Volume 2012 - Number 7
February 17, 2012
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Don’t Go Too Far in Reining in Conflicts Of Interest, Securitization Reps Tell SEC
The securitization industry told the Securities and Exchange Commission this week that certain rules might be needed to make sure transaction parties are not creating and selling ABS that are intentionally designed to fail or default and profiting from the failure or default of such securities. However, industry representatives urged the regulator to make sure that any such rules not be overly broad or vague or place undue restrictions or prohibitions upon the securitization market and otherwise impair its recovery. The SEC in September proposed a rule to implement provisions...
FHFA, UBS Await Federal Court Ruling on Challenge To Statute of Limitations on GSE Non-Agency MBS Cases
Observers in MBS and legal circles are closely watching how a federal judge will rule on a pending motion by UBS Americas to dismiss the mortgage securities lawsuit brought last summer by the Federal Housing Finance Agency on statute of limitations grounds and the ruling’s potential impact on other pending FHFA MBS litigation. The FHFA sued UBS in July and then filed a blizzard of 17 lawsuits against some of the industry’s biggest institutions, including Bank of America, Credit Suisse, JPMorgan Chase, Morgan Stanley and others, seeking tens of billions of dollars in damages incurred by Fannie Mae and Freddie...
Analysts See Slower Recovery of CMBS Market in 2012 Due to Global Debt Concerns, Credit Volatility
Analysts covering the commercial mortgage-backed securities market are cautiously optimistic, predicting continued volume growth and better performance of CMBS in 2012, although at a much slower pace compared to the past two years. CMBS investors will tend to be cautious this year because of continuing economic uncertainty worldwide, particularly the European debt crisis, and a tougher debt market that may reduce liquidity, analysts said. The CMBS market has not yet fully recovered from its almost total collapse in 2009 as a result of the financial crisis. Although recovery began in 2010, issuance remains...
Top Sellers to GSE Multifamily MBS Pools in 2011
One data chart of the top sellers to GSE Multifamily MBS Pools in 2011.
MBS Investors Have More to Fear From Servicing Standards Than AG Settlement Principal Reductions
MBS investors were not at the negotiating table for the multistate servicing settlement, yet they will feel the reverberations of the principal reductions and loan modifications the banks have promised state attorneys general and federal agencies. The $25 billion agreement reached last week among 49 states, the federal government and five major servicers – Bank of America, Wells Fargo, JPMorgan Chase, Citigroup and Ally Financial – allocates $10 billion toward principal reductions for underwater borrowers at risk of default. The banks will cough up another $7 billion for other forms of borrower...
Industry Groups Rally Against Additional GSE G-Fee Hike As Final Details of Tax Cut Deal Remain Uncertain
Industry trade groups this week stepped up their efforts to block the imposition of additional fees on Fannie Mae and Freddie Mac MBS as a way for the government to pay for an extension of the payroll tax holiday and unemployment benefits. Late this week, the House-Senate conference committee announced it reached an agreement on a $150 billion extension through the end of 2012, although final details of the deal were not yet finalized as Inside MBS & ABS went to press. Lawmakers had been considering raising $4 billion of new revenue from increased guarantee fees from the two government-sponsored...
MBS & ABS Issuance at a Glance
One page of issuance data.
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Mortgage Beat
- FHA Third-Party Originator Sponsors Warned by HUD
- Free Story from Inside Nonconforming Markets on Investor Interest in Vintage Non-Agency MBS
- New CFPB Budget Emphasizes Enforcement and Supervision
- Senate, House Bills Would Authorize GSEs to Rent REOs
- HUD to Raise Premiums to Bolster FHA Capital Reserves
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- Mortgage Brokers Carry Significant Portion Of Increased Origination Volume in Late 2011
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- HUD to Raise Premiums to Bolster FHA Capital Reserves
- Private MI Regains Some Market Share in 2011, Radian Tops Industry Ranking for First Time
- Looking at HUD’s Proposed Budget for 2013
