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Inside MBS & ABS

August 3, 2007

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Non-Agency MBS Issuance Plummets on Poor Subprime MBS Pricing; Agency Issuance Remains Strong

Non-agency mortgage-backed security issuance has dropped to alarmingly low levels over the past two months as dismal pricing for subprime deals appears to be dragging down production. At the same time, volume in the agency MBS programs... [Includes one chart] Read More

Countrywide First in Non-Agency MBS Sponsorship In 2007; Washington Mutual Has Most Active Shelf

Countrywide Financial ranked as the most active sponsor of non-agency MBS during the first half of 2007, racking up $62.64 billion of deals issued in the public market, according to the Inside Mortgage Finance MBS Database. A hefty 42.9... [Includes two charts] Read More

Market Fundamentals Improve Outlook for Fannie Mae, Freddie Mac Portfolio Growth

Recent market trends seem to be presenting Fannie Mae and Freddie Mac with an environment that would support some modest growth in their retained portfolios. In fact, one analyst sees nearly $36 billion worth of room to grow between the two government-sponsored... Read More

Commercial Mortgage Securitization Surges in Second Quarter; Wachovia Leads in Issuance

Commercial mortgage securitization activity increased significantly during the second quarter of 2007, lifting the market to its second highest three-month volume ever. A total of $76.13 billion in commercial MBS were issued in the second... [Includes two charts] Read More

Subprime Default and Foreclosure Rates May Set New Records Over the Next Year

The subprime default rate is surging toward levels not seen since 1997 and analysts expect the trend to continue for at least a year. Some even predict that the foreclosure rate for subprime adjustable-rate mortgages will more than double from its already high level... Read More

Moody’s Prepares for Further Problems in Alt A Mortgage Securities, Updates Rating Methods

In response to increased credit deterioration and rapidly rising default rates in mortgage-backed securities pools, Moody’s this week revised its Alt A and option ARM MBS ratings methodology and warned of further credit problems for the 2006 vintage of Alt A securities... Read More

Fannie Reveals TPO Data

Fannie Mae announced this week that it will begin disclosing pool-level data on third-party originations in MBS it guarantees. TPO loans, including those originated by brokers and correspondents, are widely believed to have faster prepayment rates, and... Read More

Fannie, Freddie Exposure to Subprime Losses Said to Be Small; May Be Falling in the Future

Fannie Mae and Freddie Mac are among the biggest investors in the subprime MBS market, but their focus on the highest-rated classes may spare them the heavy hits being taken by other participants in the subprime freefall. As of the end of June, Freddie Mac held... Read More

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