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Inside MBS & ABS

April 11, 2008

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Wall Street Seeks Balanced, Uniform UDAP Rules, Urges Fed to Avoid Negative Tags on Loan Products

The securitization industry is calling for a national mortgage lending standard and a balanced approach to subprime lending regulation, as well as cautioning against labeling certain mortgage products as “unfair,” “deceptive,” or “abusive.” Commenting on the... Read More

Non-Agency MBS Activity Grinds to a Near Standstill In March as Repackaging Dominates 2008 Market

The liquidity freeze in the non-agency MBS market is thick enough to drive a fleet of trucks across, and new issuance has slowed to a crawl. A mere $21.47 billion of new non-agency MBS were issued during the first quarter of 2008, the... [Includes three charts] Read More

Experts Ponder Whether Fair Value Accounting Is Fair, or Even Relevant, in an Illiquid Market

There is little doubt that fair value accounting has driven massive MBS writedowns that have toppled companies, unnerved investors and pulled some of the carpet out from under the economy. But experts remain divided over whether fair value is an... Read More

GSEs Shop as “Conforming Jumbo” Issuance is Pending; FHA Requires Second Appraisals for Its Own Jumbos

Fannie Mae and Freddie Mac have not yet issued any securities backed by “conforming jumbo” mortgages, but the two government-sponsored enterprises are starting to shop around for collateral and could begin issuing MBS in the next few weeks. The economic stimulus... Read More

Moody’s Places 11 Prime Jumbo MBS Deals on Watch For a Possible Downgrade, a Rarity for the Collateral

Moody’s Investors Service warned late last week that downgrades are possible for some prime jumbo MBS issued in 2006 and 2007, and placed 23 tranches from 11 deals on review. “Downgrades in the jumbo sector have traditionally been rare,” Moody’s... Read More

Asset-Backed Commercial Paper Programs Cutting Back on CDOs, MBS, Fitch Finds

Traditional U.S. asset-backed commercial paper programs have substantially cut back their exposure to collateralized debt obligations and residential mortgage collateral throughout the past five quarters, according to a new analysis by Fitch Ratings... Read More

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