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Inside MBS & ABS

May 30, 2024

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REITs Report Small Decline in MBS, Shift to Non-Agency

Most REITs reported declines in the fair value of their agency MBS during the first quarter of 2024. Non-agency MBS holdings were up, as were net TBA positions. (Includes two data tables.) Read More

Ginnie Plans to Launch New HMBS Product This Year

Ginnie Mae plans to release a term sheet next month on a new securitization product backed by home equity conversion mortgages. Read More

Goldman to Enter HELOC Securitization Market

Goldman is a leading issuer of prime non-agency MBS and an issuer of expanded-credit deals. The firm aggregates loans from various lenders for securitization. Read More

UWM Shoots Down REIT Idea

Time to REIT-up for United Wholesale Mortgage? Not really, company management said recently. Just two A-paper nonbank lender/servicers — Freedom Mortgage and PennyMac — have jumped into the REIT pond, with different growth outcomes. Read More

CDFIs Turn to Loan Sales as Rates Stay Higher-for-Longer

Fitch Ratings expects CDFIs to sell more of their production in the secondary market due to rising interest rates and a shift by banks to tighten underwriting standards. Read More

Fire Sale of Securities Not Best Option for Banks Facing Runs

It turns out selling securities at a loss wasn’t a strategy for success for banks facing deposit runs in March 2023. Read More

Commercial MBS Delinquencies Climb; Rare AAA Loss

Delinquency rates on commercial MBS in April hit a level last seen in September 2021. And AAA investors in a commercial MBS suffered a loss this month, a first for deals issued after 2010. Read More

Subway Markets Fresh Whole-Business ABS

The $3.4 billion whole-business securitization received a preliminary BBB rating from Kroll Bond Rating Agency. Read More

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As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?

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