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Inside MBS & ABS

November 10, 2006

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New Products Bring Risks, Opportunities To the MBS Sector as 2006 Winds to a Close

What does the future hold in store for the mortgage- and asset-backed securitization markets? More finicky investors and more work for value-focused asset buyers, according to experts at this week’s ABS East conference sponsored by Information Management Network in... Read More

Annual Reports Could Be the Next Stumbling Block For Issuers Wrestling with Regulation AB Issues

The asset-backed securitization market has put regulation AB comfortably in its rearview mirror as it heads into 2006, right? Not quite. In fact, a number of lingering issues continue to bedevil the market and could come to a head in 2007, when the first round of... Read More

BofA Has Become Net MBS Seller, Which May Signal a Trend of Banks Exiting the Market

When Bank of America announced last month that it was selling half of its $200 billion mortgage-backed securities portfolio, it surprised many on Wall Street even though some analysts have anticipated a retreat by major banks from the MBS market for some... Read More

ARM Securitization Slows in Third Quarter, But Diversity Keeps ARMs a Staple of Non-Agency MBS

The flow of adjustable-rate mortgages into the non-agency MBS market slowed down sharply during the third quarter, but ARMs still are the key product in new issuance, according to a new analysis and ranking based on our... [Includes one chart] Read More

Nomura Shifts Strategies Again Hoping to Create a Profitable MBS Business by Forming New Mortgage Finance Company

The near-term outlook for mortgage-backed securities remains strong and Nomura Securities has decided it’s time to increase its market share. But in order to do that, the U.S. arm of the Japanese bank will close its trading desk and shy away from... Read More

Democrats’ Takeover in Congress Bodes Well For GSEs; Fannie Sees Portfolio Opportunities

With Democrats set to control both houses of Congress, Fannie Mae and Freddie Mac will face a much smoother legislative and regulatory environment in 2007, Washington political insiders and long-time observers say. Political risk has been a major problem for the... Read More

CMBS Issuance Falls in Third Quarter, Still Ahead of Last Year’s Record Pace

Commercial mortgage-backed securities issuance fell in the third quarter of 2006, but analysts predict healthy issuance through this year and next. There are, however, growing concerns about the amount of commercial mortgages secured by interest-only loans... [Includes 2 charts] Read More

PMI to Offer Insurance on MBS Pools as MIs Increasingly Enter Secondary Market

Mortgage insurance companies, crowded out of the mortgage originations market by piggyback loans, are increasingly focusing on insuring high LTV loans in mortgage-backed securities pools. PMI Mortgage Insurance, for example, is branching out to provide... Read More

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