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Inside MBS & ABS

March 31, 2006

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Foreign Investors, Individuals, Step Up to the Plate In Booming Mortgage Securities Market of 2006

With some of the traditional heavy hitters in the MBS investment community playing a quieter role in 2005, foreign institutions and individual investors dramatically stepped up their participation in the residential MBS market, according to a new analysis by Inside MBS & ABS. Federal Reserve Board data show that the supply of residential MBS in the market grew by some $717.6 billion last year, hitting a record $5.139 trillion. That represented a huge supply of… Read More

U.S. Mortgage Servicers are Outsourcing Overseas, But Retaining Core Competencies, Moody’s Finds

U.S. residential MBS servicers, like many other American industries, are increasingly outsourcing some of their functions overseas in an effort to reduce costs – a five-year-old trend that is likely to gain steam, according to a new report by Moody’s Investors Service. But servicers want to keep their core competencies “made in the USA,” according to the report, “International Business Process Outsourcing Is Growing for U.S. Mortgage Securitization Services.” … Read More

Ginnie Announces Slight Changes To Its MBS and Related Programs

Ginnie Mae this week announced a few minor changes designed to expand its mortgage-backed securities programs, including broadening the range of MBS eligible for its Multiclass Callable Trusts. Begining in April, Ginnie Mae will accept Ginnie I and II MBS as eligible collateral for its Multiclass Callable Trusts, according to MPM 06-01. Previously, only Ginnie Mae Platinum securities were eligible underlying collateral for the agency’s callable trust securities. … Read More

Fannie Mae and Freddie Mac Continue Developing Appetite for Non-Agency MBS

The retained portfolios of Fannie Mae and Freddie Mac moved in different directions somewhat during February, but one theme they shared was a continuation of their shift into non-agency mortgage-backed securities – subprime and Alt A securities backed by conforming-balance loans. Fannie sold about $5.14 billion from its mortgage portfolio, which contributed to a $4.47 billion drop in the government-sponsored enterprise’s retained holdings during the month. At the same time, … [One data table included] Read More

Federal Home Loan Bank MBS Holdings Up 8 Percent in 2005

The Federal Home Loan Banks continued to be strong players in the MBS marketplace last year, holding just over $122 billion in mortgage-backed securities, an increase of 8 percent from the year before, according to an analysis and ranking by Inside The GSEs, an affiliated newsletter. The FHLBank of Des Moines had the largest percentage increase for the year, up 33 percent, while the New York Bank had the biggest percentage drop, down 26 percent… [One data table included] Read More

Second-Lien MBS Issuance Up Sharply in 2005 Despite Slowdown in HELOC Securitization

The volume of new non-agency MBS backed exclusively by second mortgages continued to grow in 2005, but the increase didn’t come from the primary market source many observers have expected to play a growing role. A total of $60.74 billion of second-lien MBS were issued in 2005, representing a solid 23.6 percent increase in production over the prior year. That figure does not include another $10.73 billion of second mortgages that were included in subprime… [One data table included] Read More

Delinquencies Peaked in the Gulf Coast Region as MBS Weath-ered the Storm

Delinquencies in the Gulf Coast region due to Hurricanes Katrina and Rita seem to have peaked and most residential and commercial mortgage-backed securities emerged unscathed, according to rating service analysts. The increase in delinquencies did not harm most MBS pools, as they were diversified, containing only a small percentage of loans in the disaster area. … Read More

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