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Inside MBS & ABS

January 26, 2007

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Home-Equity Securitization Totals Healthy $545 Billion in 2006; a Boost from Seconds

The home-equity securitization market turned in its second best year ever in 2006, generating a hefty $545.3 billion of new issuance, according to a new ranking and analysis by Inside MBS & ABS. While bread-and-butter subprime... [Includes two charts and one graph] Read More

GSE Business Volume Declines Slightly In 2006, Retained Portfolios Hold Steady

Fannie Mae and Freddie Mac saw their volume of new business activity decline in 2006, generally tracking an overall shrinkage in new residential mortgage activity.The two government-sponsored enterprises issued a total of... [Includes one chart] Read More

Ginnie Mae Proposes to Limit Grant of MBS Paper Certificates

Ginnie Mae is streamlining its book entry process with a proposed rule that would restrict the issuance of paper certificates to investors as proof of ownership of Ginnie MBS. The proposed rule, which is under review at the Office of Management and Budget, would... Read More

MBS Issuance to Decline in 2007, but Perform Better than Last Year, Rating Services Predict

A decline in mortgage originations, coupled with a projected increase in interest rates and the slowing of home price appreciation has lead most observers to predict a decline in the issuance of residential mortgage-backed securities in 2007. Standard & Poor’s forecasts a... Read More

Freddie Mac Lender Partner Delivers Wrong ARMs, GSE to Pass Through Principal Prepayments

Taylor, Bean & Whitaker Mortgage, in Ocala, FL, has been forced to repurchase some 451 single-family hybrid adjustable-rate mortgage loans with a LIBOR index that it had mistakenly delivered into 31 of Freddie’s PC pools designed for Treasury ARMs. Those kinds of... Read More

Fitch Updates MBS Rating Model Available to Investors and Sponsors

Fitch Ratings recently detailed the changes it made to simplify its mortgage-backed securities credit risk model. The model, “ResiLogic,” aims to replicate Fitch’s final ratings. The rating service said the model is available to investors and sponsors... Read More

Terwin Buys Hanover’s Due Diligence Unit, Looks to Expand Its Loan Review Business

Hanover Capital Mortgage felt it needed to focus its attention on the real estate investment trust’s core securitization business, so it sold its due diligence unit to Terwin Acquisition I, LLC, for $1.2 million. The unit hardly made a ripple in the due diligence... Read More

Investors Wanting to Avoid Long-Term Investments In MBS Will Soon be Able to Buy MBS Stock Instead

Barclays, the 800-pound gorilla in the exchange traded funds space, is planning to create an investment fund linked to an index of agency MBS. An ETF is an open-ended fund that sells shares representing partial ownership in an underlying portfolio of... Read More

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