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Inside MBS & ABS

October 5, 2007

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Mortgage Securities Production Tumbles in 3Q07 But GSEs Hit Four-Year High in Market Share

New production of mortgage-backed securities edged slightly higher in September, but the third quarter of 2007 still sank to the lowest issuance level since early 2004, according to a new analysis by Inside MBS & ABS. A total of $423.19 billion... [Includes two charts] Read More

More Big Banks Take Hits From Subprime MBS Exposure, Mortgage Units Realigned

Another handful of top investment banking firms told investors this week that their earnings would be depressed because of exposure to the U.S. subprime mortgage market, leading to further management shakeup and realignment of mortgage business units. Citigroup... Read More

Audit Group Says Subprime MBS Holders Should Weigh Market Prices Even if Volume is Low

The Center for Audit Quality, an affiliate of the American Institute of Certified Public Accountants, this week issued accounting guidance that urges companies holding subprime securities to consider market pricing even if trading volume is very low. The... Read More

Regulators Scrutinize Wall Street Firm’s Lending, Securitization Policies for Possible Discrimination

The Securities Exchange Commission and the Department of Housing and Urban Development are investigating complaints alleging discriminatory lending and secondary market policies and practices at Morgan Stanley and its mortgage subsidiary, Saxon Mortgage... Read More

Non-Mortgage Subprime Securities Touted as Flourishing Alternative to Subprime MBS

Surprisingly, turmoil in the subprime MBS sector has not spilled over into other subprime asset-backed securities, making them a good buy as some avoid subprime investments all together. Investors at Information Management Network’s recent Subprime ABS conference... Read More

Moody’s Says More Transparency Would Temper Problems in Subprime MBS

Moody’s Investor Services is urging the MBS industry to increase disclosure and transparency in the subprime mortgage securitization process to help the ratings services better monitor risk. After a record setting wave of subprime MBS downgrades – Moody’s alone has... Read More

Agency-Backed REMIC Production Dropped Sharply In Third Quarter; Lehman Leads in Underwriting

Issuance of structured mortgage securities backed by agency pass-throughs fell to a meager $46.9 billion in the third quarter, a 39 percent decline from the previous three-month period. Production of agency-backed REMICs hit its lowest level... [Includes two charts] Read More

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