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Inside MBS & ABS

February 16, 2007

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Alt A MBS Issuance Hits Record Level in 2006; Changes Could Strengthen Market for Long Haul

With a solid boost in the fourth quarter, new production of Alternative A mortgage securities sailed to a record $365.68 billion in 2006 – and the sector may only get stronger in coming years.According to the... [Includes two charts and one graph] Read More

Non-Agency Issuers Increasingly Tap Derivatives Market to Support Nonprime Production in 4Q06

Issuers of non-agency MBS lined up derivative contract support for $178.56 billion of bonds issued during the fourth quarter of last year, accounting for 64.7 percent of total production during the period, according to a new... [Includes one chart] Read More

S&P Clarifies Rating Criteria for MBS Backed By Option ARMs that Include Derivatives

Standard & Poor’s this week provided more guidance on its ratings of non-agency MBS that use derivatives designed to offset basis risk or potential shortfalls in net deferred interest, or NDI. NDI shortfalls can occur in pools of loans that allow negative... Read More

Due Diligence Firms Build Up Business as Subprime MBS Market Faces Strife in 2007

The Year of the Pig represents a period of conflict, say Chinese soothsayers, and 2007 is already shaping up as a volatile year for the subprime MBS market. But conflict is fodder for due diligence providers. Due diligence service providers say demand for upfront... Read More

Mortgage Originators Top Ranking Of Biggest Mortgage Securitizers in 2006

Most of the top producers of mortgage-backed securities in 2006 were companies firmly rooted in the primary market, according to the Inside Mortgage Finance MBS Database. Countrywide Financial and Wells Fargo – the top two mortgage... [Includes one chart] Read More

Increased Defaults Could Cause CDOs To Abandon MBS Market, Study Suggests

Rising defaults and foreclosures in the mortgage market could cause CDOs to pull out of the MBS market, potentially toppling the mortgage industry, according to some researchers. The pessimistic scenario was detailed in a working paper titled “How Resilient are... Read More

Moody’s, Fitch to Offer Presale Reports for Subprime MBS

Moody’s Investors Service has released its first presale report for the subprime mortgage-backed securities it rates and Fitch Ratings will soon offer similar reports. Dominion Bond Rating Service, meanwhile, has offered presale reports for all MBS its rates... Read More

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