MBS, ABS Issuance

Browse articles from all of our Newsletters related to MBS, ABS Issuance.

August 29, 2014 - Inside FHA Lending

Over $65B in FHA Loans Securitized in 1H14

An estimated $65.5 billion of FHA-insured mortgages, excluding reverse and modified loans, were included in Ginnie Mae mortgage-backed securities issued during the first six months of 2014, according to an Inside FHA Lending analysis of agency securitization data. Ginnie Mae FHA MBS issued during the first half of the year nearly matches the total number of new FHA loans originated over the same period (see related chart, p. 4-5). FHA purchase home mortgages served as collateral on 76.3 percent of Ginnie Mae MBS issued over the six-month period, while loans to first-time homebuyers accounted for 63.0 percent of Ginnie MBS issued during the period. The FHA loans in Ginnie pools over the last two quarters showed an average FICO score of 681, a loan-to-value ratio of 92.5 percent and an average loan amount of $169,093. Except for fifth-ranked Freedom Mortgage, the rest of the top five ... [1 chart]


August 29, 2014 - Inside FHA Lending

GNMA Unable to Use $200 Million Windfall

Roughly $1 billion in damages will flow through to the FHA and Ginnie Mae from Bank of America’s record $16.65 billion global mortgage-backed securities settlement with the Department of Justice. Although most of the DOJ’s case centered around faulty private-label MBS that BofA and its forbears (namely Countrywide and Merrill Lynch) underwrote during the housing boom, a small piece of the settlement is tied to servicing chores that the bank did for Ginnie Mae. And apparently, BofA didn’t do a very good job of servicing the underlying product. The bank took over as the subservicer on roughly $26.2 billion in mortgage servicing rights that once belonged to Taylor, Bean & Whitaker, a large nonbank based in Ocala, FL. When TBW went bust in the second half of 2009, BofA was given the subservicing contract. “BofA serviced the loans for us,” said Ginnie Mae president Ted Tozer. “And they did a ...


August 22, 2014 - Inside The GSEs

Fannie, Freddie MBS Business Activity Increases in July

Fannie Mae and Freddie Mac in July posted a combined increase in the volume of single-family mortgages they securitized, according to a new Inside The GSEs analysis.Fannie and Freddie issued $57.9 billion in single-family mortgage-backed securities in July, a 12.3 percent increase from June. However, July’s MBS issuance was down 59.0 percent on a year-to-date basis.


August 15, 2014 - Inside FHA Lending

GNMA’s Conversion Plan: Devil is in the Details

Two industry trade groups expressed support for consolidating Ginnie Mae’s mortgage-backed securities program and creating a new MBS but they are at loggerheads on some of the details. Commenting on the Ginnie Mae proposal, the Securities Industry and Financial Markets Association (SIFMA) and the Mortgage Bankers Association (MBA) said the disagreements are mostly on how to resolve issues related to winding down the Ginnie Mae I MBS program and providing a conversion option for existing securities. “It is clear that further discussion is warranted, and direct engagement with key stakeholders should be beneficial,” the trade groups suggested. Ginnie Mae has received considerable support from a variety of industry players for its “straw man” proposal to shift to a single MBS program based on the existing Ginnie II. The program now accounts for more than 90 percent of all ...


August 15, 2014 - Inside Nonconforming Markets

Morgan Stanley to Issue Unique Jumbo MBS

Morgan Stanley was set to issue its first jumbo mortgage-backed security since the financial crisis this week. The $256.48 million deal differs from most jumbo MBS issued in recent years in that all the loans were sourced from one lender, and they’re all adjustable-rate mortgages, including a fair number of interest-only loans. Morgan Stanley Residential Mortgage Loan Trust 2014-1 was scheduled to close Aug. 15. Fitch Ratings and Standard & Poor’s gave the deal ...


August 15, 2014 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


August 8, 2014 - Inside The GSEs

GSE MBS Business Activity Rises Month-to-Month in July

Fannie Mae and Freddie Mac issued $57.9 billion in single-family mortgage-backed securities during the month of July, a 12 percent increase from June, continuing an off-and-on monthly rebound that started in April, according to a new Inside The GSEs analysis.However, MBS issuance through the first seven months of 2014 was down 59.0 percent from the same period a year ago Top-ranked Wells Fargo’s Fannie and Freddie securitization, at $7.91 billion, rose by 8.5 percent on a monthly basis but dropped 71.6 percent year-to-date.


