Special Episode: U.S. Housing and Credit Outlook 2021

Thoughts on the Market

Morgan Stanley

Strategy, Alternatives, Macro, Equities, Fixed Income, Investing, Global, Business, Markets, Economics

4.8 • 1.4K Ratings

🗓️ 22 January 2021

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

Data on housing supply, demand, affordability and credit availability paint an optimistic picture for U.S. housing. We dive into the outlook for residential credit and agency mortgage markets.

Transcript

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0:00.0	Welcome to Thoughts on the market. I'm Jay Backout, co-head of U.S.
0:05.6	securitized products research from Morgan Stanley.
0:07.8	And I'm Jim Egan, the other co-head of U.S. securitized products research.
0:11.2	And on this edition of the podcast,
0:13.1	we'll be talking about the outlook for US housing in 2021
0:16.5	and how investors may want to view residential mortgage markets.
0:19.7	It's Friday, January 22nd at 10 a.m. in New York.
0:23.0	How you doing, Jim?
0:25.0	I'm doing pretty good today.
0:26.0	I think before we dive in, it might be worth a little bit of a description of what
0:30.4	securitized markets are.
0:32.0	Securitization is a process where an issuer makes a financial instrument
0:35.3	by taking a bunch of assets and packing them into one group.
0:38.5	You can securitize almost anything.
0:40.5	Mortgage loans, auto loans, credit card payments.
0:43.2	But what takes up a lot of our time
0:45.2	are the securitizations of residential mortgage markets.
0:47.4	So let's talk about U.S. housing.
0:49.0	Our outlook for U.S. housing is pretty strong in 2021.
0:51.8	When I think about what's happened over the past six months,
0:55.6	it feels like the housing market's done really well.
0:58.3	So what does that mean going forward?
	...

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