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Inside MBS & ABS

November 24, 2006

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New Rules for GSE Debt Issuance Imminent as Treasury Works Toward Greater Transparency, and Possibly Limits

After holding a series of private meetings with Fannie Mae, Freddie Mac, and select members of Congress over the last few months, the Treasury Department is about to issue new rules for the two government-sponsored enterprises that could limit their debt issuance and... Read More

S&P Still Rules Non-Agency MBS Ratings, Moody’s Leads in Non-Mortgage ABS

Standard & Poor’s padded its lead as the top rating service in the non-agency MBS market through the first nine months of 2006, assigning grades to some 93.6 percent of new transactions issued during that period, according to... [Includes two charts] Read More

HELOC Market Moving Forward, But Questions About Structure and Risks Remain Unsettled

Securitization of home-equity lines of credit is growing as the product expands beyond its traditional bank customer base to a wider audience seeking to fund consumption of a range of consumer products and services. But the market appears still to be very much in its... Read More

New Study Suggests Investors in Alt A MBS Need to Be Concerned About Credit Quality

Investors who have been gobbling up non-agency MBS backed by Alternative A mortgages at a brisk pace over the past few years may need to be concerned about a possible deterioration in the credit quality of loans going into new deals, according to... Read More

Standard & Poor’s Considering Change to Counterparty Exposure Risk Tolerance

In an effort to broaden and diversify counterparty and other supporting party participation in structured finance transactions, Standard and Poor’s is considering increasing its counterparty and supporting party exposure risk tolerance. Derivatives, which are... Read More

Use of Financial Derivatives in Non-Agency MBS Declines In the Third Quarter; Bear is Most Active Counterparty

The sharp drop in subprime mortgage securitization in the third quarter meant fewer non-agency MBS were produced with derivative financial instruments in place to bolster performance. A total of $154.84 billion of non-agency MBS... [Includes one chart] Read More

Lenders Scramble to Maintain Volumes, but MBS Securitizers Think Market Correction is Manageable

Despite widespread concerns about a cooling mortgage market, many secondary market investors are bullish on the sector and plan to grow in the months ahead. Management at KKR Financial is contemplating a shift in corporate structure out of the current... Read More

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