August 8, 2014 - Inside The GSEs

FHFA, Goldman Talking Deal After Judge Rules in Part For Agency

It could cost Goldman Sachs between $800 million and $1.25 billion to resolve government claims that it sold faulty mortgage-backed securities to Fannie Mae and Freddie Mac leading up to the financial crisis, according to recent reports. Goldman Sachs is currently negotiating with the Federal Housing Finance Agency, which has recovered approximately $16.1 billion in agreements with other banks with respect to legacy MBS sold to the GSEs.In September 2011, the FHFA filed 18 separate lawsuits against some of the nation’s biggest banks, accusing them of misrepresenting some $180 billion in toxic subprime MBS.


August 8, 2014 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


August 8, 2014 - Inside MBS & ABS

Agency MBS Issuance Continued Climbing In July, Volume at Highest Since October

Fannie Mae, Freddie Mac and Ginnie Mae combined to produce $85.33 billion of single-family MBS in July, up 11.6 percent from the previous month, according to a new Inside MBS & ABS market analysis and ranking. July was the fourth straight monthly increase in agency MBS issuance after the market hit a 14-year low in March of this year. On a year-to-date basis, production was off 54.3 percent from the first seven months of 2013, and it will take a significant increase in issuance over the next five months for the market to hit the $1 trillion mark by the end of this year. All three agencies posted...[Includes two data charts]


August 7, 2014 - Inside Mortgage Finance

Agency Secondary Market Continued Gaining Steam in July; Little Change in Credit Standards

Fannie Mae, Freddie Mac and Ginnie Mae each recorded double-digit increases in single-family business in July, marking the fourth straight monthly gain, according to a new ranking and analysis by Inside MBS & ABS, an affiliated newsletter. The three produced $85.3 billion of single-family mortgage-backed securities last month, an 11.6 percent increase from June’s volume. The biggest increase was at Fannie, where production was up 12.6 percent for the month. The steady gains in production starting in April have not been...


August 1, 2014 - Inside FHA Lending

GNMA Data Show Wells, Chase Pulled Back

JPMorgan Chase and Wells Fargo have both paid major settlements regarding FHA lending, and both have curtailed their participation in the program, according to a new analysis of Ginnie Mae data by Inside FHA Lending. During the first six months of 2013, Chase accounted for 11.8 percent of the FHA mortgages in newly issued Ginnie mortgage-backed securities. During the first half of 2014, its volume of FHA loans in Ginnie pools was down 75.8 percent from the same period last year, and its share of the market sank more than half, to just 5.1 percent. Jamie Dimon, Chase’s president and CEO, recently questioned why the bank should stay in the FHA business when legal costs are so high. The Ginnie data show it ... [1 chart]


August 1, 2014 - Inside Nonconforming Markets

Two Harbors Set to Return to Jumbo MBS Issuance

Two Harbors Investment is preparing to issue a $267.67 million jumbo mortgage-backed security, according to a preliminary term sheet obtained by Inside Nonconforming Markets. The deal is scheduled to close Aug. 5, nearly a year after the only other jumbo MBS issued by Two Harbors. Agate Bay Mortgage Trust 2014-1 is backed by 30-year fixed-rate mortgages from a variety of lenders, led by RPM Mortgage with a 12.8 percent share, New York Community Bank ...


August 1, 2014 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


July 25, 2014 - Inside Mortgage Trends

Data: Agency MBS Activity By State: 6M2014

A ranking by state of agency mortgage-backed security activity in the first half of 2014 with columns for purchase mortgages, refinances, Fannie Mae, Freddie Mac and Ginnie Mae.


July 24, 2014 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


July 24, 2014 - Inside MBS & ABS

Non-Mortgage ABS Market Slowed Modestly in 2Q14 But Stayed on Track for Best Year Since 2008 Crash

New issuance of non-mortgage ABS dropped slightly during the second quarter of 2014 from the robust levels recorded in the first quarter of 2014, according to a new analysis and ranking by Inside MBS & ABS. A total of $49.14 billion of non-mortgage ABS were issued during the April-to-June cycle, an 8.0 percent decline from the first quarter of 2014. But new issuance remained...[Includes three data charts]


Poll

Home-equity lending is beginning to show new life. My company (pick one):

Plans to enter this market over the next 12 months.

25%

Is already making home equity loans and hopes to increase the offerings.

45%

Is in the market but don’t expect much growth.

15%

Is not making second liens and has no plans to do so.

15%

Housing Pulse