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Inside MBS & ABS

November 22, 2023

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GSE Supers Issuance Soars in 3Q23 as Fed Aggregates

Massive portfolio restructuring at the Federal Reserve led to a huge increase in production of Fannie and Freddie Supers MBS in the third quarter. Activity looks to be returning to normal. (Includes two data tables.) Read More

Bank/Thrift ABS Portfolios Hit a 15-Year Low in 3Q23

Bank holdings of credit-card ABS were the only sector to show an increase in the third quarter as most top players recorded declines in their portfolios. (Includes two data tables.) Read More

Banks Offload Old MBS at a Loss, Eyeing Other Assets

Capitol Federal Savings Bank took a loss of about $200 million on the sale of $1.3 billion of securities (largely MBS) with low interest rates. The bank reinvested the proceeds in higher-yielding assets and paid off some debts. Pacific Premier Bank made a similar move this week. Read More

A Yearly High for Daily MBS Trades in October

MBS creation is weak thanks to high mortgage rates and anemic refis but one positive for the market is the October increase in agency trading volumes. A real sign of hope or a head fake? Read More

Credit Unions Go Own Way on Auto ABS Servicing

Servicing practices at credit unions, relatively new participants in the auto ABS market, differ in some ways from the industry at large. Read More

New Issuer Enters an SFR Securitization Market in Flux

VineBrook Homes is set to issue its first single-family rental securitization. Issuance in the sector ticked up in the third quarter after declining for more than a year. Read More

Fed’s MBS Holdings Pushing Interest Rates

The Federal Reserve’s push to run MBS off of its balance sheet may cause interest rates to stay high even after quantitative tightening measures cease. Read More

Hildene, Cross Country Scale Up Partnership for Non-QMs

Hildene Capital Management formed a “strategic relationship” with CrossCountry Mortgage in late 2022, with the lender delivering non-QMs to the asset manager for securitization. Read More

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