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Inside MBS & ABS

November 14, 2008

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SIFMA Pleased with TARP’s Securitization Focus but Bemoans Downplay of Asset-Purchase Component

The Securities Industry and Financial Markets Association said it is disappointed with the Treasury Department’s decision this week to downplay the asset-purchase component of the federal Troubled Asset Relief Program in favor of other capital-building strategies for financial institutions. Treasury’s announcement came after an industry TARP summit in New York earlier in the... Read More

Experts Say Securities Purchase Not a Sound Investment for Taxpayer Funds

A securities purchase program may not be the best use of the government’s Troubled Asset Relief Program, according to participants at a TARP summit hosted this week by the Securities Industry and Financial Markets Association. Structured transaction panelists at the New York summit said the TARP could get more mileage if its funds were used either for building capital in... Read More

Treasury Plans Support for Non-Mortgage ABS Market With TARP, Fed Facility

Most MBS and ABS observers figure the non-mortgage ABS market has held up remarkably well compared to a mortgage-securities market that now relies exclusively on government-supported securitization programs. But it doesn’t look good enough to the Treasury Department. Treasury Secretary Henry Paulson this week said restoring liquidity to the non-mortgage consumer finance sector... Read More

MBS Market Swings Ginnie’s Way as Federal Government Guaranteed Sector Trumps GSEs

Ginnie Mae last month became the top source of new mortgage-backed securities, edging past Fannie Mae and further distancing itself from a faltering Freddie Mac. The government agency announced that it issued $29.224 billion of new single-family MBS during October, a gain of 8 percent from the previous month during a period when the rest of the... [Includes one chart and one graph] Read More

ASF Works on Loan Mod Framework 2.0 as Weakening U.S. Economy Portends Deeper Foreclosure Problem

The American Securitization Forum is quietly working on an expanded version of the “framework” it developed a year ago to help subprime ARM borrowers avoid foreclosure. The industry group plans to tackle some of the most obstinate problems in loss mitigation, including second liens, improved analytical tools and helping servicers parse the pooling and servicing... Read More

Fannie Mae Unable to Grow Its Portfolio Much In Weakened Condition and More Competition

Fannie Mae’s record third-quarter loss announced this week makes clear that the company – and its rival government-sponsored enterprise Freddie Mac – is in no position to deliver additional liquidity to the MBS market through its investment portfolio. “Our extremely limited ability to issue callable or long-term debt at this time ... makes it difficult to increase the size of our... Read More

Commercial MBS Called ‘Buyer’s Market’ Despite Uncertainty

There are plenty of unknowns about the dormant commercial MBS market, but industry experts at last month’s ABS East conference broadly agreed that now is a great time to buy – even if no one is selling. One active investor said he spent at lot of his time at the conference trying to push forward several CMBS deals, but the scarcity of available debt got in the way, as it has all year... Read More

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