KBRA Releases RMBS Trend Watch: Spotlight on Housing Finance Reform Proposals
NEW YORK--(BUSINESS WIRE)--Sep 19, 2018--Kroll Bond Rating Agency (KBRA) presents updates to issuance volume trends and forecasts, spreads, and collateral performance in this RMBS Trend Watch. We’ve also included a Spotlight Section on recent housing finance reform efforts and the potential impact to the U.S. RMBS market.Issuance Volume: RMBS 2.0 issuance in Q3 2018 is expected to exceed $10 billion, marking the second highest post-crisis quarterly issuance and adding to a record annual volume. New Issuers: New issuers have entered the RMBS Expanded Prime and Non-Prime sectors contributing increasingly diverse collateral. Housing Finance Reform: Efforts at reform are getting attention on the tenth anniversary of the Federal Government’s takeover of Fannie Mae and Freddie Mac.
To date this quarter, KBRA has issued pre-sale reports for 13 transactions; seven Prime transactions ($2.9B) including, three Expanded Prime transactions, two Credit Risk Transfers (CRT), two Non-Prime, and two Ginnie Mae MSR securitizations. Notably, four new issuers securitized two of the Non-Prime transactions and one of the Prime and MSR securitizations, respectively.
Also to date this quarter, KBRA took surveillance rating actions on 893 outstanding ratings, including 68 upgrades, 816 affirmations, and 9 withdrawals. The rating actions spanned 25 Prime 2.0, six CRT and one Re-Performing transaction.
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KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus, is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
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Jack Kahan, Managing Director
Sharif Mahdavian, Senior Director
Gary Narvaez, Director
Ryon Aguirre, Associate Director
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE
SOURCE: Kroll Bond Rating Agency
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PUB: 09/19/2018 11:10 AM/DISC: 09/19/2018 11:10 AM