The Non-Agency Mortgage Security Market

Non-Agency MBS Issuance by Type

The amount in dollars of non-agency MBS issuance from 1995-3Q14. Categories include prime, subprime, Alt A, S&D, seconds, re-MBS, other and total issuance. Quarterly data for 2001-2005 and 2007-3Q14 included.

2003-3Q14 Data

1995-2005 Data

Poll

What is it going to take to convince lenders to loosen the credit box (i.e., remove underwriting overlays)?

The recent rep and warranty changes announced by the Federal Housing Finance Agency should go a long way in protecting lenders from future buybacks and help expand mortgage credit.
There won’t be any significant elimination of underwriting overlays until the government stops seeking huge mortgage-related penalties and settlements from lenders.
There shouldn’t be any expansion of the mortgage credit box since looser underwriting is what caused the recent mortgage crisis.

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