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Inside MBS & ABS

August 22, 2024

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Bank MBS Holdings Down Slightly, Shift to Ginnie

Wells Fargo moved deeper into Ginnie Mae pass-throughs while JPMorgan Chase upped its holdings of GSE pass-throughs. Bank of America, Charles Schwab and U.S. Bank all reduced their MBS holdings in the second quarter. (Includes two data tables.) Read More

SPS Suitor Sixth Street — Who Are These Guys?

What might a new owner of MBS/specialty servicer SPS do with the company? That’s hard to say, but it would appear growth is on the agenda. Read More

Agency REMIC Issuance Up in 2Q24, GSE Supers Slow

Portfolio restructuring by the Federal Reserve accounted for about a third of new Fannie and Freddie Supers issuance in the second quarter, but volume is slowing down. (Includes two data tables.) Read More

Money Managers Are Pulling Back From Agency MBS Investments

Money managers overweight with agency MBS are looking to reduce their exposure, creating new investment opportunities for other segments of investors. Read More

NAIC Proposal on Credit Rating Alteration Stalls

A task force at the National Association of Insurance Commissioners recommended adoption of a proposal to alter credit ratings on investments at insurance companies. However, NAIC didn’t move forward with the proposal at a meeting last week. Read More

More Signs of Looming Losses for Commercial MBS

CMBS collateral saw $842.6 million in new appraisal reduction amounts in the first six months of this year and may double the 2023 total by yearend, putting pressure on recoveries. Read More

Tropical Smoothie Café Offers Whole-Business ABS

The smoothie maker has some differing characteristics compared with other fast-food operators with whole-business ABS. Read More

Delinquencies on Farm Equipment ABS Rising, More Expected

Used equipment inventories are on the rise, adding to other agriculture equipment ABS risks posed by high interest rates and lower equipment demand, according to Moody’s Investors Service. Read More

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