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Inside MBS & ABS

August 17, 2007

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Non-Agency MBS Market Took on a Distinctly More Jumbo Look in the First Half of 2007

The non-agency MBS market during the first half of 2007 began to look more like its old self as a conduit for mostly prime-grade mortgages too big to be sold to Fannie Mae or Freddie Mac. According to a new analysis and ranking... [Includes two charts] Read More

Market’s Biggest MBS Issuer Copes With Liquidity Crunch, Will Focus More on GSE Production

Countrywide Financial, the biggest residential MBS issuer on the planet, this week was forced to take a step back to regroup from the relentless pounding of the 2007 credit debacle. The company announced that it had taken steps to shore up its liquidity and... Read More

Freddie Mac Offers Liquidity Help for Troubled Alt A Market; Squeeze Could Boost Wraps

Freddie Mac this week offered to provide 90-day forward commitments to “experienced” lenders struggling to find secondary market outlets for Alternative A mortgage originations. “Freddie Mac continues to be an active force in the Alt A market and is taking steps to... Read More

Investment Banks’ Treatment of Subprime MBS Losses Reportedly Under Investigation by the SEC

The Securities and Exchange Commission is reportedly investigating how large investment banks account for losses on subprime MBS and related assets. Reached this week, Cheryl Scarboro, associate director of the SEC’s division of enforcement, declined to... Read More

ARM Securitization Tumbles in Second Quarter as Primary Mortgage Market Continues Drifting to Fixed-Rate Loans

The supply of adjustable-rate mortgages hitting the securities markets dropped during the second quarter of 2007 as consumers and lenders turned more toward fixed-rate loans. The biggest downturn was in the agency MBS market... [Includes two charts] Read More

Fannie Mae Net Drops 36 Percent in 2006; GSE Expects Higher Delinquencies, Credit Losses From Market Turmoil

Fannie Mae this week reported a plunge in net income for full-year 2006 and a near doubling in credit-related expenses, and indicated it expects to see higher delinquencies and significantly higher credit losses in the future from the ongoing mortgage market... Read More

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