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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 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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