Federal regulators this week tapped the “other” government-sponsored housing agencies – the Federal Home Loan Banks – to pump an extra $100 billion into the struggling MBS market. It’s unclear how quickly the FHLBanks will use their new MBS...
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Moody’s Investors Service this week announced a significant overhaul of its requirements for rating non-agency MBS in all categories that focuses on increased transparency and accountability. Although many of the new requirements are described as optional, failure...
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Ginnie Mae has issued additional guidance for securitizing newly eligible FHA-insured jumbo mortgages in specialized Ginnie II MBS pools labeled “MJM.” The guidelines are effective with pool issuances on or after April 1. They include higher-balance loans...
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The Securities Industry and Financial Markets Association late last week released revised good delivery guidelines for to-be-announced MBS trades. The revisions provide more explicit definitions of “standard” loans that can be included in TBA-eligible pools...
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Freddie Mac and Fannie Mae remained the largest regulated institutions that invest in the non-agency MBS market at the end of 2007, far outdistancing the biggest bank players in the market.Freddie Mac reported $233.8 billion of... [Includes one chart]
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The securities brokerage industry faces a revenue drop of 20-30 percent, and it could fall even more, in spite of some recent positive earnings news, according to a report by Standard & Poor’s Ratings Services. “We have become more concerned about the profit...
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Merrill Lynch ranked as the top issuer of subprime MBS in 2007 after buying a major primary market lender the year before, while Morgan Stanley was the sector’s most active underwriter. Merrill’s purchase of First Franklin helped propel the... [Includes two charts]
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At the prompting of a number of Ginnie Mae issuers and servicers, the Mortgage Bankers Association has issued some guidance on prepayment speeds to be used for reporting information on the sale of certain Ginnie securities under Internal Revenue Service...
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