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Inside MBS & ABS

May 4, 2007

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Mortgage Market Rushes to Embrace Loan Modification As Subprime Solution, But Some Question the Strategy

Loan modification is being heavily promoted by many mortgage servicers and the government-sponsored enterprises as the solution to subprime payment problems, but some MBS experts say it may not be the cure-all that its proponents expects. Sen. Chris Dodd, D-CT... Read More

Non-Agency MBS Market Continues to Rely Heavily on Nontraditional Products, Jump in Payment Refinancing

Fixed-rate mortgages and refinance transactions done to lower mortgage payments played bigger roles in the non-agency MBS market during the first quarter of 2007 than they had in the recent past, according to the Inside Mortgage Finance MBS... [Includes two charts] Read More

Residential Funding Parent Takes Heavy Loss In 1st Quarter, Steers Away From Subprime

Residential Capital, the parent of non-agency MBS pioneer Residential Funding Co., this week announced a hefty $910 million loss for the first quarter and a significant shift in its business strategy away from the troubled nonprime market. The company did... Read More

Researchers Blame MBS, CDO Difficulties On Misapplication of Agency Credit Ratings

A lot of the problems in the subprime MBS market and collateralized debt obligations that invest in these deals are the result of misapplied credit ratings, according to a new study released this week. “Changes in mortgage origination and servicing make it... Read More

Commercial MBS Issuance Drops in 2007, But Volume Remains at Historically Strong Level

New issuance of commercial mortgage-backed securities dropped back to a more normal volume during the first quarter of 2007, falling sharply from the record level set at the end of last year. A total of $62.00 billion of commercial... [Includes one chart and one graph] Read More

MBS, ABS Rated by Fitch Showed Mixed Performances in 2006, Rating Service Says

Asset-backed securities rated by Fitch turned in another strong rating performance last year, but residential MBS showed more mixed results, the rating service said in a new report. “In general, rating performance improved across each of the structured finance... Read More

Sallie Mae Sale, NY AG Scrutiny Bring Mixed Changes for Student Loan ABS, Issuers Suggest

The increased focus on the student loan market triggered by Sallie Mae’s pending sale and investigations by New York’s attorney general will have a mixed impact on student loan ABS, according to market participants. At Information Management Network’s Spring ABS... Read More

Ginnie Mae to Permit Fixed-Rate Bonds to be Structured as Zero Day Delay Classes for REMICs

In an effort to improve the appeal of, and investor base, for Ginnie Mae multi-class securities, the agency recently announced it would allow fixed-rate bonds to be structured as zero-day delay classes for REMIC transactions. The decision applies to transactions... Read More

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