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Inside MBS & ABS

April 21, 2006

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Credit Cards and Student Loans Look Promising as Non-Mortgage ABS Market Gets Off to Steady Start

The ABS market in non-mortgage collateral got off to a fairly typical start in the first quarter of 2006, with volume dropping significantly from the heavy end-of-year issuance of the fourth quarter, according to a new Inside MBS & ABS ranking and analysis. A total of $59.71 billion of non-mortgage ABS were issued in the first three months of the year, a 14 percent increase from year-ago volume that made early 2006 one of the… [Three data tables included] Read More

Risk Assessment, Costs Are Key Issues In Changing Home-Equity MBS Market

High home-price appreciation rates around the country and growing consumer debt levels have helped push the home-equity securitization market to record levels in recent years. But while volume has swelled, a number of emerging trends appear to be re-shaping the market – and analysts still differ about the risks inherent in various segments of the market. … Read More

FICC Changes Designed to Facilitate Counterparty Function for TBA Deals

The Fixed Income Clearing Corp., which provides automated post-trade comparison, netting, risk management and pool notification services for mortgage-backed securities, is making some changes designed to streamline its system, decreasing the number of pool settlements and increasing the return of its members’ margin collateral. The changes will be rolled out in three phases next year, and eventually, the FICC hopes to become a central counterparty to TBA netting and the associated pool allocations. “The introduction… Read More

Countrywide Ranks as Top Non-Agency MBS Sponsor; Lehman’s SASCO Shelf is Top Issuance Vehicle in 2006

Countrywide Financial ranked as the top sponsor of non-agency MBS during the first quarter of 2006, with $38.97 billion in publicly sold non-agency MBS under its brand, according to the Inside Mortgage Finance MBS Database. The concept of a securitization sponsor was firmly rooted in the industry by the Securities and Exchange Commission’s sweeping Regulation AB issued last year. Under that rule, sponsors of asset-backed securities are parties that organize and initiate an ABS… Read More

Top Lender-Issuers Tap Affiliates to Sell Their Non-Agency MBS Deals in 1Q06

Several top lenders that issue non-agency MBS are also turning to in-house capital market operations to sell their deals to investors, a capability that other securitizers would like to have but hesitate to acquire. The capital market units of Countrywide Financial and Washington Mutual led a narrow field of in-house operations that underwrote most of their affiliates’ non-agency MBS originations during the first quarter of 2006, according to the Inside Mortgage Finance MBS Database.… [One data table included] Read More

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