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Inside MBS & ABS

January 25, 2008

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Recovery Outlook Dim as Home-Equity Securities Issuance Slumps to Lowest Level in 7 Years

With little primary market production of subprime mortgages and an overhang of unwanted home-equity securities in the market, new HEL securitization activity will likely remain at historically depressed levels well into 2008. According... [Includes two charts and one graph] Read More

House, Bush Administration Agree to GSE Loan Hike as Part of Economic Stimulus Package

House Democrats this week reached an agreement with the Bush administration to raise Fannie Mae and Freddie Mac loan limits significantly for one year, as part of a broader stimulus package to help the sluggish U.S. economy. Details remain sketchy. The House... Read More

Prime Purchase Mortgages Likely to Decrease as GSEs Tighten Guidelines, Bear Stearns Analyst Suggests

With no thaw in sight for the deep freeze in the subprime and Alt A markets, conforming originations are expected to dominate primary market originations and mortgage securitization activity this year. Still, prime purchase mortgage activity could suffer as the... Read More

S&P Report Finds Prime Servicers Trail Subprime Servicers in Certain Loss Mitigation Metrics

A highly detailed report by Standard & Poor’s on mortgage servicers reveals that subprime servicers are performing better than prime servicers in certain circumstances. Surprisingly, the average subprime foreclosure cure rate was within S&P’s standards... Read More

Mortgage Market Fallout Extending to Bond Guarantors As S&P Sees Higher Losses, Moody’s Eyes Downgrades

Subprime mortgage losses are now haunting bond guarantors, as company losses are expected to rise and rating service evaluations are likely to drop. Standard & Poor’s announced last week the results of an update to its bond insurance stress... Read More

Help for Bond Insurers

The bond insurance industry appeared to catch some needed help this week when the New York State Insurance Department announced a three-part plan to facilitate its recovery. The plan calls for attracting more capital and increase capacity to... Read More

SCOTUS Restricts Third-Party Liability in Securities Fraud Claims

The U.S. Supreme Court has rejected an attempt by plaintiffs’ class-action attorneys to expand the scope of third-party liability for investor losses in a securities case. Ruling in Stoneridge Investment Partners v. Scientific-Atlanta, Inc., the court... Read More

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