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Inside MBS & ABS

April 11, 2024

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Non-Agency MBS Issuance Bolts From the Gate in 2024

Issuance of non-agency MBS rose strongly in the first quarter, with hefty gains in prime, ECM and NPL/RPL production. While the market was well ahead of its year-ago pace, there’s still some catching up to do with 2021 and 2022. (Includes three data tables.) Read More

Ginnie Mae Warns Issuers on Higher Prepayment in MBS

Ginnie cautioned issuers that it monitors their portfolios to ensure they are meeting acceptable risk parameters, including those related to prepayment activity. Read More

How Money-Losing Better Keeps Selling Loans to Fannie

Better keeps losing a ton of money but continues selling millions of dollars in loans to Fannie Mae. The secret is in cash left in the cupboard. Read More

Fed Discusses Slowing Balance Sheet Reduction

Newly-released minutes from the Fed’s meeting in March indicate that the Fed is ready to slow the pace of Treasury runoff while maintaining the already slow pace of MBS runoff. Read More

Court Allows TCB Suit Against Ginnie to Proceed

A district court judge threw out parts of a lawsuit against Ginnie Mae for canceling Texas Capital Bank’s first-priority lien on a loan portfolio of Reverse Mortgage Funding but allowed a key challenge to go ahead. Read More

A Sigh of Relief for Lender in Lawsuit Involving Underwriting

A foreclosure action against a borrower for alleged mortgage fraud landed a Florida-based lender in court for punitive damages. Read More

Fine Art Backing $500 Million ABS From Sotheby’s

The securitization is linked to short-term loans with an outstanding balance of $1.42 billion. Read More

Risks in Solar ABS Increase as Prepays Slow

Declining mortgage refinance rates are causing a slowdown in solar ABS prepayments, increasing risks for investors. Read More

Driver of MBS Market Looks to Have Shifted Beyond Housing

The role of MBS in housing market bubbles is a sign that the financial sector now drives the real economy rather than the other way around. Read More

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