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Inside MBS & ABS

January 30, 2009

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Non-Mortgage ABS Market Recovers Slightly In December, But 4th Quarter Hit 13-Year Low

After all but bottoming out in November, the non-mortgage ABS market rallied slightly last month as annual issuance volume sank to an eight-year low. A total of $181.65 billion of non-mortgage ABS were issued in 2008, down 33 percent from the previous year. All major sectors of the market posted sharp declines, especially in the fourth quarter when... [Includes three charts] Read More

TARP II Aims at Original Purpose, May Create ‘Bank’ for Bad Assets

The Obama administration is expected to present its plan for the second half of the $700 billion Troubled Asset Relief Program in the next week or so, and, like all good sequels, TARP II is drawing on ideas from the original design – including a mechanism to buy distressed mortgage assets. The Federal Reserve and Federal Deposit Insurance Corp. have pushed for the creation of a... Read More

FASB Drops Broader Fair-Value Disclosure Plan, Opts for More Frequent Disclosures Instead

The Financial Accounting Standards Board will soon propose a rule that would require frequent disclosures of fair values in footnotes to financial statements, after giving in to industry pressure not to adopt a previous proposal requiring new footnote disclosures. The board expects to issue an exposure draft this month that would amend FASB Statement 107, which deals with disclosures... Read More

Solving the Financial Crisis Means Understanding Complex Set of Underlying Problems, Experts Say

Figuring out a cure for the mess the world’s financial markets are in will require that policymakers first understand how the problems began, according to industry analysts. There are plenty of intertwined flaws to unravel, according to participants at a conference co-sponsored this week by the American Enterprise Institute and the Professional Risk Managers’ International... Read More

MBA Outlines Strategy for Improving Liquidity, Restoring Public Trust in Secondary Market

The Mortgage Bankers Association this week said it will work hard in 2009 with Congress, the Obama administration and other market participants to reinvigorate and restore liquidity to the secondary mortgage market. Boosting the flagging secondary market is one of the aims in the MBA’s overall plan to help rebuild public faith in the mortgage industry by restoring liquidity in... Read More

House Panel Approves Cramdown Legislation That Some Experts Say Could Help MBS Investors

The mortgage and MBS industry’s uphill battle to stop Congress from authorizing bankruptcy cramdowns got a little steeper this week after a key Wall Street analysis helped supporters of the proposal push it through the House Judiciary Committee. Credit Suisse released a new report this week that concluded cramdown legislation “will be a net positive in terms of... Read More

Federal Government Continues Building Up its Portfolio of Agency MBS, Debt

The Federal Reserve and the Treasury Department have acquired more than $180 billion of agency MBS and debt issued by the government-sponsored enterprises in recent months, according to a new analysis by Inside MBS & ABS. The Federal Reserve Bank of New York this week added $16.84 billion to its holdings of agency MBS, bringing its total purchases over the past month to $69.46 billion. Some 48... Read More

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