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Inside MBS & ABS

January 23, 2009

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Re-Securitizations Provide a Small Boost to Inert Non-Agency MBS Market in Late 2008

The non-agency MBS market staged a late rally to come back from extinction in 2008, but new issuance ended the year at its lowest level since 1995. Just $58.42 billion of non-agency MBS were issued during 2008, down 92 percent from the previous year. With the collapse of the subprime and Alt A mortgage businesses, and a massive decline in jumbo... [Includes four charts] Read More

Pending Refi Wave Set to Redefine Agency MBS Landscape Throughout 2009, If the Feds Can Boost Credit Availability

The agency MBS market could see a wave of refinancing activity this year – assuming lenders deliver enough credit to meet consumer demand – but it’s an open question which investors will step up to absorb the expected increase in supply. Analysts at Barclays Capital are calling 2009 “the year of the tipping point.” Federal policy is expected to be a key driver... Read More

S&P Launches Service to Help Investors Estimate Value of Structured Assets

Standard & Poor’s announced a new service last week aimed at helping investors evaluate their assets and securities portfolios, but the company said the new Fixed Income Risk Management Services business will be separate from its ratings activity. FIRMS offers “a range of analytics that give investors greater context around asset pricing and the detailed relationships between counterparties and... Read More

Miller Introduces Legislation Requiring SEC Guidance on Fair Value Accounting

Legislation directing the Securities and Exchange Commission to issue guidance on fair-value accounting standards may soon be considered by Congress. Rep. Gary Miller, R-CA, has introduced H.R. 607, saying it is “imperative” that the SEC provide guidance on how to interpret fair-value accounting rules at a time when “a lack of liquidity on performing assets complicates pricing... Read More

Chase Extends Mod Efforts To Securitized Mortgages

JPMorgan Chase announced last week that it would include any investor-owned mortgages it services in its loan modification plans, including loans in MBS trusts. The company believes it can legally modify the vast majority of mortgages it services that are owned by investors consistent with the relevant investor agreements and the best interests of investors, and intends to... Read More

Rating Service Recommends Steps to Spur Recovery of Waning CMBS Market

As the commercial MBS market teeters on the brink of disaster, industry participants need to stop finger pointing, take some accountability and identify what needs to be done to bring the market back from the edge, according to a new analysis by credit ratings agency DBRS. Susan Merrick, head of the U.S. CMBS Group at Fitch, said that highly leveraged loans originated at the height... Read More

Regulators Offer More Support to Spur Development of U.S. Covered Bond Market

The Federal Deposit Insurance Corp. late last week said it will extend its Temporary Liquidity Guarantee Program to cover the guarantees up to 10 years, which would make could make covered bonds eligible for the government program. The announcement came in conjunction with a new aid package for Bank of America that includes guarantees, liquidity access and capital. The FDIC said it would... Read More

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