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Inside MBS & ABS

December 17, 2010

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MBS Issuance in 2011 Will Remain Sluggish, Outlook Reports Say

Most mortgage industry observers are bracing for a downturn in mortgage securitization activity in 2011, which may help MBS investors enjoy another prosperous year. “All in all, securitized investors should still do well in 2011, though perhaps not as well as in 2010,” Barclays wrote... Read More

BofA Agrees to More Talks on Non-Agency MBS Repurchase Demand; GSEs Are Biggest Headache

Bank of America this week agreed to extend talks with attorneys representing a group of investors in non-agency MBS issued over the years by Countrywide Home Loans who want the company to buy back faulty loans and change its servicing practices. “The extension will permit...[Includes one chart] Read More

Bank Disposes of Bad Assets and Takes a Hit to Balance Sheets to Prepare for New Regulations

Banks that have resisted selling distressed MBS assets may finally be getting off the fence as they try to shape up for new international capital standards. State Street Corp. is shedding approximately $11 billion in securities in order to meet new capital rules, while Bank of America is reportedly... Read More

Agency MBS Supply Reversed Course as Ginnie Fueled Modest Rebound in 3Q10

The supply of single-family agency MBS increased by 0.6 percent during the third quarter, reversing a slump that began at the beginning of 2010 as a result of distressed loan buyouts by the government-sponsored enterprises. The rebound was all the work of the Ginnie Mae program, which posted...[Includes one data chart] Read More

Regulatory Pressures, Operational Constraints Prompt Fitch to Tighten SART Rating Criteria

Fitch Ratings has updated its criteria for rating securities backed by mortgage servicers’ contractual rights to be reimbursed for advances and expenses, also known as “servicer advance receivables.” Although the core of Fitch’s standards for rating servicer advance receivables trusts, or SARTs, is unchanged... Read More

Resolution of Housing Crisis Requires Supply-Side, Demand-Side Measures, Securities Analyst Says

The mortgage finance industry needs to implement a number of measures explicitly designed to address issues on both the supply-side and the demand-side of the business if the housing crisis is to be solved, Laurie Goodman, an analyst with Amherst Securities Group, said in a recent note to clients. As she sees it, there are... Read More

Mortgage REITs Show Uneven Performance in 3Q10 as Net Income Falls Nearly 50 Percent

Real estate investment trusts that buy MBS were all over the map in terms of their financial performances during the third quarter, with some making big gains, others cutting losses substantially, and others losing ground from the prior period. Unfortunately, the industry overall went... Read More

MBS & ABS Issuance at a Glance

One page of issuance data.

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