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Inside MBS & ABS

October 1, 2010

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New FDIC Conditions on Safe Harbor Protections To Hamper Return of Private Market, Industry Says

The Federal Deposit Insurance Corp. this week made it more difficult for the federal government to ratchet down its support of the housing market and for the private market to return by imposing a series of new conditions on “safe harbor” protections on securitizations in the event of a... Read More

Government Liquidity Programs Become Biggest Investors in MBS Market in 2Q10

Although the Federal Reserve and U.S. Treasury ended any meaningful purchases of new agency MBS early this year, the combined portfolio of the two agencies represented the largest single investor group in the MBS market at the midway point in 2010, according to a new Inside MBS & ABS analysis. As of the end of June... [Includes one data chart] Read More

Regulators Must Carefully Coordinate Dodd- Frank and Other Mandates, Industry Warns

As federal regulators begin developing and putting in place the numerous provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act as well as a host of related regulatory changes, representatives of the securitization industry are urging them to move carefully and in close synchronization if they want to see... Read More

Chances Dim for Covered Bond Legislation This Year, Issues Still to Be Worked Out

With Congress adjourned until after the elections, lawmakers may not be inclined to take up covered bond legislation during a post-election lame duck session because the issue is not considered critical, an industry observer said. The House Financial Services Committee approved legislation creating... Read More

Risky MBS Doom Three Credit Unions, Federal Regulators Look to Sell Assets

The National Credit Union Administration seized three undercapitalized corporate credit unions and plans to tap the securitization market to dispose of some $50 million of distressed mortgage-related assets. Members United Corporate Federal Credit Union (Warrenville, IL), Southwest Corporate Federal Credit Union (Plano, TX) and... [Includes one data chart] Read More

Policymakers Consider Foreign Mortgage Finance Models That Dodged Problems Experienced Here

The U.S. could learn a lot from foreign countries about building a better mortgage finance system, according to experts. The homeownership rate in the U.S. ranks about in the middle of 11 markets studied by Michael Lea, a professor at San Diego State University. What makes the U.S. stand out is its unmatched... Read More

Agencies Begin Talks on Risk Retention Rulemaking, FDIC, OCC at Odds Over Extension of Safe Harbor

An interagency group consisting of the federal banking agencies, Securities and Exchange Commission, Department of Housing and Urban Development and the Federal Housing Finance Agency has begun discussions on the design of several rulemakings in connection with the risk retention requirements of the new... Read More

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