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Inside MBS & ABS

November 16, 2023

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Bank MBS Holdings Down Across the Board in 3Q23

GSE pass-through holdings took a big hit in the third quarter, accounting for most of the top banks' decline in MBS investment. But bank trading accounts saw a sizable increase. (Includes two data tables.) Read More

Non-QM Whole-Loan Prices Improving Somewhat

With mortgage rates declining of late, sellers of non-QM collateral might see better prices in the secondary market. Then again, the optimism may be too early, one trader advised. Read More

Banks Shift MSR Financing to Loans, Away From ABS

Securitization tied to financing acquisitions of MSRs dwindled in the past year, but banks are still providing financing to nonbank MSR buyers through loans. Read More

Ginnie Risk Among HUD’s Top Management Challenges

The counterparty risks that nonbanks pose to Ginnie Mae are among the Department of Housing and Urban Development’s top management challenges, according to HUD’s IG. Read More

CHLA Offers New Proposal to Lower Mortgage Rates

Mortgage industry trade groups continue to pressure the Biden administration to intervene in the MBS market to help struggling homebuyers overcome high interest rates and low supply. Read More

‘Near-Miss’ GSE Loans Head Into Non-Agency MBS

The new issuance from Balbec Capital received a preliminary AAA rating with somewhat higher credit enhancement than a typical expanded-credit MBS. It’s the second scratch-and-dent MBS from Balbec this year. Read More

Inaccurate Flood Maps Impact Mortgage Securitizations

Banks make fewer jumbo mortgages in regions with poor flood mapping, but securitizable conventional lending appears unaffected. Read More

ABS Market Prepares for New Reporting Requirements

In 2024, limited liability companies and certain other entities will have to begin reporting beneficial ownership information to the Financial Crimes Enforcement Network. ABS issuers will generally be covered by the requirements but CLO issuers will not. Read More

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