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Volume 2014 - Number 15

April 18, 2014

Market for US Dollar-Denominated Residential MBS From Foreign Countries Faltered in 2013, But Some Issuers Persist

Issuance of residential MBS from foreign countries aimed at investors in the U.S. dwindled in 2013 after a few years when it surpassed new issuance of domestic jumbo deals. Activity in the market for U.S. dollar-denominated foreign MBS has picked up somewhat this year due to issuance out of Australia. Some $1.63 billion in U.S. dollar-denominated foreign residential MBS was issued in 2013, according to the Securities Industry and Financial Markets Association, a significant decline from the $10.70 billion in such issuance in 2012. The market for foreign residential MBS aimed at U.S. investors has been strong since the end of 2009, with $21.10 billion in such issuance in 2010 and $32.68 billion in issuance in 2011. After the financial crisis, issuance of U.S. dollar-denominated foreign MBS outpaced...

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



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After the November elections, how long will it take for a new Congress and White House to pass GSE reform legislation?

I’m confident a bill will be passed the first year.


2 to 3 years. GSE reform is complicated.


Sadly it won’t happen in a Clinton or Trump first term.


Not in my lifetime.


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