read More

The ‘Scratch and Dent’ Market is Improving

Owners of scratch-and-dent mortgages, especially nonbanks, can’t hang onto these problematic loans forever. The good news: Sellers are more likely to accept bids this year. Read More

Jumbo MBS Performing Well, At Least for Now

Fitch Ratings has warned that jumbo MBS could face ratings pressure due to newer production. Read More

Marketplace Lending ABS Unscathed by FDIC Consent Order

A Federal Deposit Insurance Corp. consent order against Cross River Bank, a partner in marketplace lending securitizations, won’t impact outstanding ratings on ABS, according to Kroll Bond Rating Agency. Read More

Bank Volatility Could Help Farmer Mac

Much of Farmer Mac’s first-quarter growth came from its diversification into rural infrastructure. Read More

Grapevine: SFA Brings on Chief Economist; Delinquencies Increasing

Former Federal Reserve official joins SFA; delinquencies rising on credit card and student loan ABS; KBRA creates new business development role for structured finance. Read More

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