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Inside MBS & ABS

May 25, 2023

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Banks Pull Back from ABS as Fair Value Drifts Lower

Although top-ranked TD Bank trimmed its portfolio substantially, a handful of banks increased their ABS holdings in early 2023. (Includes two data charts.) Read More

Agency MBS Supply Set to Surge as Fed, Banks Retreat

With the Fed’s exit from the market and the push for shorter durations at banks, industry participants ponder what price agency MBS will clear at and what it will cost homebuyers. Read More

Second-Level Issuance Up at Ginnie. GSEs: Not So Much

Fannie and Freddie reduced the fee for commingled collateral in Supers starting in April, and new issuance showed more diversity — but nothing like the levels before mid-2022. (Includes two data charts.) Read More

DBRS: Securitization Market Can Withstand U.S. Debt Default

If the federal government doesn’t increase its debt ceiling in the near term, payments to investors in MBS and ABS will largely still continue as usual, according to DBRS. But there are significant risks in terms of borrower performance. Read More

Bids Taken on SPS MSRs. 1,200 Securitizations Affected

The future of Select Portfolio Servicing is unknown, but $37.1 billion of its mostly non-agency servicing rights recently hit the auction block. Read More

Ginnie Expands Offerings, Outreach for Smaller Lenders

Ginnie Mae is expanding a working partnership with the Federal Home Loan Bank of Chicago to help spread the word about its Mortgage Partnership Finance program. Read More

Ginnie Digital Innovation Summit Draws Thought Leaders

In recent months, Ginnie has moved beyond the pilot stage for its eNotes program and doubled the number of its issuer participants to 22. Read More

Grapevine: Interest Rates and Auto ABS Defaults; CMBS Update

Higher interest rates are contributing to elevated delinquencies in auto ABS; Kroll places ratings on 11 commercial MBS on watch for downgrade; DBRS adds asset types to rep and warrant analysis; DBRS proposes updating its ESG analysis. Read More

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