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Inside MBS & ABS

June 6, 2008

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FASB Takes a New Look at Securitization Accounting in Light of Market Turmoil

The Financial Accounting Standards Board is considering significant changes in the rules governing securitization activity as observers question whether existing standards simply weren’t adequate for an increasingly sophisticated market or whether... Read More

Agency MBS Issuance Ratchets Higher In May, Wells Fargo Stays on Top

The pace of new agency MBS issuance quickened by 7.3 percent from April to May, according to a new ranking and analysis by Inside MBS & ABS, while the non-agency MBS market continued to slumber. A total of $127.03 billion of MBS were issued by... [Includes one chart] Read More

Rating Services to Alter MBS Rating Pricing And Process in Deal with NY Attorney General

Who needs federal regulators when there’s New York Attorney General Andrew Cuomo? After brokering a controversial settlement to overhaul appraisal policies at Fannie Mae and Freddie Mac earlier this year, Cuomo this week announced a deal that could “dramatically... Read More

Spike in Serious Delinquency Rates for Alt A MBS Prompts Fitch to Revise Surveillance Criteria for Recent Vintages

A recent rapid rise in serious delinquency rates for recently issued Alt A MBS has prompted Fitch Ratings to revise its rating methodology for the struggling asset class. Fitch is replacing its pipeline default analysis with “a more forward-looking analytical... Read More

MBS Outstanding Continues Growing Faster Than Supply of Underlying Home Loans in 2008

The mortgage securities market passed a milestone in the first quarter of 2008 as the share of home mortgages linked to MBS edged over the 60 percent mark for the first time ever. According to a new Inside MBS & ABS analysis of... [Includes one chart] Read More

S&P Downgrades Merrill Lynch, Morgan Stanley, Lehman As Industry Pounding Now Seen Tougher Than Expected

In the wake of the collapse of Bear Stearns, three top broker-dealers heavily active in the mortgage finance universe saw their credit ratings downgraded this week, as it became increasingly apparent to analysts that revenues could drop further... Read More

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