Performance

GSE Pilots MBS Sale With VantageScore

dhollier@imfpubs.com — Thu, 26 Mar 2026 16:58:18 -0400

One of the GSEs has quietly issued an MBS comprised of loans underwritten using VantageScore 4.0.

Agency MBS Investors Brace for Higher Prepayment Rates

bivey@imfpubs.com — Thu, 16 Oct 2025 17:34:18 -0400

The prepayment rate on agency MBS hit a high for the year in September and that’s expected to be topped again in October. Analysts note that their prepayment models are off due to changes in lenders’ practices.

Green and Social Bonds in the Trump Era

dhollier@imfpubs.com — Thu, 15 May 2025 16:15:23 -0400

It’s not clear how the Federal Housing Finance Agency’s decision to cut the DEI and ESG programs at the GSEs will impact MBS issuance.

Dwight Mortgage Trust Issues Large Multifamily Q-Deal

dhollier@imfpubs.com — Thu, 21 Nov 2024 16:28:53 -0500

The REIT pooled nine multifamily affordable commercial real estate loans in a $384 million securitization.

CSS Wants to Do More Than Just Issue MBS

dhollier@imfpubs.com — Thu, 05 Sep 2024 15:33:07 -0400

Common Securitization Solutions looks to use its data and risk management skills to expand the services it provides the GSEs.

GSEs Tout Success of Mission Index Issuance

dhollier@imfpubs.com — Thu, 23 May 2024 16:48:29 -0400

With an eye toward attracting more mature ESG investors from Europe, Fannie and Freddie updated their Mission Index scoring.

Freddie’s K-Deals Performing Better Than Non-Agency Loans

dhollier@imfpubs.com — Fri, 26 Jan 2024 13:05:42 -0500

Declining multifamily valuations are pushing up capitalization rates while reducing debt service coverage ratios.

MBS Investors Criticize GSEs’ New Social Index

dhollier@imfpubs.com — Thu, 19 Jan 2023 16:51:45 -0500

The GSEs’ social disclosures should be as granular and specific as those reported for credit-risk transfer deals, according to investors.

Temporary Buydowns Impact MBS Prepayment Speeds

bivey@imfpubs.com — Thu, 05 Jan 2023 16:51:22 -0500

With lenders pushing mortgages that include a temporary buydown feature, MBS investors are pondering prepayment behavior for the loans. Expect loans with temporary buydowns to exhibit prepayment speeds similar to ARMs, according to an industry analyst.

Freddie Touts Impact of Green Bonds

dhollier@imfpubs.com — Thu, 01 Dec 2022 17:01:00 -0500

Freddie Mac issued 84 green single-family mortgage-backed securities in 2021 that save 192,168 million BTUs of energy per year.

RMBS Outlook Dour, Performance Good Though

smanas@imfpubs.com — Wed, 23 Nov 2022 12:37:00 -0500

KBRA said that third-quarter MBS issuance volume didn’t meet its expectations and will drop rapidly in the coming year. Meanwhile, both DBRS and Moody’s noted that performance is stabilizing.

Ginnie Eases Seasoning Requirements for Reperforming Loans

bivey@imfpubs.com — Thu, 27 Oct 2022 17:42:27 -0400

Servicers will now have a shorter wait time to deliver reperforming loans back into Ginnie MBS, and the loans will no longer have to go into special RG pools. The changes are aimed at increasing liquidity for Ginnie issuers. (Includes data chart.)

Grapevine: Russia-Ukraine War Has Minimal Impact on ABS

bivey@imfpubs.com — Thu, 10 Mar 2022 16:40:42 -0500

The performance of MBS and ABS isn’t expected to be directly impacted by the fallout of Russia’s invasion of Ukraine in the near term; prepayment rates on agency MBS declined in February.

Quantifying the Market Impact of New FHFA Rules

dhollier@imfpubs.com — Thu, 03 Mar 2022 17:42:43 -0500

Both the new capital rule and updated eligibility requirements for GSE seller/servicers could affect participants.

MBS and ABS Performance Expected to Take a Hit as Rates Rise

bivey@imfpubs.com — Thu, 10 Feb 2022 16:06:47 -0500

Borrowers with loans in various types of MBS and ABS could be stretched as interest rates increase, according to industry analysts. Prepayment rates are also likely to slow.

Ginnie Withdrawals Slow in 4Q21 as FHA Buyouts Plunge

bivey@imfpubs.com — Thu, 03 Feb 2022 16:13:00 -0500

Loan payoffs through refinancing and the like declined during the fourth quarter while buyouts plummeted. On an annual basis, loan removals were largely flat. (Includes data chart.)

