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Inside MBS & ABS

August 8, 2024

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Agency Single-Family MBS Issuance Bubbles in July

Deliveries of rate-term refinance loans to the agency MBS market rose sharply in July as a growing share of the market has coupons over 6%. Purchase-loan volume was up 8% at Ginnie, while the GSEs saw a 3% decline. (Includes two data tables.) Read More

As Bonds Rally, Lenders and Mortgage REITs Look Up

Finally, a true bond market rally and lower mortgage rates! Well, don’t bet the bank quite yet. Read More

Radian Plans to Regularly Issue Non-Agency MBS

The non-agency conduit of private mortgage insurer Radian Group expects to issue more MBS following success with its first deal. Read More

HECM Players Seek Tweaks to New Ginnie Program

The Mortgage Bankers Association and the National Reverse Mortgage Lenders Association suggested changes for Ginnie’s planned HMBS 2.0 program. Read More

Commercial PACE Loans Get a Boost in Securitization

The IRS approved a request from an asset manager to allow commercial PACE assessments as qualifying assets for REMICs. And Fitch has new commercial MBS criteria to assess commercial PACE loans. Read More

Uncertainty on Fed Moves an Issue for Treasuries

Researchers show that an increase in uncertainty about the Fed’s balance sheet policy boosts the yield on long-term Treasuries and increases the duration of non-agency MBS. Read More

HUD Proposes Changes to Help Ginnie Multifamily Activity

The move is meant to keep FHA multifamily loans for new construction competitive with those from other programs. Read More

Private Student Loan ABS Issuance Heats Up

Ascent Funding has an offering backed by loans tied to coding classes. Morningstar has warned that ABS investors aren’t protected in the event of a bankruptcy by the borrower. Read More

Lender Seeing Success With ABS Beyond SBA Loans

NewtekOne is boosting originations of small business loans outside of the SBA 7(a) program. The firm recently issued its second ABS of the loans, offering strong yields for issuers and investors. Read More

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