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Inside MBS & ABS

March 28, 2008

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Finance Board Taps FHLBanks to Pump Another $100 Billion into MBS Market

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... Read More

Moody’s Wants More Data Disclosure and Stronger Reps and Warranties in New Rating Methodology

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... Read More

Ginnie Mae Issues More Guidance on Jumbo Conforming Mortgage Loans

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... Read More

SIFMA Finalizes TBA Changes

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... Read More

GSEs Remain Among Largest Investors in Non-Agency MBS Despite Shrinkage in 2007

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] Read More

Securities Industry Revenue to Drop 20-30 Percent, S&P Says, as Market Unpredictability Increases

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... Read More

Merrill Lynch, Morgan Stanley Ranked As Top Market-Makers in Subprime MBS

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] Read More

MBA Provides Prepayment Speed Guidance for Reporting On Certain Ginnie Securities under WHFITs Regulations

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... Read More

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