Investors in non-agency MBS – and someday even agency securities – stand to gain access to vast amounts of new loan-level data when deals are brought to market and over the course of time under a final package of disclosure and reporting standards released this week by the American Securitization Forum. How soon issuers and servicers will be geared up to meet the new standards is another...
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The proposed protocol for loan sales in the non-agency MBS market released this week by the American Securitization Forum represents a significant upgrade over many of the representations and warranties that issuers and investors have relied on in the past. But the ASF proposal also is designed to serve as a starting point for negotiating future R&W agreements, and...
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The Obama administration’s scaled down Public-Private Investment Program – once envisioned at the trillion-dollar level – may only stimulate about $40 billion in non-agency residential and commercial MBS activity, according to analysts at Barclays Capital. “Although not as powerful as the Term ABS Loan Facility, this does provide an avenue to leverage non-agency residential...
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Three companies accounted for the lion’s share of new issuance in the non-agency MBS market during the first half of 2009, according to a new analysis and ranking by Inside MBS & ABS. Credit Suisse, Bank of America and RBS Securities accounted for nearly half of the $29.67 billion of new non-agency MBS issued so far this year. “New” non-agency MBS is a relative term... [Includes two charts and one graph]
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While longer liquidation periods and increasing loan modifications may not be ideal for valuations of non-agency MBS, some mortgage-related bonds may actually benefit from these trends, according to an Amherst Securities Group analysis. Amherst analysts say two trends have become readily apparent: the time from the last payment to liquidation is getting longer, and the number of...
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Mortgage securities made up of higher credit-quality borrowers have entered “the rarified world of 750+ credit scores,” causing lightning fast prepays on many of those MBS in the jumbo market, according to Barclays Capital analysts. Many agency jumbo pools prepaid extremely fast in June, prompting a flurry of questions from investors wondering if the trend signaled the start of a general...
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