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Inside MBS & ABS

January 11, 2008

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All Cylinders Misfire in Final Months of 2007 As New Non-Agency MBS Production Stalls

After running on fumes since the middle of the year, the non-agency MBS market sputtered to a six-year low in the fourth quarter as nearly all sectors of the business slowed down substantially.A total of $52.50 billion of non-agency... [Includes two charts] Read More

Countrywide Claims 2007 Title in Non-Agency MBS Issuance, But Wells Fargo Won Second Half

Countrywide Financial remained the top issuer of non-agency MBS for 2007, but the beleaguered firm slipped to second place during the last half of the year and could drop further in 2008.A new market analysis and ranking by Inside MBS & ABS... [Includes two charts] Read More

SEC Assures Wall Street that Loan Modifications Under ASF Framework Won’t Affect Trusts’ QSPE Status

The Securities and Exchange Commission this week assured Wall Street and mortgage servicers that any modification of loans in a securitization trust will not result in the loss of “qualifying special purpose entity” status as long as the changes conform to... Read More

Subprime ARM Loan Modifications Unlikely To Harm AAA MBS Investors, S&P Concludes

Loan modifications will have little impact on the cash flows of AAA subprime MBS investors, according to a recent analysis by Standard & Poor’s. Meanwhile, the Treasury is considering asking servicers to extend the American Securitization Forum’s mod framework beyond... Read More

Mortgage Writedowns Exceed $94 Billion; Alternative Products Could Cost Another $148 Billion, Analyst Warns

The collapse of the non-conforming mortgage market has already cost the global banking system at least $94 billion since just August, and it’s going to get a lot worse for some lenders, according to a new industry analysis. “Since August, the worldwide banking system... Read More

State Street Sets Aside $279M in Q407 to Cover Legal Exposure Arising from Subprime Losses

Credit rating agencies downgraded their outlook for State Street Corp. from stable to negative after the company announced an after-tax charge of $279 million in the fourth quarter to cover legal exposure and other costs associated with losses in fixed-income... Read More

FHLBanks and Their Members Benefit from Surge in Use Of Advances in 3Q07, and That’s Likely to Continue

The Federal Home Loan Banks enjoyed an exceptional 10 percent boost in profits system-wide during the third quarter, thanks to a surge in their members’ use of FHLBank advances as the global credit crunch forced financial institutions to scramble for liquidity... Read More

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