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Presale: MFA 2020-NQM2 Trust

The preliminary ratings assigned to MFA 2020-NQM2 Trust's (MFA 2020-NQM2) mortgage pass-through certificates series 2020-NQM2 reflect our view of: The pool's collateral composition (see the Collateral Summary section below), The credit enhancement provided for this transaction, The transaction's associated structural mechanics, The transaction's geographic concentration, The transaction's representation and warranty (R&W) framework, The mortgage aggregator and mortgage originator, and The impact the COVID-19 pandemic will likely have on the performance of the mortgage borrowers in the pool (see "Economic Research: The U.S. Economy Reboots, With Obstacles Ahead," published Sept. 24, 2020) and liquidity available in the transaction. S&P Global Ratings acknowledges a high degree of uncertainty about the evolution of the coronavirus pandemic. The current consensus among health experts is