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Inside MBS & ABS

February 8, 2024

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Agency MBS Issuance Drops, But Fannie Posts Hefty Gain

Rate-term refinances still account for a relatively small share of total agency MBS production, but volume jumped 22% from December to January. Many top sellers shifted more of their business to Fannie. (Includes two data tables.) Read More

Regional Bank Provides ARMs for MBS from Annaly

Annaly Capital Management is preparing to issue a rare non-agency MBS stocked solely with bank-originated adjustable-rate mortgages. Loans in the MBS were originated by Associated Bank. Read More

Agency MBS Perform Well When Rates Fall

A look back at prior interest rate cuts by the Federal Reserve suggests that agency MBS outperform competing assets in that environment. Read More

More CUs Interested in ‘Participation’ Deals

Credit unions have found a way to unload low-coupon agency-quality mortgages through participation deals. MIAC is working on a $100 million transaction. Read More

SFA Seeks Certainty From Insurance Regulatory Body

The National Association of Insurance Commissioners is working to establish a process that would allow the regulator to alter the ratings assigned to certain MBS and ABS held by insurance companies. Read More

Junior Investors in CMBS Lose Challenge on Reserves

An appeals court in Minnesota upheld a practice in the commercial MBS market allowing for the creation of litigation reserve accounts. Junior investors in a 2007 issuance from Wachovia challenged the practice. Read More

LendBuzz Issues Its First AAA-Rated Auto ABS

Lendbuzz, which focuses on an artificial intelligence-powered platform to underwrite auto loans, closed a AAA-rated $218.7 million ABS. Read More

Cyberattacks a Risk for MBS and ABS

Fitch Ratings warned that MBS and ABS could face credit implications following cyberattacks involving the parties in structured finance transactions even when the events don’t directly lead to payment defaults. Read More

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