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Inside MBS & ABS

October 3, 2008

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MBS Issuance Plummets 36 Percent in 3Q08 As GSE Securities Production Drops Sharply

New issuance of mortgage-backed securities slumped dramatically in the third quarter, sinking to its lowest level since early 2001, according to a new market analysis by Inside MBS & ABS. A total of just $256.8 billion of residential MBS were produced during the third quarter, a 36 percent drop from the previous three-month period. That brought... [Includes two charts] Read More

SEC, FASB Try to Clarify Fair-Value Accounting in Context of Illiquid Markets

Industry groups were pleased that standards-setters in the accounting world this week offered new guidance designed to ease some of the pain of holding illiquid MBS and ABS in portfolio, but observers question whether the new rules will lubricate trading. The Securities and Exchange Commission this week released guidance that allows companies to rely more on their own cash flow... Read More

Pressure Builds on Servicers to Jump on Loan Mods; Research Suggests Re-defaults Better than Expected

Mortgage securities investors and MBS servicers can expect more pressure from public policy makers to increase the pace of loan modifications and other strategies to slow the rising rate of mortgage foreclosures. It has been a touchy subject for the MBS market since investors at different levels of the securitization waterfall stand to benefit, or be adversely affected by loss... Read More

Prospects for Commercial MBS Continue To Darken as Volume Fades, Defaults Rise

With so much public fanfare over the deteriorating residential mortgage market, troubles in commercial real estate may have drawn less attention but are threatening to pose a similar drag on the economy and financial markets. New commercial MBS issuance has slowed dramatically in 2008. Only a meager $6.24 billion in CMBS were issued in the second quarter, a shadow of the $76.14 billion... Read More

Agency-Backed REMIC Production Slowed in 3rd Quarter, More Underwriting Up for Grabs

Issuance of new real estate mortgage investment conduits backed by agency MBS fell sharply in the third quarter as the overall MBS market cooled. A total of $33.92 billion of new agency-backed REMICs were issued during the third quarter, down 35 percent from the previous period. That brought year-to-date issuance to $134.88 billion at... [Includes two charts and one graph] Read More

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