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Inside MBS & ABS

January 28, 2011

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Struggling Non-Agency MBS Market Posted Modest Gain in New Issuance During 2010

New issuance of non-agency MBS edged up 5.4 percent from 2009 levels to hit $63.6 billion, according to a new Inside MBS & ABS market analysis and ranking. That marked the second consecutive year of increased new issuance after non-agency MBS production plummeted...[Includes three data charts] Read More

FHFA and GSEs Start Discussion of Servicing Compensation Reform with MBS Analysts

In a meeting with MBS industry representatives this week, the Federal Housing Finance Agency outlined three potential new servicing compensation strategies for Fannie Mae and Freddie Mac MBS, focusing largely on how they would impact the to-be-announced market. The government-sponsored enterprises and their regulator want... Read More

Impact of U.S. Court Ruling in RBS Case Limited to Securities Claims, No Effect on Reps and Warrants Claims

A federal court ruling denying class certification to a group of mortgage securities investors may discourage other investors from suing on the same legal theory but not for claims for breaches of representations and warranties, according to Moody’s Investors Service. No doubt, the opinion handed down... Read More

FCIC Majority Cites Flawed Securitization Standards, Dissenters Blame Global Factors, Housing Policy

The majority report of the Financial Crisis Inquiry Commission concluded that the financial crisis and mortgage market meltdown was an avoidable outcome brought on largely by compromised mortgage lending standards and an opaque securitization pipeline that spread toxic assets to investors across the globe, compounded... Read More

Government Bailout Pays Off, Toxic Securities Investors Profit in Treasury Program

The Treasury’s investment in toxic non-agency MBS and commercial MBS has grown 27 percent since it was created in 2009, according to a report released on Monday. The Legacy Securities Public-Private Investment Program was unveiled in March 2009 by the Treasury, the Federal Reserve and the Federal Deposit Insurance Corp, and aimed... Read More

Industry Groups Raise Concerns About New SEC Rule on Asset Reviews

A final rule approved last week by the Securities and Exchange Commission sets tough new standards on issuer reviews of assets underlying securitizations, as well as the disclosure of information from asset reviews. Two of the agency’s five commissioners voted... Read More

Spike in TBA Fails May Bring About a Fail Charge, Possibly Harming Market Liquidity, Analysts Say

Industry analysts appear increasingly convinced that it may just be a matter of time – and not much more, at that – until a “to be announced” delivery fail charge becomes required. “Failures to deliver and receive securities upon settlement in the TBA market help paint... Read More

CAP Would Revive MBS Market Via Privately Owned, Government Backed Chartered Mortgage Institutions

A proposed fix to the secondary mortgage market by the Center for American Progress would have privately owned, but federally chartered and regulated institutions issue MBS that would carry a limited, but explicit government guarantee. The plan, prepared by the Center’s Mortgage Finance Working Group of 19 left-leaning housing policy experts, would revive... Read More

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