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Inside MBS & ABS

December 8, 2006

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Citibank’s Heavy MBS Buy in 3rd Quarter Boosts Thrift Industry’s Mortgage Securities Holdings

Thrift industry MBS investment jumped sharply higher in the third quarter because one of the globe’s largest banking giants parked a huge volume of newly acquired mortgage securities in one of its thrift charters. Citibank (West) FSB, a... [Includes two charts] Read More

Nonconforming Mortgage Business Nears Finish Line in 2006’s Gauntlet of Change

The nonconforming mortgage business has been the main engine of growth in the home loan market over the past several years, but it has seen wrenching changes in 2006 as a number of major players in the market have changed hands or simply gone out of business... Read More

Nontraditional Mortgage Guidance Touches on Secondary Market but Provides Little Advice

The newly issued federal interagency guidance on nontraditional mortgages provides only a limited discussion of risk-management practices for secondary market activities – leaving a lot of questions about the guidance’s overall impact on the market... Read More

Lax Documentation in Subprime Mortgages Causes Moody’s to Alter Risk Assessments

The low-doc and no-doc loans popular in the subprime market are causing the rating services to reevaluate the risk they assign to such mortgages, as delinquencies for subprime collateral in mortgage-backed securities soar. Moody’s Investor Service recently updated ... Read More

Merrill Lynch Rolls Out New Agency CMO Index To Enable Investors to Better Track Performance

Merrill Lynch has launched a new collateralized mortgage obligation index that it says will help investors better gauge the sector’s performance. The U.S. Agency Collateralized Mortgage Obligation index will track the performance of about $1.2 trillion in assets... Read More

Fannie Requires Chase to Buy Back Hundreds of Mortgage Loans That Failed the GSE’s Underwriting Guidelines

Fannie Mae recently required Chase Home Finance to buy back 614 single-family mortgages, due to undisclosed violations of Fannie’s underwriting guidelines. “One of Fannie Mae’s seller/servicers notified the company that it delivered certain mortgage loans into... Read More

FDIC Proposes Basel 1-A Risk-Based Capital Framework; Rule Might Encourage Lenders to Retain Best Mortgages

Mortgage originators might be tempted to hold on to their best mortgages and securitize the rest, under the Basel 1-A risk-based capital proposed rule released for comment this week by the Federal Deposit Insurance Corp., in conjunction with other federal banking... Read More

JP Morgan’s MBS Trader Suddenly Resigns and The Investment Firm Has No Plans to Replace Him

JPMorgan Chase has lost its mortgage-backed securities trader, but it remains unclear if the departure is natural or whether the investment bank is beginning to shift its MBS strategies. Trader David Montano has resigned so he could... Read More

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