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Inside MBS & ABS

February 25, 2011

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Banks Increased MBS Investment Holdings Significantly in Closing Quarter of 2010

Commercial banks were aggressive buyers of residential MBS during the fourth quarter of last year, raising the combined holdings of depository institutions to a record level, according to an Inside MBS & ABS analysis of call report data made available this week. Banks and thrifts held...[Includes two data charts] Read More

BofA Sued by Investors Demanding Repurchase Of Countrywide Loans Backing MBS Certificates

MBS investors filed a lawsuit in New York State Supreme Court this week to force Bank of America to repurchase mortgages backing their securities. The plaintiffs, each identified as “Walnut Place” in the complaint, are Delaware-registered limited liability companies which collectively own... Read More

Undervalued Non-Agency MBS Remain Attractive, But Some Market Conditions Are Still Unfavorable

Non-agency residential MBS continue to be significantly undervalued and present investors with a good opportunity to realize superior returns compared with other fixed income asset classes, including Treasuries and agency MBS, according to one investment advisory pro. “We believe that non-agency RMBS continue... Read More

GSE Reform Proposed G-Fee Increase Will Raise Cost of Homeownership, Uncertain To Attract Private Capital

It remains to be seen whether the Obama administration’s proposal to hike the guarantee fees on Fannie Mae and Freddie Mac MBS will help restore non-agency mortgage securitization, but market observers say it’s certain to raise the cost of agency mortgage financing. Earlier this month, the Treasury Department released... Read More

Straightening Out Repurchase Obligations Likely Plays Major Role in Reviving Non-Agency MBS Market

Breaches of representations and warranties in the non-agency MBS market – and how to resolve disputes over them – have become a major issue since the subprime and Alt A MBS market ground to a halt in late 2007, according to industry witnesses at a hearing in the N.Y. State Assembly Committee on Insurance last week. Monoline bond guarantors have absorbed... Read More

Experts: GSE Repurchase Threat Receding, Concern About Private Label Risk Grows

The outlook for mortgage buybacks in 2011 is showing some improvement but lingering uncertainty remains as the industry continues to grapple with not only large demands from Fannie Mae and Freddie Mac but also growing repurchase requests on non-agency MBS, according to participants of an exclusive Inside Mortgage Finance webinar. Repurchase requests – particularly from Fannie Mae and Freddie Mac – have been around... Read More

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