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Inside MBS & ABS

April 10, 2025

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Sluggish S&D Sector Slows Non-Agency MBS in 1Q25

MBS backed by home equity loans originated by nonbanks was the fastest-growing sector of the non-agency market in the first quarter. Both prime and ECM issuance continue to grow as well. (Includes three data tables.) Read More

Unexpected Movements in Treasury Rate With Tariffs

In the Trump economy, predicting which way rates might go in the wake of a stock market swoon is more difficult than usual. As for MBS spreads narrowing, don’t bet on it anytime soon. Read More

Demand for Non-Agency Mortgages Softens Amid Volatility

Few issuers tried to price non-agency MBS in the days following President Trump’s tariff announcement last week. An expanded-credit MBS from Annaly priced at the widest spreads seen in more than a year. Read More

Court Sides With Ginnie in Texas Capital Bank Lawsuit

Ginnie Mae emerged victorious in a lawsuit brought by Texas Capital Bank over an extinguished lien on collateral for Reverse Mortgage Funding’s home equity conversion mortgages. TCB plans to appeal the ruling. Read More

Smaller Texas Bank Completes Commercial Loan CRT

Only a handful of banks with less than $25 billion in assets have completed CRT transactions. Read More

Rating the GSEs Post-Conservatorship

S&P says the current AA+ rating enjoyed by the GSEs is a function of their government support. Because of their capital shortfalls, both GSEs have a B- standalone credit profile rating. Read More

Tariffs Expected to Impact Performance and Issuance of ABS

Concern is rising that auto, mobile phone and home improvement ABS could face more defaults and poorer performance due to increased tariffs. Read More

Grapevine: New Leader at Ginnie? Crypto Shift for MF Vendor

Joe Gormley is rumored to be leading Ginnie Mae ahead of his potential official nomination for Ginnie president; new leadership at multifamily securitization vendor putting emphasis on decentralized finance.

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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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