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Inside MBS & ABS

March 14, 2024

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The Mortgage Securitization Rate is Stuck. GNMA Leads.

Commercial banks posted a surprising increase in MBS holdings during the fourth quarter, while foreign investors, money managers, life insurers and credit unions also grew their portfolios. (Includes three data tables.) Read More

SFA Seeks Clarification From CFPB on QM Standards

The Structured Finance Association, which is developing a compliance tool to facilitate uniformity in the non-agency MBS market on QM standards, has run into a vexing issue regarding the definition of a QM. Read More

Omnibus Spending Bill Boosts Ginnie’s FY24 Budget by 34%

After years of lobbying by the mortgage industry, Congress gave Ginnie Mae’s budget a boost for fiscal year 2024. Read More

Credit Union Enters Auto ABS Market, M&T Returns

GreenState Credit Union issued its first auto ABS this week and M&T Bank returned to the market for the first time since 2013. Read More

Angel Oak Offers Non-QM Investment Program for Insurers

Angel Oak Capital Partners introduced an investment program tailored to increase insurance company investments in non-agency whole loans and securitizations. Read More

MBS Prices Take a Hit as Fed Interest Rate Cut Stalls

The mortgage industry keeps pining for a rate cut but so far the Fed has resisted. This week, a hotter-than-anticipated CPI reading stalled momentum on the rate front and MBS prices headed lower. Read More

Fitch Upgrades Non-Agency MBS After Criteria Change

Fitch updated 61 non-agency MBS following changes to its structured finance rating criteria in January. Read More

Cross-Hedging Suggested When Bid-Ask is Wide

Lenders typically hedge loans by short selling the type of security those loans will eventually go into. However, if the market for that security is unattractive, they can cross-hedge into better performing markets if their pricing movement correlates with the loans. Read More

Study Says MBS Issuance Helps Spread Climate Risks

The diversification inherent in MBS may be the ideal tool to combat climate risk in housing finance. Read More

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