Part 1: Securitization Market Trends

Securitization issuance, including agency and non-agency mortgage-backed securities (MBS) and asset-backed securities (ABS), totaled $1.9 trillion in 2015, a 19.8 percent increase from 2014 ($1.6 trillion). The increase was driven entirely by agency and non-agency MBS issuance, since ABS issuance volumes fell by 14.1 percent year-over-year (y-o-y).

Outstanding volumes rose to $10.1 trillion, an increase of 0.4 percent y-o-y, driven by agency MBS, agency collateralized mortgage obligations (CMOs) and ABS, while non-agency outstanding volumes fell 7.2 percent y-o-y.

Average daily trading volumes were $196.7 billion in 2015, an increase of 7.4 percent y-o-y, driven by agency MBS trading. Non-agency MBS and ABS volumes fell 17.1 percent and 3.1 percent, respectively, y-o-y.

Part 2: Governmental and Regulatory Policy Issues

Covered in the report:

• Evolution of the GSEs
  • Credit Risk Transfer
  • Single Security
• Secondary Trading Under the Volcker Rule for Securitizations, ETPs, and Covered Bonds
• Securitization Deriviatves
• Credit Risk Retention
• FINRA
  • Proposal to Implement Margin Requirements for TBA Trading
  • Post-Trade Dissemination of Price Information through FINRA’s TRACE System
• Capital and Prudential Matters
  • International Organization of Securities Commissions (IOSCO) & Basel Committee Consult on Simple, Transparent, and Comparable Securitizations
  • Fundamental Review of the Trading book
• Amicus Briefs
  • Madden v. Midland
• Marketplace Lending
• SIFMA Events

About the Report

The U.S Securitization Year in Review offers a consolidated review of the U.S securitization markets in 2015. The report is comprised of two sections. The first section captures various securitization market trends, statistics and market activity for 2015. The second section contains summaries of various governmental and regulatory policy issues that impacted the securitization markets in 2015, as well as SIFMA’s advocacy efforts regarding those issues last year.

Credits

SIFMA Securitization Group (SSG)

• Managing Director, Head of SSG: Chris Killian
• Assistant Vice President: Joseph Cox

SIFMA Research

• Assistant Vice President: Sharon Sung