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Inside MBS & ABS

July 6, 2007

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Mortgage Securities Issuance Up Slightly In 2Q07 as Agency Programs Flex Muscles

New production of residential mortgage-backed securities nudged slightly higher in the second quarter of 2007 despite widespread signs of a weakening housing market. A preliminary estimate shows $541.70 billion of MBS was issued during... [Includes two charts] Read More

Regulators Continue Pounding on Lenders to Tighten Underwriting for Subprime, Nontraditional Products

Underwriting for many of the mortgages that collateralize MBS is expected to tighten further with last week’s issuance of federal interagency guidance on subprime lending, on top of increased regulatory pressure on lenders to comply with last year’s... Read More

Nonconforming Mortgage Market Has Been Through Some Dramatic Changes, But Process Continues

The mortgage-securities market has not yet experienced the full impact of the shakeout in the subprime sector and mounting pressure on the Alternative A business, experts say. The “unwinding of the incredible boom continues,” said Tom Zimmerman, managing director... Read More

Modifying Loans to Help Defaulted Borrowers Is Bad Public Policy, Nomura Researcher Says

National public policymakers are wrong to push lenders too hard to modify loans for subprime borrowers who have defaulted, according to a recent Nomura fixed income research report. “Loan modifications for defaulted subprime mortgage loans have become a hot topic over... Read More

Agency REMIC Production Jumps in Second Quarter; Ginnie Activity Running Strong

A total of $72.17 billion of agency-backed real estate mortgage investment conduit deals were issued during the second quarter of 2007, representing a sharp 24.0 percent jump from the previous period, according to a new Inside MBS... [Includes one chart] Read More

Commercial Banks Add Little to Modest Holdings of Asset-Backed Securities

Commercial banks are not a major investor group in the non-mortgage ABS market, and they’re not getting much bigger. Commercial banks held $89.31 billion of ABS in portfolio at the end of the first quarter of 2007, and the biggest... [Includes one chart] Read More

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