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Inside MBS & ABS

April 25, 2008

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Non-Mortgage ABS Production Hit Hard by Credit Freeze; Cards Show Most Resilience

The global liquidity crunch that brought the non-agency MBS market to a standstill in early 2008 had a somewhat less severe impact on securitization of non-mortgage financial assets, according to a new ranking and analysis... [Includes four charts] Read More

Tougher SEC Oversight of Rating Services Is Coming, Mostly in Greater Disclosure

Securities and Exchange Commission Chairman Chris Cox this week gave some glimpses of the stronger regulation his agency is preparing to impose on the credit rating services as it works to fully implement the regulatory authority it received from... Read More

S&P Says It’s Making Progress on Plan To Improve Ratings Process Voluntarily

Standard & Poor’s has released a progress report on its efforts to implement a broad range of internal policy changes to strengthen the ratings process. The rating service in February announced a detailed self-improvement agenda focused on boosting the integrity of... Read More

OFHEO Fires Warning Shot on GSE Accounting, But Guidance May Not Lead to Big Writedowns

The chief regulator for Fannie Mae and Freddie Mac this week issued new guidance outlining standards for its examiners to apply when evaluating the use of “fair value” accounting by the two government-sponsored enterprises. “It is important that Fannie... Read More

House Committee Takes Up FHA Refinance Option for Troubled Borrowers, Approves Servicer Safe Harbor

The House Financial Services Committee this week began deliberations on legislation that would allow the FHA to refinance loans on properties that are no longer worth the debt outstanding on them. The panel also approved two pieces of housing legislation... Read More

MBA Suggests Use of MBS, PC Yield Spreads in Defining ‘Subprime’ Under Fed’s HOEPA Rule

The Mortgage Bankers Association has urged the Federal Reserve to consider other benchmarks, including yield spreads on MBS and other mortgage securities, to define which loans will qualify as “higher priced” mortgages subject to greater consumer protection under... Read More

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