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Inside MBS & ABS

December 11, 2009

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Debate of GSEs’ Fate Will Provide Opportunity To Transform Mortgage Securitization in the U.S.

When the Obama administration releases its recommendations for overhauling Fannie Mae and Freddie Mac early next year, it will provide policymakers with an opportunity to reshape mortgage finance in this country from the ground up, industry experts believe.Some of the critical public-policy questions that private sector professionals and government officials are already... Read More

SEC Finalizes Rules to Increase Credit Rating Transparency, Strays from Stricter Regulations

The Securities and Exchange Commission has finalized an extensive set of rules governing practices of major credit-rating agencies, but the final regulations aren’t as stringent as those originally proposed last year, much to Wall Street’s delight and many economists’ chagrin. Published in the Dec. 4 Federal Register, the final rule is aimed at limiting conflicts of interest among nationally... Read More

CMBS Market Shows Signs of Life, But Sector’s Toughest Times Still to Come

The commercial MBS market celebrated its first two new issues over the past few weeks – and another deal is in the works – but problems in the underlying commercial real estate market may not peak until two years from now. Bank of America is expected to close on a $400 million CMBS, Banc of America Large Loan 2009-FDG, next week. Properties backing the single-loan transaction were... Read More

As Feds Step up Mortgage Fraud Fight, Credit Rating Agencies in the Crosshairs, as SEC Actions Continue

Top federal law enforcement officials this week indicated that as the government’s efforts to fight mortgage and securities fraud continues to escalate, the scope of their attention is widening to include the credit rating agencies, which have come under withering criticism on Capitol Hill for their endorsements of numerous deals that later went sour. “There were a lot of securities that... Read More

Thrift MBS Holdings Continue Decline in 2009 as Industry Shrinks a Little More

Thrift institutions held a total of $137.63 billion of mortgage-related securities in their portfolios at the end of September, the lowest level since the middle of 2005. With overall thrift assets declining 2.5 percent from the second quarter, the industry’s MBS investments fell slightly more, by 4.0 percent, according to data from the Office of Thrift Supervision... [Includes two charts] Read More

Cramdown Among Amendments the House Expects to Tackle in Considering H.R. 4173

The House of Representatives this week prepared to tackle 36 amendments to H.R. 4173, the Wall Street Reform and Consumer Protection Act, including a controversial provision that would grant cramdown authority to judges in restructuring residential mortgages in bankruptcy. While opponents have been successful in the past keeping cramdown legislation out of financial... Read More

Fed Adopts Final Rule for Selecting NRSRO Participants in TALF Program

The Federal Reserve this week adopted a final rule which would establish a process for the Federal Reserve Bank of New York for determining the eligibility of credit-rating agencies to rate ABS under the Term ABS Loan Facility. Published in the Dec. 9 Federal Register, the final rule is essentially the same as the proposed rule published in October. TALF is a government... Read More

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