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Inside MBS & ABS

October 17, 2008

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Treasury Begins Groundwork for New MBS Program That Could Copy Existing Programs

The Treasury Department this week asked for feedback on how to create a new government program to insure mortgages and mortgage securities – a business the government already dominates through its control of Fannie Mae, Freddie Mac and Ginnie Mae. Although Bush administration officials didn’t ask for it, a new guarantee program for troubled assets... [Includes one graph] Read More

FASB Finalizes Guidance on Asset Valuations in Distressed Markets, But Some Question Impact

New guidance on applying fair-market accounting in illiquid or inactive markets may help some investors struggling to report values for their MBS and mortgage-related holdings, but critics say the industry needs a lot more than “clarification” that doesn’t change underlying accounting standards. The Financial Accounting Standards Board late last week approved a FASB Staff Position that... Read More

Regulators Send Fannie, Freddie Back to the Future To Help Rescue Subprime, Alt A MBS Market

Fannie Mae and Freddie Mac are heading back to a non-prime MBS market where their extensive experience – and newly expanded buying power – are expected to provide relief to investors stuck with illiquid Alt A and subprime mortgages and MBS. The two government-sponsored enterprises are expected to begin purchasing upwards of a combined $40 billion a month in troubled... Read More

Treasury Bought $5 Billion Of Agency MBS in September

The Department of the Treasury in September bought $5.074 billion of Fannie Mae and Freddie Mac MBS for the government’s portfolio, the first fruit of one of the many liquidity initiatives launched by the Bush administration in recent months. The agency did not specify how the MBS purchases were divided between the government-sponsored enterprises. The program... Read More

GAO Exerts Immediate Oversight of Treasury’s Massive Spending Operation

Rep. Barney Frank, D-MA, came out of a closed-door meeting with government oversight officials this week looking satisfied with the Government Accountability Office’s plans to monitor the government’s massive aid efforts in financial markets. “I am pleased that they are taking this as seriously as they are,” Frank said after the briefing with GAO officials who are charged with... Read More

Wells Fargo Ranked as Top Agency MBS Issuer In 2008 as Consolidation Reconfigures the Market

Wells Fargo issued a total of $163.97 billion of agency mortgage securities during the first nine months of 2008, making it the most active issuer in a rapidly changing market. Wells accounted for 17.2 percent of agency MBS produced through the third quarter of this year, and its business volume was up 54 percent from year-ago levels. By comparison... [Includes one chart] Read More

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