New issuance of prime non-agency MBS remained at historically high levels during the first quarter of 2006, thanks to a healthy supply of nontraditional mortgage loans, according to a new ranking and analysis based on the Inside Mortgage Finance MBS Database. A total of $142.93 billion of so-called private-label MBS were issued during the first three months of 2006, a 15.6 percent increase over the same period last year. Quarterly volume burst past the $100… [Two data tables included]
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A robust $75.23 billion of Alternative A MBS were issued during the first quarter of 2006, up 26.3 percent from the same period last year, according to a new ranking and analysis based on theInside Mortgage Finance MBS Database. Although it was up from year-ago levels, Alt A MBS issuance in the three months of the year was down 13.5 percent from the fourth quarter, and it marked the lowest volume since the beginning of… [One data table included]
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It has been eight months since Hurricane Katrina devastated the Gulf Coast, but mortgage servicers are still feeling the impact of the storm in a number of ways. “Many Gulf Coast homeowners are still feeling [Katrina’s] magnitude as they struggle to get back on their feet,” said Standard & Poor’s in a new report. “The post-hurricane period has also posed an ongoing challenge for the servicers that manage those homeowners’ mortgages: how to strike…
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2005 was a good year for rating residential MBS, according to a new report from Moody’s Investors Service that shows the company’s one-year accuracy ratio jumped to 87.0 percent ending December 2005, up from 62.5 percent for 2004. Accuracy ratios are based on the loss experience of securities. “The one-year accuracy ratio in the all structured finance category trended up significantly in 2005,” Moody’s noted, with gains by residential MBS, asset-backed securities and global CDOs.…
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Prepayment speeds on discount mortgages increased significantly over the last couple of years as a result of structural changes in the mortgage market, changing borrower attitudes toward mortgage debt, and extraordinary home price appreciation, according to Bear Stearn’s latest analysis of short-term prepayment estimates. The report noted that discount mortgage prepayment speeds for seasoned pools have changed during each of the three periods that preceded significant refinancing waves over the last 12 years. The…
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Issuers of non-agency MBS secured some $153.87 billion of coverage in the form of interest rate caps and other derivatives for new production during the first quarter of 2006, according to a new analysis based on the Inside Mortgage Finance MBS Database. That represented about 54 percent of total non-agency MBS issuance during the period. In addition to caps, derivatives included interest rate swaps, yield maintenance agreements and corridor contracts – sometimes in combination on… [One data table included]
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