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Inside MBS & ABS

October 19, 2007

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3Q07 Market Disruption Hits Non-Mortgage Asset Securitization; Sallie Still Top Issuer

Turmoil in global financial markets slowed production of new non-mortgage asset securitizations during the third quarter, with the biggest downturn coming in vehicle-financing deals, according to a new Inside MBS & ABS ranking and analysis... [Includes four charts] Read More

Bank SIV Rescue Operation Could Add Liquidity to Secondary MBS Market, But Only High-Grade Deals

The ambitious plan announced by Bank of America, Citigroup and JPMorgan Chase to create a master conduit to support structured investment vehicles could help bolster prices for highly-rated mortgage securities, but critics say it could also make things... Read More

Ginnie Mae Creates Special Non-TBA Pools for ‘FHA Secure’ Loans to Ease Investor Concerns

Ginnie Mae this week allayed concerns of securities dealers and investors by announcing a sepa-rate pool for a new security backed by FHA mortgages originated to help troubled borrowers avoid foreclosure. Starting Dec. 1, delinquent and second-lien home... Read More

Lenders Aware They Need to Win Back Investors’ Confidence, Concerned About Servicing Issues

Mortgage lenders are keenly aware that a large part of the recovery of the mortgage market hinges on investors buying non-agency mortgage-backed securities, according to comments at the Mortgage Bankers Association’s annual convention this week in Boston... Read More

Securitization Reps Urge Industry to Work With Homeowners, Support Counseling in Securitizations

The securitization industry is trying to do its part to reduce the collateral damage from the subprime-induced recession in the housing market by encouraging servicers to work with troubled homeowners to avert foreclosures wherever possible. The American Securitization... Read More

Nomura Leaves MBS Market Amid Industry Instability

Nomura Holdings Inc. is quitting the U.S. mortgage-backed securities market after mounting subprime problems caused substantial losses to the Japanese investment bank’s bottom line, the company announced this week. With $621 million in write-downs of its residential... Read More

Accountants Report to SEC on Servicers’ Reg AB Compliance, Ask for Clarifications on Item 1122

Servicers might withhold information they are voluntarily reporting to investors depending on how the Securities and Exchange Commission interprets certain provisions under Regulation AB. Representatives from the “big four” accounting firms as well as the American... Read More

Bond Guarantors Likely to See More Losses From Subprime Exposure

While decreased earnings and bankruptcies for lenders and investors related to subprime lending losses have dominated the headlines in recent weeks, behind the scenes, guarantors have begun to feel the sting of contracted credit and frozen Alt A and subprime... Read More

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As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?

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