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Inside MBS & ABS

September 7, 2007

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Non-Agency MBS Market Slumps Further In August, Falling to 5-Year Monthly Low

The severe credit squeeze that gripped the non-agency MBS market in July deepened last month, sending new securitization volume to its lowest level in five years. Just $31.07 billion of new non-agency MBS were issued during August... [Includes one graph] Read More

Fannie and Freddie Are Major Investors in Non-Agency MBS, Overshadowing Banks

Freddie Mac and Fannie Mae tower over the banking industry in their holdings of non-agency MBS, with about 18 percent of total securities outstanding in their investment portfolios, according to a new Inside MBS & ABS ranking and analysis... [Includes one chart] Read More

SEC Looking at Rating Services’ Practices as House Considers Increasing MBS Market Regulation

The Securities and Exchange Commission is examining rating service practices and procedures in the wake of the recent breakdown of the non-agency MBS market. Meanwhile, Democrats in the House have indicated that they are eager to impose regulation on the... Read More

Nonconforming Mortgage Woes Expected to Boost Ginnie Mae Securitization Volume

Ginnie Mae securitizations are expected to see a major boost in coming months as the FHA launches an ambitious program to help subprime ARM borrowers refinance their way out of problems with interest rate resets. The Bush administration says the new... Read More

GMAC Pumps Cash into Struggling ResCap After Debt Ratings are Reduced to Junk Status

GMAC Commercial Finance late last month had to make another big cash infusion into Residential Capital, a top non-agency MBS issuer and primary market mortgage originator, to help the business maintain liquidity. GMAC purchased ResCap’s healthcare finance... Read More

AAA Rated Subprime MBS Rarely Downgraded, But Account for Vast Majority of Subprime MBS Ratings

Despite widespread belief that subprime MBS are performing poorly, the overwhelming majority of these deals are rated AAA, and the rating services have rarely downgraded investment-grade subprime MBS.Standard & Poor’s confirmed this week that it has never downgraded... Read More

Securitization Rate Slips in Second Quarter Despite Lag in Nonprime MBS Process

The mortgage securitization rate remained at historically high levels in the second quarter of 2007 even though it was slightly lower than during the first three months of the year, according to a new Inside MBS & ABS analysis. About 75.9... [Includes one chart] Read More

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