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Inside MBS & ABS

April 6, 2007

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Mortgage Securities Market Shows Surprising Resilience in 2007; Agencies Regain Share

The mortgage securities market was alive and well in the first quarter of 2007, fighting off a deluge of gloomy headlines and a business slump that hasn’t yet materialized. Despite epic upheaval in the subprime mortgage market – another... [Includes two charts] Read More

Deterioration in Credit Performance of Securitized Mortgages May be Close to Peaking, Report Says

Securitized prime, Alt A and subprime mortgage credit performance continued to weaken in January, but the deterioration could be close to peaking, according to a new report by Friedman Billings Ramsey. First, the prime loan default rate rose to 0.38 percent in January... Read More

GSE Reform Prospects Uncertain in Senate Where Everything May be Up for Grabs

The House of Representatives is expected to approve a bill to reform the oversight of the government-sponsored enterprises that was recently passed by the House Financial Service Committee, but the prospects in the Senate seem as uncertain as they’ve been in a long... Read More

Market Negativity Causes CDS Spreads to Reverse Direction as Volumes Keep Expanding, Fitch Says

The tightening of credit default swap spreads seen last year and early in 2007 have “widened substantially” since the end of February due to a “confluence of negative market events,” according to the latest CDS Roundup issued by Derivative Fitch. “We saw spreads... Read More

Agency-Backed REMIC Volume Strengthens In Early ‘07, Lehman Leads in Underwriting

Issuance of structured mortgage securities backed by agency pass-through deals jumped sharply in the first quarter, with $58.23 billion in new volume. That was up 34.0 percent from the fourth quarter of 2006, when... [Includes two charts and one graph] Read More

After Becoming REMIC Dealer, RBC Capital Markets Expands Its U.S. Agency Platform With Key Appointments

Investment banking firm RBC Capital Markets is expanding its roster as it seeks to take its U.S. fixed income game to a higher level.After becoming a registered REMIC dealer with Fannie Mae, Freddie Mac and Ginnie Mae in December, RBC Capital Markets has hired... Read More

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