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Inside MBS & ABS

July 28, 2006

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Home-Equity Securitization Climbs in Second Quarter, Buoyed by New Mortgage Products

The volume of new home-equity securitization deals coming to market climbed 5.3 percent in the second quarter, fueled by the widespread consumer acceptance of new mortgage products to capitalize on rising property values. The $147.23 billion of home-equity MBS issued during the second quarter was one of the biggest three-month periods ever, topped only by the levels set during the second half of last year, according to the Inside Mortgage Finance MBS Database... Read More

Countrywide Sees Potential for ‘Disruption’ from Wall Street’s Foray into the Mortgage Business

The country’s largest mortgage originator, Countrywide Financial, has raised its shields in an effort to fend off the expansion of Wall Street investment banks into the loan origination market.“I woke up the other morning and found out I’m competing against the Street, and I think that’s a paradigm shift that is taking place and one that we are keeping our eye on, one that we are keeping our defenses against,” said Angelo Mozilo, chairman and CEO of Countrywide, in remarks during the company’s second quarter earnings conference call... Read More

GSE Portfolio Shrinkage Hasn’t Caused Market Disruption, Regulator Says in Urging Portfolio Limits on Fannie, Freddie

The prospect of imposing a cap on the retained portfolios of Fannie Mae and Freddie Mac is the single biggest impediment to achieving a legislative compromise on Capitol Hill that might usher in a major regulatory overhaul of the nation’s government-sponsored enterprises.And much of the GSE reform debate has revolved around what might happen to the housing market should such a cap be imposed... Read More

Jumbo Mortgage Delinquencies Were on the Rise In Early 2006, New Moody’s MBS Index Shows

Serious delinquencies on securitized prime jumbo mortgages notched upward in the early part of 2006, a new index developed by Moody’s Investors Service reveals. The new index tracks monthly delinquency, loss and prepayment trends on approximately $530 billion of Moody’s rated jumbo MBS issued since 2001, a total of about 1,777 pools... Read More

Bayview Forced to Repurchase Securitized Loans After Executive Altered Loans to Pump Up Commissions

Bayview Financial officials are scrambling to soothe the uneasiness on Wall Street after it reported that one of its executives falsified loan information for several years. The unidentified managing director and limited partner faked credit data in order to sweeten his commissions, the company said “Approximately 3 percent of the loans included in our outstanding securitizations of residential mortgage loans showed evidence of altered data,” Chief Operating Officer David Quint stated in a re-cent prerecorded message to investors that was posted on the firm’s Web site... Read More

U.S. Bank Becomes Top Trustee in Non-Agency MBS, Bank of New York Leads ABS Sector

Through the midway point of 2006, U.S. Bank has more than doubled the volume of non-agency MBS deals for which it functions as indenture trustee, becoming the top player in this market, according to the Inside Mortgage Finance MBS Database.U.S. Bank was named trustee on $176.3 billion of newly issued non-agency MBS during the first half of the year, up 150 percent from its volume during the same period last year. The company was, by far, the most widely named trustee... Read More

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