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Inside MBS & ABS

December 12, 2008

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Agency MBS Issuance Slumped in November, But Refi Could Carry 2008 to Stronger Finish

Mortgage-backed securities issuance by the three federal “agencies” slowed by 9 percent from October to November, according to a new Inside MBS & ABS ranking and analysis, but there’s a whiff of a refinance rebound in the making. A total of $65.42 billion of new MBS were issued by Ginnie Mae, Fannie Mae and Freddie Mac during November. With the... [Includes one chart and one graph] Read More

Fannie Tweaks MBS Trust Documents To Increase Servicer Workout Flexibility

Fannie Mae this week issued a new master trust agreement for single-family MBS that will cover new securities issued after Jan. 1, 2009, as well as an amended version of the 2007 trust agreement. The changes are designed to give mortgage servicers more flexibility to arrange loan modifications or other alternatives to foreclosure. The changes won’t affect MBS investor disclosures although... Read More

SEC Officials Ready to Stick by Fair-Value Accounting Policy, Clarify the Clarification

A forthcoming report on fair-value accounting from the Securities and Exchange Commission probably won’t outline any measurable change in the agency’s support for the controversial standard that has wreaked havoc with MBS investors’ financial statements over the past year. “Most investors, and many others, agree that fair value is a meaningful and transparent measure of... Read More

House Lawmakers From Both Sides Pound Treasury Department for Handling of TARP

Treasury Department officials took a rhetorical beating over their management of the Troubled Asset Relief Program from House Democrats, who suggested that any further funding of the program will depend on concrete mandates to steer it in a new direction. Republicans and Democrats alike on the House Financial Services Committee sharply criticized Treasury for its decision... Read More

Fed Official Says ‘Infrastructure’ Changes Are Key to Re-establishing Non-Agency MBS Sector

Some far-reaching changes are going to have to be made to the infrastructure for non-agency MBS if their full potential is going to be realized by investors, lenders and borrowers, according to Fed Governor Randall Kroszner. One of the necessary conditions for the rebirth of the non-agency MBS sector is “for comprehensive and standardized loan-level data covering the... Read More

Review Results on Issuers, Reps and Warranties, Due Diligence Become Key Factors in MBS Ratings

Responding to widespread criticism of their role in the subprime mortgage crisis, rating agencies are boosting their credibility and rating capabilities by tightening review criteria for loan originators and issuers of non-agency MBS, requiring third-party due diligence results in ratings analysis, and stronger representations and warranties. The announcements by Standard & Poor’s and Fitch... Read More

Mortgage Industry Urges Elimination of Risk-Based Capital Charge for GSE MBS; FHLBanks Want Equal Treatment

After taking over Fannie Mae and Freddie Mac, federal regulators have proposed cutting in half bank risk-based capital requirements for MBS issued by the two government-sponsored enterprises. But the mortgage industry is calling for the regulators to go a step further and eliminate them entirely to be consistent with the regulatory treatment for Ginnie Mae securities... Read More

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