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Inside MBS & ABS

March 23, 2007

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Subprime MBS Issuance Held Strong in 2006 But Problems Getting Worse for Top Issuers

While subprime mortgage-backed securities issuance fell a modest 4.9 percent in 2006, the widespread upheaval among subprime lenders suggests a much steeper decline this year. About 26 percent of the subprime MBS issued last year came... [Includes three charts and one graph] Read More

Anti-Predatory Bill Will Have Extended Lender Liability Component, Says Frank

Secondary mortgage market investors may see some kind of assignee liability in forthcoming anti-predatory lending legislation the chairman of the House Financial Services Committee plans to introduce soon. In remarks at a National Community Reinvestment Coalition... Read More

Dodd Pushes Regulators to Enforce Existing Regulation at Senate Subprime Hearing

Regulators and top subprime lenders faced more scrutiny in front of a Senate committee this week and there was plenty of blame to go around for the current problems in the subprime market. The only consensus reached was that mortgage-backed securities investors drove... Read More

2006 Vintage Subprime MBS to Perform Poorly, Losses Likely to be Higher Than First Thought, Fitch Says

Subprime residential mortgage-backed securities with a 2006 vintage will be a poorly performing group, with losses higher than first projected, according to the latest research by analysts at Fitch. “2006 will prove to be a poor vintage” for subprime residential MBS... Read More

Select Portfolio Servicing to Act as ‘Modification Oversight Agent’ in Credit Suisse Prime MBS Deal

In what appears to be one of the first such arrangements of its kind, Select Portfolio Servicing Inc. will serve as the “modification oversight agent” in a recently issued Credit Suisse MBS. SPS is a Salt Lake City-based financial services company that... Read More

New Analysis Predicts $112 Billion In Losses from Teaser ARM Resets

Resetting interest rates on ARM loans may cause over a million foreclosures over the next six to seven years, according to a study released this week by First American CoreLogic. The study asserts that 13 percent of the $2.2 trillion of total ARMs originated between... Read More

US Bank Claims Top 2006 Trustee Ranking in Non-Agency MBS, Bank of New York Rules ABS

US Bank was named indenture trustee for some $304.8 billion of non-agency MBS last year, making it the top player in the business with a 26.6 percent market share. A new analysis and ranking by Inside MBS & ABS reveals that US Bank got most of its... [Includes one chart] Read More

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