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Inside MBS & ABS

May 23, 2008

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Handful of Big Banks Load Up on Agency MBS In Early 2008, Non-Agency Holdings Grow

A number of large bank holding companies added substantially to their MBS holdings during the first quarter of 2008, including huge increases in Fannie Mae and Freddie Mac pass-throughs as well as non-agency MBS, according... [Includes two charts] Read More

Senate Banking Panel OKs Comprehensive GSE Bill With Tougher Authority Over Portfolios, Capital

A proposed new regulator for Fannie Mae, Freddie Mac and the Home Loan Banks approved by a key Senate committee this week would have significantly stronger authority over the government-sponsored enterprises than has been proposed in other GSE reform... Read More

Making GSE Jumbo Authority Permanent Could Force a Change of TBA Status

There is growing political momentum to establish permanent high-cost conforming loan limits for Fannie Mae and Freddie Mac based on metropolitan house prices, and making the fledgling program permanent could force the industry to rethink how these loans are... Read More

IRS Expands Guidance for Modification of Loans Held by REMICs, Investment Trusts

The Internal Revenue Service has eased the circumstances under which mortgages may be modified without creating tax problems for the REMICs or investment trusts that hold the loans. Issued on May 16, Revenue Procedure 2008-08 clarifies the conditions... Read More

Fed Official Suggests Regulation and Restraint Are Keys to Recovery of Non-Agency MBS Market

The widely criticized originate-to-distribute model can recover its important role in the financing of non-conforming home mortgages, but better regulation and improved investment practices will likely have to lead the way, according to Fed Governor Randall... Read More

ASF Expands Reimbursement Guidelines for Modification-Related Counseling Expenses

The American Securitization Forum this week issued additional guidelines for mortgage servicers and credit counseling organizations for reimbursing counseling expenses related to loan modification and loss mitigation efforts. The guidelines follow... Read More

Highly-Levered CDOs Backed by Subprime MBS Not Expected to Return as Participants’ Interests Clash

Investors in collateralized-debt obligations have taken major losses while other participants involved in the market racked up millions of dollars in fees. Analysts suggest arbitrage CDO issuance will not bounce back due to the imbalance of incentives built... Read More

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