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Inside MBS & ABS

May 25, 2007

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Subprime MBS Pricing Becoming More Rational, But Performance Problems Looming on 2006 Deals

Experts say more rational pricing of subprime MBS by investors has hastened the exit of a number of lenders but won’t alter an anticipated surge of ratings downgrades on deals issued last year. Michael Marriott, Credit Suisse managing director, said MBS... Read More

Alternative A Securitization Remained Strong In Early 2007; Countrywide Leads in Issuance

The Alt A MBS market saw a modest increase in issuance during the first quarter of 2007 and a shift in collateral to more fixed-rate mortgages, according to a new Inside MBS & ABS analysis. A total of $97.12 billion of Alt A mortgage... [Includes two charts and one graph] Read More

MBS Servicers Turn to Proactive Default Strategies, Contacting Borrowers Early and Often, Fitch Finds

MBS servicers are finding that borrowers are becoming less cooperative and increasingly moving into foreclosure without speaking with their lenders, participants in a recent Fitch Ratings MBS servic-ing workshop said. As a result, servicers are adopting... Read More

Few Compliance Issues With First Round Of Reg AB Filing According to Servicers

With the first year of Regulation AB reporting in the books, servicers, attorneys and accountants report that the process was fairly smooth. At the Mortgage Bankers Association’s secondary market conference this week in New York City, Tom Knox, director... Read More

Warehouse Lenders Increasingly Must Police Market for Fraud; Technology Can Help

New evidence continues to point to a growing fraud problem in the mortgage market, one to which warehouse lenders have to pay more attention. Street Resource Group this week launched a new Warehouse Information Network to provide automated risk-mitigation services... Read More

1Q07 Downturn in Subprime MBS Production Means Fewer Non-Agency Securities have Financial Derivatives Support

Fewer non-agency MBS issued in early 2007 included support for interest rate caps, swaps and other financial derivatives, according to a new Inside MBS & ABS analysis. About $143.90 billion of non-agency classes issued in the... [Includes one chart] Read More

Fannie and Freddie See Slowdown in Business In April; Reform May Have Little Impact

Fannie Mae and Freddie Mac both reported downturns in key business indicators during April, although the government-sponsored enterprises appear to be still holding their own in a contracting mortgage universe. Separately, the House of Representatives this... Read More

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