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Inside MBS & ABS

December 19, 2008

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Industry Braces for Impact of FASB’s Interim Disclosure Rule as It Prays for Regulatory Relief

Mortgage lenders are hoping for some regulatory relief from new guidance issued by the Financial Accounting Standards Board last week that will boost disclosure requirements for transferred financial assets and an enterprise’s involvement with variable interest entities. As accounting practices are closely scrutinized for their role in the current financial crisis, FASB has decided... Read More

Slowing Housing Market Yields Anemic Growth In Outstanding Mortgage Securities in 2008

The rate of growth in the supply of single-family MBS outstanding slowed to its lowest level ever during the third quarter of 2008 as the total balance of mortgage securities rose by just $11.2 billion, a new Inside MBS & ABS analysis reveals. The growth rate in outstanding MBS fell from 0.4 percent in the second quarter to an anemic 0.2 percent... [Includes one chart] Read More

Securitization Rates Remain High in 2008 Despite MBS Market Turmoil

Mortgage securitization is blamed by many for the severe distress of the housing industry and financial markets, but it continues to play a bigger role than ever before in mortgage finance, according to a new analysis by Inside MBS & ABS. An estimated 78.2 percent of home loans originated during the first nine months of 2008 were funneled into mortgage-backed securities... [Includes one chart] Read More

Streamlined Mod Program Kicks In, But Extent Of Impact Depends on Non-Agency Embrace

Despite strong political wind behind it, the Streamlined Modification Program launched this week by Fannie Mae and Freddie Mac probably won’t have a huge impact on MBS issued by the two government-sponsored enterprises – but it could help spread the mass-modification concept to the non-agency MBS sector. Officials from Fannie, Freddie and the Federal Housing Finance... Read More

Ginnie Mae Expects Record Volume to Continue; Eyes Larger Role Under an Obama Administration

Ginnie Mae, riding a wave of MBS that has moved it beyond Fannie Mae and Freddie Mac over the last two months, expects the record level of activity to continue – or even grow – in the months ahead as the Obama administration takes power. At the same time, Ginnie officials are paying closer attention to monitoring and managing the risks... Read More

Fitch Ratings Takes Action On Alt A MBS Surveillance

Further deterioration in the Alt A mortgage market has forced Fitch Ratings to update its loss projections for the sector and upgrade its surveillance methods. The changes come on the heels of enhancements made to ResiLogic, Fitch’s loan-level default and loss model, and include expected losses much greater than originally anticipated... Read More

Fannie and Freddie Still Rank as Top Investors In Fragmented Non-Agency MBS Market

Fannie Mae and Freddie Mac remained the largest investors in the non-agency MBS market – by a wide margin – as of the end of the third quarter. The two government-sponsored enterprises held a combined $180.31 billion of subprime and Alt A MBS in their retained portfolios as of the end of September, down 5.6 percent from the previous quarter. The biggest chunk... [Includes one chart] Read More

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