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Inside MBS & ABS

February 13, 2009

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Asset Securitization Industry Faces Extended Rebuilding Phase, Significant Financial Hurdles

The business of securitizing financial assets is headed toward the less complex deal structures of its past and an unprecedented level of transparency and disclosure as the industry struggles to rebuild itself from the wreckage of the collapse of global financial markets and severe economic recession. Participants at this week’s American Securitization Forum annual meeting in Las Vegas seemed... Read More

ASF Launches Next Round in Bid for Non-Agency MBS Standardization, More Work Ahead

The American Securitization Forum this week released the second round of proposals to build a new non-agency MBS market based on uniform standards for disclosure, reporting and other key aspects to the securitization process. Participants in the process gathered at the ASF’s annual meeting in Las Vegas said parts of the new standards could be in place when the non-agency... Read More

Obama Proposes Public/Private Investment Fund To Absorb Toxic ‘Legacy Assets’ from Banks

The Obama administration this week unveiled the outline of a new Financial Stability Plan that essentially replaces the Troubled Asset Relief Program and bypasses what was expected to be a “bad bank” approach, opting instead for a Public-Private Investment Fund that could reach $1 trillion to clean up degrading mortgage-related assets from banks’ balance sheets. “The Financial... Read More

TARP, TALF Announcements Take Hold of Securitization Conference, Uncertainty Lingers

Thousands of industry players attending the American Securitization Forum annual meeting in Las Vegas this week seemed to stop in their tracks Tuesday when Treasury Secretary Timothy Geithner unveiled the Obama administration’s plans for Troubled Asset Relief Program and the Term ABS Loan Facility. Most welcomed the attempt to restore stability and liquidity to the secondary market... Read More

Securities and Exchange Commission Will Gather More Input on Credit Rating Service Regulations

The Securities and Exchange Commission this week released final regulations updating its requirements for credit rating services, but opted to go back to the drawing board for more public comment on some of its proposed changes. Effective April 10, 2009, the final rule is designed to increase disclosure of performance and the methods used in determining credit ratings and increasing record... Read More

Private Securitization Could Start to See Some Rebound in 2009, Observers Say

The private securitization market has been hammered just as hard as the public market during the financial upheaval of the past year, and many participants at this week’s American Securitization Forum conference in Las Vegas question whether it will ever return to its prior state. One investor said he completed only one private deal in all of 2008, and with existing assets... Read More

Ginnie Reclaimed Lead as Top Agency MBS Issuer in January, BofA Paced the Market

Ginnie Mae again ranked as the top program in the three-horse agency MBS market in January, accounting for 43 percent of total issuance – its highest level since the dawn of the mortgage securities industry.The government agency first eclipsed Fannie Mae and Freddie Mac back in October 2008, but Fannie issued a surge of new deals in December to reclaim the lead... [Includes one chart and one graph] Read More

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