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Inside MBS & ABS

August 8, 2008

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Ginnie Mae Market Share Soars in July As Overall MBS Issuance Plummets

New production of mortgage-backed securities fell 37.5 percent from June to July, totaling just $85.48 billion for the month, according to the Inside Mortgage Finance MBS Database. That was the lowest monthly issuance total since February 2001, the beginning of a two-and-a-half year surge that culminated in October 2003, when a record $283.06 billion of... [Includes one chart and one graph] Read More

Freddie Finally Takes a Big MBS Writedown; OFHEO Provides No New Leeway on Overdue Capital Raise

Freddie Mac reported a bigger-than-expected $821 million loss during the second quarter, partly from a hefty writedown of non-agency MBS, and appeared headed for the sidelines after a surge in portfolio buying activity in recent months. The government-sponsored enterprise announced it was taking a $1 billion writedown in its available-for-sale holdings of subprime and Alt A MBS “due... Read More

Ginnie Mae Unveils Full Disclosure Capability To Help Guide Investors’ Pricing Decisions

Beginning this month, Ginnie Mae will be making full disclosures up front of borrower and property characteristics to enable investors to price deals relative to risk, according to Ginnie Mae President Joseph Murin. Introducing a full disclosure capability will allow Ginnie Mae to provide a great deal of data on mortgage bonds going forward and respond to investors’ increasing... Read More

Credit Rating Services Raise Objections to Key SEC Proposals, But Back Agency’s Goals

The Securities and Exchange Commission may be overstepping its authority in an effort to improve the credit rating process through proposed rules on transparency and accountability, according to major MBS credit rating firms. The credit rating services generally supported the SEC’s proposed rule on ratings integrity published in June. “We support the broad objectives of the [2006 Credit Rating... Read More

Move Towards IFRS-Based Financial Reporting Gathers Steam in the U.S.

The move to replace financial statements using U.S.-bred accounting and financial reporting standards, or U.S. GAAP, with financials based on international financial reporting standards is gaining momentum, although it may take quite a while for U.S. issuers to accept and adjust to the new reporting environment. Eventual acceptance of a single set of global accounting and financial... Read More

Broadpoint Finds Experienced Personnel To Expand Its MBS and ABS Division

Broadpoint Securities hired four upper-level professionals in an expansion of its MBS and ABS division last week. The broker-dealer brought Richard Weissman, Maneesh Awasthi, Ekaterina Baron and Viru Raparthi on board in a move that will provide “comprehensive, value-added service to the institutional marketplace involved in MBS, ABS, CMBS, cash and synthetic structured credit products... Read More

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