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Inside MBS & ABS

July 25, 2008

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Enactment of Housing/GSE Bill Expected to Boost the Agency Market; TBA Decision to be Revisited

If the Senate and the White House follow up on the House’s passage this week of the omnibus housing legislation with their own approvals, as expected, it will bode well for the agency MBS market. But the broader housing market is going to have to fully recover for the good old days to return. As a result of the bill’s anticipated… Read More

Countrywide Hangs On to Top Ranking in MBS Issuance Despite Sharp Decline From 2007 Level

Countrywide Financial ended its final days as an independent company by clinging to the top ranking among mortgage-backed securities issuers as of the midway point in 2008, according to a new analysis by Inside MBS & ABS. The company pumped out $120.39 billion of new MBS through the first six months of the year, which equaled 16.3 percent… Read More

SEC Examiners Find Room for Improvement in Broker-Dealer Valuations of Subprime Mortgage Products

Companies with holdings of subprime mortgages and related assets have been forced to find alternative methods for estimating the values of these assets, and procedures used in this work often come up short of recommended standards, according to federal regulators. The Securities and Exchange Commission said examiners… Read More

ABS Issuance on the Rise, Though Performance a Concern Due to Gas Prices, Weak Economy

Asset-backed security issuance hit a record quarterly high in the second quarter, though issuance this year is still off the pace set in 2007. The $72.99 billion of non-mortgage ABS issuance in the second quarter suggests a healthy market going forward, but analysts warn that performance problems in most ABS collateral are a concern… Read More

SEC Extends Waiver for 8-K Filings for Freddie Mac MBS and Debt Issuance

The Securities and Exchange Commission late last week approved a request by Freddie Mac for exemption for Form 8-K filings related to the government-sponsored enterprise’s constant stream of MBS and debt issuance. The no-action letter provided by the SEC’s general counsel office says the agency won’t take any enforcement actions against… Read More

New Regulatory Apparatus for Financial Markets Can Build From Existing System, Officials Say

There is strong consensus among policymakers in Washington that government oversight of financial markets needs to be improved – especially in light of the persistent illiquidity and turmoil of the past year – but agency officials say a lot of valuable groundwork is already in place. Christopher Cox, chairman of the Securities and Exchange Commission… Read More

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