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Inside MBS & ABS

October 22, 2010

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Fed Advises Tailoring Risk-Retention Rules to Major Asset Classes, Interaction With Other Considerations

The Federal Reserve this week laid out a blueprint for government rule-makers charged with implementing new risk-retention requirements for MBS, ABS and commercial MBS, including taking into account major asset types and a range of other considerations. In a report mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Fed noted... Read More

Car Deals Boost Non-Mortgage ABS Issuance In 3rd Quarter, Ford in Lead After Lap Three

A strong pickup in vehicle-related transactions helped the non-mortgage ABS market to an 8.9 percent increase in new issuance during the third quarter, according to a new market analysis and ranking by Inside MBS & ABS. ABS backed by car loans and other vehicle financing rose...[Includes three data charts] Read More

Misalignment Between Dodd-Frank Act and FDIC Risk-Retention Rule Blocks Return of Private Securitization

A lack of synchronization between two recent high-profile regulatory initiatives and a substantial amount of resulting uncertainty are extra hurdles in the way of a revival of private sector securitization, a top industry official said this week. “The Federal Deposit Insurance Corp.’s risk-retention rules do not... Read More

NY Fed, Freddie Join Countrywide MBS Investors to Lean on BofA

Investors in scores of non-agency MBS issued by Countrywide Financial – including the Federal Reserve Bank of New York and Freddie Mac – filed a formal complaint with the trustee of the transactions alleging a wide range of problems with the master servicer of the deals. Countrywide, now owned by Bank of America, was... Read More

MBS, ABS Sales Help NCUA Raise $9.5 Billion, Agency to Securitize Cash Flows from Legacy Assets

The National Credit Union Administration last week generated $9.5 billion through the sale of performing assets of two formerly conserved corporate credit unions, including securities backed by performing residential and commercial mortgages, credit card receivables, student loans and auto loans. The sales involved... Read More

ASF Seeks Changes in Federal Tax Rules to Strengthen REMIC Role in Market Recovery

Wall Street is calling for regulatory changes to improve the usefulness of real estate mortgage investment conduits, or REMICs, to help restart the residential and commercial mortgage markets. In letters to tax policymakers at the Department of the Treasury and the Internal Revenue Service, the American Securitization Forum requested... Read More

Interest of Various Parties in a Securitization Can Become Misaligned Over Time, Moody’s Says

The parties in a structured finance transaction can start out working in harmony but any evolving misalignment of interests can have a significant impact on performance and how cash flows are dis-tributed, according to a new report from Moody’s Investors Service. “Such behavior can give rise to... Read More

U.K. Bank Targets U.S. Investors for New MBS as Foreign Markets Begin to Rev Up

A handful of foreign institutions are beginning to tap a U.S. investor base that has had little other than agency MBS and resecuritized non-agency deals to choose from for the past two years. According to reports, Nationwide Building Society, based in Swindon, England, is looking... Read More

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