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Inside MBS & ABS

November 9, 2007

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Investors Predict a Downturn in the MBS Market Until 2009 Due to Subprime Pricing Problems

At Information Management Network’s ABS East conference this week in Orlando, the consensus view seemed to be that the MBS market won’t get back to “normal” until late 2008 or 2009. “Investors are spooked,” said Mark Fleming, chief economist at First American... Read More

House Panel Approves Mortgage Reform Bill With Federal Preemption for Secondary Market

The House Financial Services Committee this week approved mortgage consumer protection legislation that would establish a federal preemption for the MBS market, but the fast-moving bill would have a significant impact on the kinds of loans flowing into... Read More

Investors Pin Blame for MBS Problems On Rating Services; Agencies Fight Back

MBS investors, ratings services, issuers and underwriters are engaged in an industry-wide mudslinging contest to assign blame for the mess the market is in. Rating stability was a major concern raised by investors at this week’s ABS East conference... Read More

Improving Data Integrity and Underwriting Seen as Key to MBS Market’s Revival

As important as better loan underwriting is to the recovery of the non-agency MBS market, industry experts at this week’s ABS East conference say there’s a parallel need for more transparency. “We need to improve data quality and underwriting quality,” said... Read More

GSEs Dragged Into New York Attorney General Investigation of Mortgage Appraisal Practices

The chief regulator of Fannie Mae and Freddie Mac is less than pleased with the New York attorney general’s decision to subpoena the two government-sponsored enterprises and suggested that the state agency may not have a very good grasp of the mortgage... Read More

Commercial MBS Issuance Cools Down in Third Quarter, Wachovia Still Top Issuer

Commercial MBS issuance declined by 25 percent from the second to the third quarter, but production remained comfortably above year-ago levels. A total of $195.6 billion of commercial MBS were issued during the first nine months... [Includes two charts] Read More

Billion Dollar Subprime Write-Downs Cause Heads to Roll, Ratings Downgrades at Citigroup, Merrill Lynch

Citigroup and Merrill Lynch have pushed out their top executives after massive, multi-billion-dollar writedowns due to losses on subprime mortgages. And both companies got hit with ratings downgrades too, as the mortgage market meltdown shows no signs of... Read More

Non-Agency MBS Issuance Hits New Low In October; GSE MBS Market Share Rises

New issuance of non-agency MBS fell to its lowest monthly total since April 2002, sinking to just $23.72 billion in October, according to the Inside Mortgage Finance MBS Database. That represented a 29 percent decline from already... [Includes one chart] Read More

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