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Inside MBS & ABS

March 9, 2007

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GSE Reform Process Starts Grinding Ahead, But Compromise May Be Further Out of Reach

Fed Chairman Ben Bernanke this week added a little more fuel to the debate over reform of the government’s oversight of Fannie Mae and Freddie Mac, but behind-the-scenes maneuvering suggests the project faces persistent obstacles.As was the case last year, the... Read More

Securitization Rates Edged Higher in 2006, But Home-Equity Boom Skews Bigger Gain

An estimated 67.7 percent of home mortgages originated last year were funneled into the mortgage securities market, up slightly from the 67.5 percent securitization rate recorded in 2005, according to a new Inside MBS & ABS analysis. But the... [Includes one chart] Read More

Moody’s Downplays Potential Losses For Investment Grade Subprime MBS

While recently originated subprime mortgages are performing poorly, especially compared to previous vintages, Moody’s Investors Service notes that the performance will have to get a lot worse to harm investment grade subprime mortgage-backed securities.In a recent report... Read More

How Purchase-Money Mortgages Came to be Less Desirable Than Refis in the Subprime Market

Subprime mortgages for the purchase of a house used to be considered a safer bet for investors than cash-out refinance transactions, but that perception has changed 180 degrees in recent years, according to a new analysis by DBRS. Purchase-money loans used... Read More

Supply of Mortgage Securities Outstanding Grows Rapidly in 2006, Fueled by Non-Agency MBS

An estimated $5.733 trillion of home mortgage securities were outstanding at the end of 2006, up a solid 10.4 percent from the supply at the beginning of the year. A new analysis by Inside MBS & ABS shows that the non-agency MBS market was... [Includes one chart] Read More

MBS Issuance Down Sharply in Early 2007, With Big Decline in Subprime Transactions

Mortgage securitization activity is off to a slow start in 2007, a year when most analysts expect underlying housing and mortgage lending volume to decline. During the first two months of the year Fannie Mae and Freddie Mac issued a combined... [Includes one chart] Read More

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