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Inside MBS & ABS

April 20, 2007

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Rating Services Slammed as Congress Looks To Place Blame for Subprime Loan Problems

Federal policymakers took turns questioning representatives of the MBS industry about its role in the collapse of the subprime market – as well as possible responses to the problem. The Federal Deposit Insurance Corp. on April 16 convened an unusual, closed-door session... Read More

Regulators, Congress Push for Loan Modifications For Subprime Mortgages, But Plan May Hit Hurdle

Federal banking agencies and key members of Congress are pushing loan modification as a major remedy for the problems in the subprime market, but it’s unclear how much can be done under MBS structures that set servicing standards for the vast majority of subprime loans... Read More

Non-Mortgage ABS Issuance Edges Higher in Early 2007 as Card and Student Sectors Bloom

Production of new non-mortgage ABS got off to a solid start in the first quarter of 2007, edging slightly ahead of the pace set in the fourth quarter of 2006 thanks to big gains in the student loan and credit card sectors. A total of $68.2 ... [Includes four charts] Read More

Risk-Layering Caused Defaults in Recent Vintage Subprime MBS Despite Higher Credit Scores

Credit scores, once a leading indicator of projected borrower payment performance, have been less of a factor in predicting defaults for recently originated subprime mortgages. A recent analysis by Fitch Ratings found that early-payment defaults are on... Read More

Finance Board Directs FHLBanks to Draft Policies on Nontraditional, Subprime Holdings

In a move that might discourage the 12 Federal Home Loan Banks from holding nonprime MBS in the future, the Federal Housing Finance Board has issued a directive instructing them to draft their own policies on nontraditional and subprime mortgage products... Read More

Moody’s Finds Ratings Differ from Rivals in Lower Credit Transactions

Ratings by Moody’s Investors Service of investment-grade structured finance transactions, including MBS and ABS, remain on average quite similar to ratings made by its major rivals, Standard & Poor’s and Fitch, but significant differences emerge on lower-rated tranches... Read More

FBR Files Plan to Sell Stock in Its Capital Markets Subsidiary

Friedman, Billings, Ramsey Group has filed a registration statement with the Securities and Exchange Commission to sell up to $243.2 million of stock in its capital markets subsidiary to the public. The initial public offering of 11,750,000 shares of stock in... Read More

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