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Inside MBS & ABS

February 1, 2008

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Refinance Surf is Up, But the 2008 Wave Likely Won’t Match Legends of the Past

A growing wave of mortgage refinance activity in early 2008 may not reach the epic proportions of the lending surge that re-wrote the record books five years ago, but it’s likely to provide a firm boost to MBS production levels in a deteriorating housing... Read More

Senate Committee Embraces Industry Proposal to Use Mortgage Revenue Bonds for Subprime Refi

The Senate Finance Committee this week adopted an industry proposal to let state and local governments issue tax-exempt mortgage-revenue bonds to refinance subprime loans. The proposal was included in the committee’s version of an economic stimulus package. Late last... Read More

Dodd Considers Proposal to Ease GSE, FHA Guidelines To Purchase Mortgages Headed Toward Foreclosure

Sen. Chris Dodd, D-CT, and other lawmakers in the Senate and the House are considering a range of proposals designed to increase liquidity in the secondary market for non-conforming mortgage assets as a way to help restructure troubled home loans. Dodd has floated... Read More

Freddie Bulked Up its Portfolio in December, While Fannie Still Has Plenty of Room to Grow

Even though Freddie Mac had much larger losses and less spare capital than rival Fannie Mae at the end of the third quarter, Freddie found a way to aggressively ratchet up its retained portfolio by the end of the year, while Fannie basically coasted... Read More

Connecticut AG Confirms Probe of Clayton Holdings, Due Diligence Firm Agrees to Provide Info to NY AG

Clayton Holdings, Inc., which is providing information in a New York state probe of Wall Street investment bankers’ roles in the subprime mortgage market crisis, is also under investigation by Connecticut’s attorney general. Connecticut Attorney General Richard Blumenthal... Read More

Commercial MBS Issuance Dropped Sharply in Late 2007, But Still Sets Annual Volume Record

Issuance of new securities backed by income-property mortgages fell sharply in the second half of last year, but 2007 still ended up with a record $231.5 billion in annual volume, according to a new analysis by Inside MBS & ABS... [Includes two charts] Read More

Countrywide Was Top Non-Agency MBS Sponsor In 2007, Lehman Had Most Active Shelf Program

Countrywide ended 2007 as the top sponsor of non-agency MBS after leading both the Alt A and subprime sectors while keeping up a solid program in prime jumbo MBS issuance. Countrywide was named as sponsor for... [Includes two charts] Read More

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