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Inside MBS & ABS

December 15, 2006

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Subprime MBS Market Cools as Wall Street Firms Package Fewer Loans in Conduit Deals

Some investment banks appear less aggressive about securitizing subprime loans this year even though Wall Street has rushed headlong to acquire production and servicing capability. According to data compiled by the Inside Mortgage Finance MBS Database,...[Includes two charts] Read More

Ownit Collapse and Increasingly Negative Views of Vintage 2006 Subprime Loans Rattle MBS Investors

Spooked by the sudden demise of Ownit Mortgage and other upheavals, investors have become increasingly nervous about the credit quality of subprime MBS. Nevertheless, analysts say the cash value of subprime deals has held up well. One indicator of investor... Read More

Slow House Price Growth and ARM Resets Pose Stiffest Challenge to Subprime Performance in 2007, Fitch Says

While the prime and Alt A segments of the market are facing declining asset quality due to increased borrower leverage and upcoming rate adjustments, the biggest jolt will be felt in the subprime sector, according to Fitch Ratings. “The combination of... Read More

Countrywide Ranks as Top Overall MBS Issuer In 2006, But Securitization Remains Fragmented

Although a relatively small number of firms have the wherewithal to compete in the booming non-agency MBS market, mortgage securitization in general remains a business that has room for small and mid-size companies...[Includes one chart] Read More

Pricing Models Often Differ From Actual Securities Prices, Some Vendors Warn

There is little disagreement about how to price investment grade securities, but when the quality of the collateral weakens, expected and actual prices vary widely, thanks in part to diverse model-based evaluations, according to MBS pricing consultants. At a seminar... Read More

Increased Tax Reporting Requirements Look Like Major Burden for Many Ginnie Mae Issuer/Trustees

Ginnie Mae MBS issuers could be swamped by stiffer reporting requirements under a final rule on widely held fixed investment trusts that was issued by the Treasury earlier this year. Under a final rule issued by the Internal Revenue Service... Read More

Veteran MBS Investor Calls for Increased Transparency, Warns of Risk Layering

The way Lewis Ranieri tells it, the non-agency mortgage-backed securities market is a lawless place and the recently issued federal interagency guidance on nontraditional mortgage products will do nothing to help restore order. Ranieri, an investor and chairman... Read More

Some Securitization Concerns Remain as FASB Moves Closer to Finalizing Accounting for Embedded Derivatives

Some holders of residential mortgages and mortgage-backed securities are still concerned that proposed accounting guidance could significantly disrupt their operations, compel them to dump their holdings, or otherwise impair their ability to manage risk... Read More

U.S. Bank, Bank of New York Rank as Top Trustees in Non-agency MBS and ABS Markets

U.S. Bank parlayed its prominent role in the prime jumbo market to claim the top trustee spot in overall non-agency MBS issued during the first nine months of 2006, according to a new ranking based on the Inside Mortgage Finance MBS Database... [Includes two charts] Read More

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