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Volume 2012 - Number 49

December 21, 2012

Non-Agency MBS Issuance Expected to Increase Somewhat in 2013; Years Before Full Recovery

Analysts expect issuance of new production non-agency MBS to increase in 2013 from this year’s level but remain well below historical non-boom standards. Investor demand for new non-agency MBS has increased recently and a number of issuers are looking to enter the market, but the non-agency sector also faces significant hurdles. Reform of the government-sponsored enterprises and pending risk-retention rules need to be resolved before non-agency MBS production will increase significantly, according to industry analysts. Through the beginning of December, $13.01 billion in non-agency MBS had been issued...

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.

 

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Poll

What do you think is the biggest hurdle to meeting the new QM standards in the CFPB’s ability-to-repay rule?

A debt-to-income (DTI) cap of 43%.

48%

A 3% cap on points and fees.

29%

An interest rate cap of the average prime offered rate (APOR) plus 1.5%.

23%

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