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Inside MBS & ABS

January 18, 2008

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Bank of America’s Acquisition of Countrywide Changes Role of Major Player in MBS Market

Although Countrywide Financial and Bank of America are both major issuers of non-agency MBS, their pending merger could lead to less securitization volume, rather than more. Countrywide repeated as the top mortgage securities producer in... [Includes one chart] Read More

Non-Mortgage ABS Issuance Slips in 2007 Despite 4th Quarter Surge in Production

Credit card securitizers posted a record year in 2007 but the sector’s strength was not enough to offset declines in other major categories as non-mortgage asset securitization volume dropped 3.1 percent from the previous year. A new... [Includes four charts] Read More

States Pummel Wall Street with Probes, Lawsuits; Cleveland Tests Securitizer ‘Nuisance’ Theory

Securities issuers and trustees and other securitization participants have been targeted by probes and lawsuits in three states for losses suffered by borrowers and investors as a result of mounting subprime defaults and foreclosures. In Connecticut... Read More

Mortgage Meltdown Continues as Top Players Report Billions in Writedowns; More Bad News Expected

The subprime-induced bloodletting in the mortgage market continued this week, as Citigroup was forced to take a writedown of $18.1 billion from its subprime exposure that led to the biggest quarterly loss in the firm’s 196-year history. “Our financial results this... Read More

MBS Investor Monitoring Servicers To Help Guide Investment Decisions

While the ratings companies provide mortgage servicer evaluations, some investors have taken the due diligence process into their own hands. Trust Company of the West closely monitors the servicers that handle its MBS investments and uses the information to make... Read More

Fixed Income, ABS, Mortgage Securities Issuance to Decline; Non-Agency Mortgage Defaults Expected to Rise, Pros Predict

Get ready for another tough year. A securities industry group says fixed-income, asset-backed and mortgage-backed securities issuance will drop in 2008, while a capital markets analyst predicts the default rates for prime, Alt A and subprime loans will all rise... Read More

Accounting Debate Swirls Over Loan Modifications

The Financial Accounting Standards Board has asked the Mortgage Bankers Association to further clarify its request to use Statement of Financial Accounting Standard 5, Accounting for Contingencies, rather than FAS 114’s loan impairment measurement guidance, to... Read More

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