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Inside MBS & ABS

March 7, 2024

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A Refi Wavelet in February Hints at Market Turnaround

The flow of refinance mortgages into agency MBS rose smartly from January to February. And year-to-date total issuance was up slightly from early 2023. Read More

Ginnie Investors Raise Concerns Over Spike in VA Loan Prepayments

Prepayments on VA loans in Ginnie MBS jumped in February and will likely remain elevated in March. It’s a recurrence of an ongoing problem for Ginnie and VA: streamlined refinance business. Read More

Banks, Investors Showing Strong Interest in CRT Issuance

Regulators are pushing higher capital requirements on banks and looking favorably at credit-risk transfer transactions, helping to increase CRT issuance. Investor demand for bank CRT is also outstripping supply. Read More

Investor Mix for Agency MBS to Shift as Banks Pull Back

Banks, the largest holders of agency MBS among investor groups, aren’t expected to be big buyers this year. Money managers helped to fill the void left by banks last year, but that might not continue into 2024. Read More

CFPB Late Fee Ruling May Impact Credit Card ABS Performance

The new credit card late fee rule could increase charge-offs and lead to tighter credit card underwriting standards. Read More

Credit Ratings Give RTL Securitizations a Leg Up

Ratings for MBS with residential transition loans are helping to increase investor demand. Read More

Ginnie Updates Eligibility Rules for MH MBS Issuers

Ginnie Mae last week announced revisions to its issuer eligibility requirements to participate in its manufactured housing MBS program. Read More

Esoteric ABS Seeing Strong Demand From Buyers

Investors have shown increasing demand for ABS with home improvement loans and other esoteric assets. Read More

Great Ajax to Partner With Rithm, Shift Focus

Great Ajax received a loan from Rithm Capital and moved to have Rithm serve as external manager of the REIT. Rithm plans to have Great Ajax invest in commercial mortgages. Read More

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