After running on fumes since the middle of the year, the non-agency MBS market sputtered to a six-year low in the fourth quarter as nearly all sectors of the business slowed down substantially.A total of $52.50 billion of non-agency... [Includes two charts]
Read More
Countrywide Financial remained the top issuer of non-agency MBS for 2007, but the beleaguered firm slipped to second place during the last half of the year and could drop further in 2008.A new market analysis and ranking by Inside MBS & ABS... [Includes two charts]
Read More
The Securities and Exchange Commission this week assured Wall Street and mortgage servicers that any modification of loans in a securitization trust will not result in the loss of “qualifying special purpose entity” status as long as the changes conform to...
Read More
Loan modifications will have little impact on the cash flows of AAA subprime MBS investors, according to a recent analysis by Standard & Poor’s. Meanwhile, the Treasury is considering asking servicers to extend the American Securitization Forum’s mod framework beyond...
Read More
The collapse of the non-conforming mortgage market has already cost the global banking system at least $94 billion since just August, and it’s going to get a lot worse for some lenders, according to a new industry analysis. “Since August, the worldwide banking system...
Read More
Credit rating agencies downgraded their outlook for State Street Corp. from stable to negative after the company announced an after-tax charge of $279 million in the fourth quarter to cover legal exposure and other costs associated with losses in fixed-income...
Read More
The Federal Home Loan Banks enjoyed an exceptional 10 percent boost in profits system-wide during the third quarter, thanks to a surge in their members’ use of FHLBank advances as the global credit crunch forced financial institutions to scramble for liquidity...
Read More