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Inside MBS & ABS

July 25, 2024

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Red-Hot ABS Market Cools Slightly in Second Quarter

Vehicle-financing securitizations continued to dominate ABS issuance in the second quarter, although volume fell 9% from the first three months of the year. Business ABS issuance almost made up the difference. (Includes three data tables.) Read More

New Entrants Drive Up Home Equity Securitization

Non-agency securitization involving home equity increased by 39.3% in the second quarter even as some big players pulled back. Issuers that weren’t active in the first quarter helped fill the void. (Includes two data tables.) Read More

Rate Volatility Weighs on Agency MBS Investors in 2Q

Two large REIT investors in agency MBS incurred losses in the second quarter, due to interest rate volatility and an unaccommodating monetary policy stance. Still, they are optimistic about the future. Read More

Conservative Vision for the GSEs and the Fed

The Heritage Foundation’s Project 2025 calls for the end of the GSE conservatorships and a dramatically reduced role for the Fed. Read More

A Market Developing for REIT ‘Baby’ Bonds

Non-QM REIT Angel Oak is out with its first “baby” bond offering — $50 million worth of five-year notes. Read More

Used Car Prices Continue to Drop, Affecting ABS

The decrease in the value of used vehicles poses a particular risk for ABS investors, rating services warn. Read More

Data Center Growth Could Outpace MBS/ABS Space

Growth in the AI and cloud computing space could push some share of data-center financing outside of MBS and ABS. Read More

KBRA Downgrades ABS Deals From LendingPoint

KBRA has downgraded six tranches from LendingPoint ABS issued between 2021 and 2022. Read More

Grapevine: Rithm Stumbles on Accounting; CMBS Issuance

Rithm will restate financials going back to 2021; commercial lending executives expect MBS issuance to remain strong; new wildfire risk mitigation recovery bond. Read More

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