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Inside MBS & ABS

January 11, 2024

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Non-Agency MBS Fades in 4Q23, But HEL is Unleashed

Prime MBS issuance was up 15% from the third to the fourth quarter, while ECM production faded 15%. The sole growth market in 2023 was home-equity loan securitization. (Includes three data tables.) Read More

HUD OIG Wants Ginnie to Improve Default Guidance

Changes to the Ginnie Mae program were included among 35 priority recommendations for fiscal 2024 from the Department of Housing and Urban Development’s Office of Inspector General. Read More

Fed Hints at Slowing Balance Sheet Reduction

The rapid runoff at the Federal Reserve’s overnight repo operations could mean quantitative tightening will end sooner than expected. Read More

CMBS Delinquencies Expected to Rise

Hybrid work environments are expected to put pressure on CMBS loans for office properties over the next two years and lead to a growing number of properties failing to refinance. Read More

loanDepot Has a $500 Million Repo Deal Backed by MSRs

The repo market continues to be a source of liquidity for nonbanks with large mortgage servicing portfolios. One recent transaction involves a $500 million credit granted to loanDepot by Goldman Sachs and others. Read More

IRS Qualifies REMIC Exchange Certificates as Stripped Bonds

A new IRS private letter ruling outlined a case where exchange bond certificates from a REMIC or grantor trust would be considered a stripped bond under tax policy. Read More

Ginnie Working to Help Smaller Lenders Access Its MBS Platform

Ginnie Mae continues efforts to provide smaller financial institutions greater access to its securitization platform, Principal Executive Vice President Sam Valverde said last month. Read More

Grapevine: CMBS Downgrade Watch; Airline ABS ‘Neutral’

Morningstar places 77 commercial MBS on review for potential downgrades; Coinstar ABS face potential downgrades; Fitch sees neutral impact for airline ABS amid troubles with Boeing planes; Verizon to issue mobile device financing ABS. Read More

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As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?

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