The suit was filed in December 2012 on behalf of hundreds of thousands of investors who bought stock in an offering by Fannie in May 2008, four months before the GSE was taken over by the government.
New MBS and ABS issuance slowed in the second quarter of 2013 as rising interest rates in June stalled the market’s momentum. A total of $495.4 billion in residential MBS and non-mortgage ABS were issued during the second quarter of 2013, according to a new Inside MBS & ABS market analysis. That was down 3.7 percent from the first quarter of the year, although total production during the first half of 2013 was still up 17.8 percent from the same period last year. June was...[Includes one data chart]
Credit Suisse and Shellpoint Partners decided to damn the torpedoes and issue a total of three non-agency jumbo MBS at the end of the second quarter of 2013 despite concerns about investor appetite. The Shellpoint MBS was a proof-of-concept affair, while at least one of the Credit Suisse deals appears to be aimed at unloading seasoned originations from one lender. The three deals totaled $1.10 billion. Analysts at Bank of America Merrill Lynch said...
Issuers of new non-agency MBS continue to resist requests from investors to standardize reps and warrants for new issuance. Issuers suggest that investors will eventually differentiate pricing between deals based on reps and warrants, but it hasn’t happened yet. “Securitization platforms do – and will likely continue to – differ in terms of the scope of the reps and warrants provided,” according to analysts at Standard & Poor’s. “While standardizing reps and warrants would be a step towards improving transparency in the residential MBS market, the new issue jumbo market has shown substantial diversity even with relatively few recent transactions.” S&P recently hosted...
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