MBS Prepayment Speeds Decline in November

mhogan@imfpubs.com — Thu, 09 Dec 2021 17:40:00 -0500

Analysts at Keefe, Bruyette & Woods expect prepayment rates on agency MBS to decline further in 2022 as fewer borrowers have incentives to refi.

Fannie Pushes Back on FHFA Draft Bulletin on CMBS Risk

dhollier@imfpubs.com — Thu, 22 Jul 2021 12:22:00 -0400

Despite various penalties for early prepayments, FHFA believes multifamily MBS issued by Fannie and Freddie present risk for the FHLBanks. Fannie thinks otherwise.

Agency MBS Delinquency Rates Decline in December

jbancroft@imfpubs.com — Thu, 14 Jan 2021 15:20:00 -0500

After a slight blip higher in early-stage delinquencies in November, late-payment rates fell in December for all three agencies. (Includes data chart.)

Outlook for RMBS Performance Tied to Coronavirus Impact

bivey@imfpubs.com — Thu, 19 Nov 2020 15:00:00 -0500

If the coronavirus continues to wreak havoc and the federal government doesn’t provide additional stimulus, the performance of residential MBS is expected to take a significant hit.

CLO Credit Quality Expected to Further Deteriorate

news@imfpubs.com — Thu, 25 Jun 2020 15:15:00 -0400

The credit quality of collateralized loan obligations is expected to further deteriorate in the coming months, even though corporate issuers are stabilizing, according to the rating services.

FHFA Prepayment Report Bodes Well for UMBS

dhollier@imfpubs.com — Thu, 12 Dec 2019 09:27:00 -0500

The key factor for TBA investors is prepayment speeds. A quick scan of the FHFA data show that the conditional prepayment rates for UMBS issued by Fannie and those issued by Freddie have remained comparable since the launch of the single security in June.

Fannie and Freddie Survive Rate Volatility, Earnings Up

jbancroft@imfpubs.com — Thu, 01 Aug 2019 11:47:00 -0400

The GSEs took hits to their net earnings as a result of hedging losses for the third straight quarter. The launch of the uniform MBS pushed Fannie and Freddie into an indemnification agreement.

MBS/ABS Issuance Down in 1Q19, But March Rebounds

jbancroft@imfpubs.com — Fri, 05 Apr 2019 00:00:00 -0400

Production of new MBS and ABS fell in almost every category during the first quarter of 2019, but several markets showed rebounding volume in March, a new Inside MBS & ABS analysis shows. Preliminary estimates indicate that a total of $310.04 billion of MBS and ABS was issued in the first three months of 2019, a 10.3% decline from the previous three-month period. It marked the softest quarter in new issuance since the April-June cycle ... [Includes three data charts]

Nonbanks Conquer Larger Share of New Agency MBS

jbancroft@imfpubs.com — Fri, 29 Mar 2019 00:00:00 -0400

Nonbanks continued to account for a growing share of new issuance in the agency single-family MBS market last year. [Includes one data chart.]

MBS Trading Falters Slightly But Still Strong Overall

pmuolo@imfpubs.com — Fri, 15 Mar 2019 00:00:00 -0400

The average daily trading volume in agency MBS totaled $229.9 billion in February, an 8.5% sequential decline from the previous month, according to figures compiled by the Securities Industry and Financial Markets Association.

Agency MBS Production Hits Five-Year Low in February

jbancroft@imfpubs.com — Fri, 08 Mar 2019 00:00:00 -0500

New production of agency single-family MBS fell for the sixth month in a row in Febru-ary, sinking to the lowest monthly output in nearly five years. [Includes two data charts.]

MBS Production Declined in January but Trading Soared

pmuolo@imfpubs.com — Fri, 01 Mar 2019 00:00:00 -0500

The average daily trading volume in agency MBS spiked northward in January, increasing 18.3% on a sequential basis, according to figures compiled by the Securities Industry and Financial Markets Association.

Securitization Rates Steady In 2018, Non-agency Rising

Fri, 15 Feb 2019 00:00:00 -0500

The overall mortgage securitization rate fell slightly in 2018, with 70.0% of home loans originated in the primary market ending up in MBS pools, according to an Inside MBS & ABS analysis. [Includes one data chart.]

Despite 4Q Slump, GSE 2018 Earnings Hit Six-Year High

jbancroft@imfpubs.com — Fri, 15 Feb 2019 00:00:00 -0500

Fannie Mae and Freddie Mac racked up $25.19 billion in combined net income in 2018, their most profitable year since 2013, when earnings were inflated by accounting rules for deferred tax assets. [Includes one data chart.]