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Inside MBS & ABS

April 18, 2024

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Non-Mortgage ABS Issuance Nears Record Level in 1Q24

It’s been almost 20 years since the ABS market had a quarter like the first three months of 2024. Some 72 of the 114 issuers that brought deals to market in the first quarter were on the sidelines in the previous period. (Includes three data tables.) Read More

Non-Agency Players Oppose Freddie’s Proposal on Seconds

Freddie Mac is seeking approval to acquire second liens. The Structured Finance Association opposes the proposal, noting that non-agency outlets are providing sufficient liquidity for seconds. Read More

Home Equity Securitization Shifts to Second Liens

Securitization of home equity loans increased again in the first quarter, driven by closed-end second liens. Issuance is growing exponentially, helped by nonbanks and investor demand. (Includes two data tables.) Read More

Analysts Play Down VASP-Related Prepayment Risk

Several factors will likely limit changes in prepayment activity in Ginnie MBS as the VA implements a new loss-mitigation program. Read More

Rates are Rising, Time to Buy MBS? Maybe

You thought rates would be falling by now, causing the MBS you own to spike in value. Right? It didn’t work out that way, but it might now. Advice: Bet on a rate cut from the Fed by the fall. Read More

Auto ABS Issuers Shift Strategy on Clean-Up Calls

Uncertainty about interest rate cuts has led more auto ABS issuers to consider clean-up calls. Read More

Multifamily Construction Could Create Risk for MBS

KBRA found that new multifamily construction could increase risks for MBS concentrated in certain cities. Read More

LTVs May Not Accurately Reflect CMBS Underwriting

The collapse of commercial real estate during the 2008 financial crisis wasn’t the result of poor underwriting by lenders, but due to a widespread misperception of risk, according to a new Fed paper. Read More

Grapevine: Ginnie to Dig Deeper on Defaults; C-PACE Ratings

Ginnie to increase reporting requirements on defaults, loss mitigation; Fitch prepares to rate commercial PACE securitizations; loans for hotels near Disney World head into commercial MBS; FHA extends waiver tied to Ginnie multifamily MBS. Read More

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