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Inside MBS & ABS

September 28, 2007

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Credit Rating Agencies Feel Lawmakers’ Heat As Congress Seeks Blame for Subprime Meltdown

Representatives from leading rating services were called on the carpet during two Capitol Hill hearings this week, where skeptical lawmakers wanted to know why the companies didn’t detect problems in the subprime market sooner. Congressional leaders from both... Read More

Limited Liability for Purchasers, Securitizers, Safe Harbor Provided in Anti-PL Legislation

Loan purchasers and securitizers could be where the buck stops when it comes to liability for abusive mortgage lending practices under an anti-predatory lending bill that will soon be introduced in the House Financial Services Committee, according to one of the bill’s... Read More

As Subprime Investors Sit on the Sidelines, Practices In the Sector Change in Anticipation of Rebound

Issuance of subprime mortgage-backed securities has slowed to a trickle in the last few months, but investors that favor the assets are making changes that will affect the market when it recovers. “The securitization model is dead,” said Richard Benson, president... Read More

Value Seen in Top and Bottom Tranches of Subprime MBS As Investors Avoid Middle of the Capital Structure

Not surprisingly, investment grade subprime MBS are a good value right now, according to investors, but most buyers are nevertheless seeing greater returns at the bottom of the capital structure and avoiding mid-tier rated subprime MBS. Most investors at... Read More

Deutsche Bank Ranks First Among Non-Agency MBS Trustees; Bank of New York Leads in ABS

Deutsche Bank leveraged its big stake in the Alternative A MBS market to rank as the top trustee for MBS issued during the first half of 2007, according to a new Inside MBS & ABS ranking. Deutsche was named trustee on a... [Includes two charts] Read More

Merrill Lynch Sat Atop the Subprime MBS Market Before the Liquidity Crunch Shut Down New Issues

The subprime MBS market fell to a three-year low during the second quarter of 2007 before spooking global financial markets and effectively evaporating. A total of $81.86 billion of subprime MBS were issued during the second quarter of... [Includes two charts] Read More

Role Studied for FHLBanks in Securitizing Looming Supply of Defaulted Mortgages

Regulators, industry representatives and the Federal Home Loan Banks have begun batting around ideas for using the government-sponsored enterprises to securitize what is expected to be a huge crop of underperforming and re-performing subprime mortgages. “People... Read More

Bank ABS Holdings Edge Higher in Mid 2007

Commercial banks held $92.24 billion of non-mortgage ABS in their portfolios at the end of June, a gain of 2.6 percent from the previous period. That was still well below the record $104.22 billion the industry held at the end of 2003... [Includes one chart] Read More

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