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Inside MBS & ABS

October 13, 2006

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Non-Agency MBS Issuance Softens in Third Quarter; Market Leans to Prime

With a faltering supply of subprime and Alt A deals, new production of non-agency MBS declined by 7.0 percent in the third quarter, according a new analysis based on the Inside Mortgage Finance MBS Database. A total of $281.51 billion of non-agency MBS were issued... Read More

Countrywide Remains Top Non-Agency MBS Issuer In 2006, But Some Other Firms Are Gaining Ground

Countrywide Financial maintained its comfortable lead over the rest of the non-agency MBS market as the most active issuer of new securities through the first nine months of 2006, according to a new Inside MBS & ABS ranking. The California-based mortgage company issued some... Read More

Wall Street Run of Subprime Expansion Continues With Bear Stearns’ Purchase of ECC Wholesale Unit

Wall Street’s foray into the subprime origination market continued in earnest this week as Bear Stearns announced plans to purchase the wholesale origination unit of ECC Capital Corp., a beleaguered California-based real estate investment trust. “The acquisition of ECC Capital’s origination unit will... Read More

S&P Ratchets Up Foreclosure Risk For Extended Amortization Loans

Standard & Poor’s has assigned a higher foreclosure risk to mortgages with extended amortization in response to growing use of the products. The rating service will rate the loans as up to 15 per-cent more likely for foreclosure compared to traditional mortgages.Effective in November, S&P will... Read More

FASB Accounting Standard on Hybrid Instruments Could Chill MBS Demand, Mortgage Bankers Fear

New accounting rules for certain hybrid financial instruments could dampen investor appetite for plan vanilla MBS pass-throughs, according to the Mortgage Bankers Association. The new Financial Accounting Standard 155 that took effect last month could mean that... Read More

Fitch Revamps MBS Rating Criteria,Deploys New Frontline Pricing System

Fitch Ratings has unveiled new rating criteria and a new loan default model, dubbed “ResiLogic,” for U.S. mortgage-backed securities, based on three major predicators it has identified for mortgage loan defaults: FICO scores, credit sector and combined loan-to-value ratios... Read More

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