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Inside MBS & ABS

February 29, 2008

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GSEs Take Massive Losses in 4Q07, Role as MBS Investors Is Uncertain

There is little doubt that Fannie Mae and Freddie Mac will be the dominant conduits of new MBS production in 2008, but the ongoing financial stress both government-sponsored enterprises face suggests that their stature as MBS investors may not change much. Together... Read More

SEC Investigating All Aspects of the Securitization Process, Also Looking Into Insider Trading on Subprime Writedowns

The Securities and Exchange Commission is in the early stages of a wide-ranging investigation tied to problems in the subprime mortgage market. And while the regulator is notoriously tight-lipped about ongoing investigations, an official noted that in... Read More

Securitization Rates Remain Very High in Late Stages Of 2007 Despite Slump in Non-Agency MBS Issuance

The severe liquidity crunch that stymied worldwide financial markets in the second half of last year had very little impact on the rate at which new home mortgages were pooled in securities – even if it dramatically changed what kind of MBS were... [Includes one chart] Read More

Administration Opposition to Controversial Cramdown Legislation Mounts as Senate Begins Debating Measure

The struggle over mortgage cramdown legislation is coming to a head as the week winds down, with the Senate beginning debate on a measure that may end up being vetoed by President Bush. This week, the Bush administration cranked up its opposition to a... Read More

ARM Securitization Volume Dropped Sharply in 2007 as Borrowers and Lenders Preferred Safety

Fewer adjustable-rate mortgages were securitized in 2007 as borrowers and mortgage lenders showed a strong preference for less risky fixed-rate products. A total of $536.2 billion of ARMs were securitized in 2007, with most of the... [Includes three charts] Read More

Fed’s HOEPA Revision, which is Absent on Assignee Liability, Expected Before Final Action by Congress

The Federal Reserve hopes to finalize its revision of rules implementing the Home Ownership and Equity Protection Act quickly after the deadline for comments in early April. While the proposed rules could limit subprime lending, analysts suggest that the... Read More

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