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Inside MBS & ABS

August 1, 2008

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New GSE Regulatory Framework May Produce Little Change in Fannie/Freddie Dominance of MBS Market

The mortgage securities industry can expect some significant changes as a result of President Bush signing into law a massive housing measure approved by Congress, but most of the changes will emerge slowly as a new regulatory apparatus is cobbled together. The new law, the Housing and Economic Recovery Act, further cements the... Read More

Ginnie Mae Wary About Redesignating Higher-Balance FHA Loans Regular TBA Pools

With the passage of permanent new loan limits in the omnibus housing legislation, Ginnie Mae is evaluating whether to treat economic stimulus package mortgage loans as Ginnie Mae I pool assets or to require them to be placed in specially designated pools for the time being. Treating the higher-balance FHA-insured loans as... Read More

FASB Will Delay New Securitization Accounting Rule, But Still Wants Additional Disclosure, and Soon

The Financial Accounting Standards Board this week decided to postpone for one year the implementation of its controversial change in accounting rules for mortgage and asset securitization, in a concession to widespread industry concerns. However, the accounting group will go ahead and issue a FASB staff position paper, or FSP... Read More

Industry Leaders Back Paulson’s Marketing Campaign to Boost Issuance of Covered Bonds

Several large banks joined MBS and ABS dealers in supporting a concerted push by the Treasury Department to bolster the developing covered bond market in the U.S. The Treasury this week released its Best Practices for Residential Covered Bonds, in an effort to get issuers and investors interested in a liquidity tool that has... Read More

GSEs Report Spurt in Retained Portfolio Growth in June, Rising Delinquency Rates

Despite ongoing pressure on capital levels, both Fannie Mae and Freddie Mac added significantly to their retained investment portfolios during June. During the second quarter, the two government-sponsored enterprises increased their retained portfolios by a combined $106.2 billion, a 7.4 percent increase...[Includes one chart] Read More

SIFMA Offers Suggestions to the SEC’s Proposed Changes to Credit Rating Process

The Security and Exchange Commission’s efforts to improve the credit rating process have been a positive step, according to the Securities Industry and Financial Markets Association’s Credit Rating Agency Task Force, but the group believes significant modifications still need to be made. “We support the goals outlined in the... Read More

SIFMA Recommends Ratings Changes

Credit rating services could do a lot to improve the process of rating structured finance deals and disclosing information to investors, a Wall Street group says. The Securities Industry and Financial Markets Association this week released a set of credit rating recommendations that embellish on emerging rules being... Read More

Commercial MBS Production Stuck in the Doldrums as Real Estate Markets Continue to Slow in 2Q08

New issuance of commercial mortgage-backed securities rallied slightly in the second quarter, but the market continues to generate dismal levels of new production. A total of $6.24 billion of new CMBS was issued during the second quarter, with just five new transactions hitting the market. The biggest of those was a $1.85...[Includes two charts] Read More

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