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Inside MBS & ABS

May 16, 2008

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MBS Investor Profile Has Changed Radically in Credit Crisis Environment: Back to Basics Investing?

While it is no secret that traditional investors in mortgage securities have virtually abandoned the non-agency market and even curtailed purchases in the agency sector, less visible is the radical – if not fundamental – restructuring of the MBS investor... Read More

Proposed Enhancements to MBS Ratings Process By Moody’s Met with Criticism from All Sides

MBS issuers and servicers are raising concerns about the cost of complying with new rating standards and procedures proposed by Moody’s Investors Service, but it’s clear that investors are going to demand significant reform before they come back to the... Read More

Wells Fargo Was Top Agency MBS Issuer In April as Production Volume Surges

Issuance of new MBS backed by Fannie Mae, Freddie Mac and Ginnie Mae continued to gather momentum in April, paced by substantial increases in production by the top two mortgage banking operations in the business. Wells Fargo issued a total... [Includes one chart] Read More

Senate Takes Up GSE Reform Legislation After House Approves Omnibus Mortgage Relief Plan

The mortgage business and financial markets have changed radically over the past year, but a draft bill to revamp government oversight of Fannie Mae and Freddie Mac finally being taken up this week in the Senate closely parallels legislation that was approved... Read More

Freddie, OFHEO Clear Way for Additional Capital; Still No ABS Write-Downs Taken, and None Imminent

Freddie Mac drastically cut its losses in the first quarter, while the government-sponsored enterprise and its regulator put into motion steps to keep up the company’s capital reserves under continuing severe conditions in the housing market. This week, the... Read More

Lawmakers, Analysts Ponder Credit Crisis And How Best to Prevent Another One

Some members of Congress are worried that recent indications the nation’s credit crisis might have finally bottomed out are already dulling the sense of urgency they believe should be motivating policymakers to take the steps necessary to avoid... Read More

Both GSEs Rely More on MBS Guaranty Business, Less on Retained Investments

Fannie Mae and Freddie Mac have each worked to put more emphasis on their MBS guaranty programs as a source of new revenue, rather than their retained investment portfolios, and the results of those strategies are becoming clearer in their recent... Read More

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