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Inside MBS & ABS

February 24, 2006

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Rudman Report Slams Fannie Mae’s Recent Past, Says New Management Is Setting Things Right

The massive new investigative report on Fannie Mae’s accounting and management scandals may not change anyone’s mind about reform of how the government-sponsored enterprises are regulated – but it gives both sides plenty to talk about. GSE critics were quick to say the 2,652-page report from investigators hired by Fannie Mae shows the government needs to dramatically strengthen the regulator’s powers. But Fannie Mae supporters say the investigation headed by former Senator Warren Rudman turned… Read More

Mortgage Securitization Rates Edge Higher in 2005, Aided by Huge Nonconforming Market

More of last year’s unexpected strong volume in new mortgage lending found its way into a securitization market that was keen to absorb nontraditional products. A new analysis by Inside MBS & ABS reveals that 64.8 percent of new mortgages originated last year were packaged in mortgage-backed securities. That was up from 62.4 percent for all of 2004, but remained below the record 70.7 percent securitization rate posted in 2003. … [One data table included] Read More

Default Risk From Impending ARM Resets Just a Drop in the Bucket, Study Finds

While interest rates will reset on a large number of adjustable rate mortgages in the coming years, the impact of the rate reset has been overstated, according to a new study. Defaults related to resets will account for less than 1 percent of total U.S. mortgage lending annually, according to a study by First American Real Estate Solutions. … Read More

Flood of Jumbo Mortgages Pooled in MBS In 2005, With Big Jump in Alt A Volume

A huge $448.52 billion of jumbo mortgages were securitized in the MBS market last year, but the biggest increase came in Alt A deals, rather than traditional jumbo securities, according to a new analysis by Inside MBS & ABS. Heady home price appreciation rates helped fuel a strong supply of new jumbo mortgages – loans that exceed the Fannie/Freddie purchase limits – in 2005. Last year’s flow of jumbo home loans into the MBS… [One data table included] Read More

Non-Agency Market Represents Growing Share of Mortgage Securities Outstanding

The supply of mortgage securities in the market grew at a steady 15.0 percent clip in 2005, slightly faster than the increase in the total mortgage market. Inside MBS & ABS estimates that $5.45 trillion of mortgage pass-through securities were outstanding in the market as of the end of last year, with about $1.01 trillion in agency-backed REMICs. … [One data table included] Read More

Tight Margins, Solid Performance, Still In the Cards for Subprime MBS Sector

Alternative mortgage products have significantly heightened the risks associated with subprime lending – and made investors wary of bonds backed by the sector – right? Not necessarily. In fact, participants in an audio conference sponsored by Inside Mortgage Finance Publications this week heard a relatively upbeat assessment of the prospects for the market. … Read More

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