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Inside MBS & ABS

June 29, 2007

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Some Alt A MBS Mired in Subprime Problems, Seen As a Risky Investment According to Investors

Consensus is lacking on whether the troubles in the subprime sector will spread to the prime mortgage market, but there is little doubt that the Alt A business is feeling the heat. In fact, investors suggest that some Alt A securities are not even being bid on, a... Read More

Home Price Appreciation Can Cure Subprime Woes, Tighter Underwriting Less Helpful

Regardless of underwriting standards, without home price appreciation, there will not be a recovery in the subprime market, according to Sarbashis Ghosh, a senior director at Merrill Lynch. A scenario of stalled house price gains could lead to massive... Read More

MBA Position on Loan Modification Gets Tacit Approval from FASB

The Financial Accounting Standards Board did not challenge the Mortgage Bankers Association’s position that efforts to modify troubled subprime mortgages held in securitization trusts do not violate current accounting rules. Neither the board nor the... Read More

More Jumbo Mortgages Finding Their Way Into MBS in 2007; Jumbo Deals Becoming Purer

The volume of jumbo mortgages pooled in non-agency MBS jumped 14.9 percent in the first quarter of 2007, continuing a steady increase in the securitization of loans too big to be sold to Fannie Mae or Freddie Mac. A new Inside MBS & ABS analysis... [Includes two charts] Read More

GSEs are Capitalizing on Subprime Crisis, Revenues Increasingly Reliant on Guarantee Biz

Fannie Mae and Freddie Mac are finding a big opportunity to ramp up their MBS production, thanks mostly to the continuing crisis in the subprime segment of the marketplace. And the subprime programs the government-sponsored enterprises announced earlier this year could... Read More

First Franklin Acquisition Boosted Merrill Lynch to Top Ranking in Subprime MBS Issuance in Early ‘07

It’s not a distinction that many companies want these days, but Merrill Lynch ranked as the top issuer and underwriter in the subprime MBS market during the first quarter of 2007. With overall subprime MBS production dropping... [Includes two charts] Read More

University Endowments Find Value in Subprime Debt as Hedge Funds Bail Under Pressure of Losses

While traditional players in the subprime MBS market such as Bear Stearns, Merrill Lynch and Goldman Sachs are unloading assets, attractive buying opportunities are opening up for different kinds of investors. Among them are universities. “We’ve got a... Read More

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