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Inside MBS & ABS

November 30, 2007

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Commercial Banks Pull Back from MBS Market, Shift Holdings to Non-Agency Securities in 3Q07

Commercial banks dumped mortgage securities from their portfolios during the third quarter, but virtually all of the decline was in holdings of Fannie and Freddie pass-through securities as banks actually added more non-agency MBS... [Includes three charts] Read More

Mortgage Securitization Rate Declines Slightly in Third Quarter, But Remains at Historic High

Mortgage securitization rates stayed at very high levels through the end of the third quarter, despite severe upheaval in secondary markets and plummeting MBS issuance in the non-agency market. An estimated 74.2 percent of new mortgages originated in the first... Read More

Predicted Subprime MBS Losses May be Greatly Exaggerated by ABX Pricing, Analysts Suggest

Investors may end up taking as much as $400 billion in writedowns on subprime MBS holdings, analysts say, but opaque pricing in the market may distort the final tab paid for the market debacle. Currently, the closest publicly available proxy for subprime MBS... Read More

GMAC Looking to Prop Up or Possibly Sell ResCap, Its Mortgage Subsidiary

Residential Capital continues to ail and its parent, GMAC, last week acknowledged that it is still considering selling the business that includes Residential Funding Co. and GMAC Mortgage, two of the major non-agency MBS issuers in recent years. GMAC is looking to add to... Read More

Wall Street Eases Investor Fears in Wake of Rulings Against Certain Foreclosure Cases

Recent federal court rulings raising questions about investors’ legal standing in certain mortgage foreclosure filings will have no impact on the securitization market, experts say. Decisions by two federal district court judges in Ohio to dismiss 48 foreclosure... Read More

Conforming Loan Limit Holds Steady at $417,000 In 2008 as GSE Regulators Try to Calm Markets

The Bush administration stuck to an earlier promise not to rock an already fragile secondary mortgage market and announced that there will be no change in the conforming loan limit, which will stay at $417,000 for single-family homes in 2008... [Includes one chart] Read More

2007 Market Collapse Creates Historically Rare Decline in Prepayment Speeds

The severe liquidity crunch of late 2007 appears to be producing an era of uncommonly slow prepayment speeds that will change how MBS perform, according to a new study from analysts at RBS Greenwich Capital. Only about 16 percent of the outstanding universe of... Read More

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