HMBS issuance fell in February 2019 to just under $491 million, the lowest issuance level in nearly 5 years. February issuance was consistent with the sharply lower issuance trend of recent months, made even weaker due to February’s low day count and lack of any highly seasoned pools. 82 pools were issued in February, including…

HMBS float fell again in January as big payoffs continued to outweigh falling issuance. With just over $900 million in payoffs, total outstanding HMBS ended the month at $55.031 billion, down about $100 million from December. While HMBS float has been range-bound between $55 billion and $57 billion for over two years, it will likely…

HMBS issuance fell in January 2019 to just under $614 million, despite help from one highly seasoned pool of original collateral. January issuance was very similar to recent months’ weak numbers, which were among the lowest issuance levels in over four years. 97 pools were issued in January, including just over $300 million of new…

HMBS float fell again in December as big payoffs continued to outweigh falling issuance.  With just over $900 million in payoffs, total outstanding HMBS ended the month at $55.1 billion, down from about $55.3 billion at the end of November.  HMBS float has been range-bound between just under $55 billion to $57 billion for over…

RMF was the #1 start-to-finish HMBS issuer in 2018, responsible for $3.92 billion of HMBS securities, a whopping 41% market share, well ahead of second place AAG’s 20% share. RMF’s tally includes approximately $600 million of HMBS it purchased from Live Well Financial in December. AAG issued $1.91 billion of HMBS for the year, virtually…

HMBS issuance rose in December 2018 to just over $619 million, helped by three highly seasoned pools of original collateral. Without those three issues, December issuance was very similar to November’s weak numbers, which were the lowest issuance level in over four years. Just 95 pools were issued in December. Less than $300 million of…

HMBS float fell in November as big payoffs continued to outweigh falling issuance. With just under $1 billion in payoffs, total outstanding HMBS ended the month at $55.3 billion, down from about $55.5 billion at the end of October. HMBS float has been range-bound between just under $55 billion to $57 billion for over two…

HMBS issuance fell in November 2018 to just over $521 million, the lowest issuance level in over four years. In all, 84 pools were issued in November, the fewest since February 2015. Further shrinkage in HMBS float seems inevitable. Where is the bottom? Last summer a garden of hopeful metaphors bloomed, in which Bouncing Dead…