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Inside MBS & ABS

February 27, 2009

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TARP Likely Helped Commercial Banks Boost MBS Holdings in Recent Months

Commercial banks increased their MBS holdings during the fourth quarter of 2008 and early this year, helping to offset a decline in the appetite of foreign investors. Large commercial banks held $778.6 billion of MBS in their portfolios at the end of January, according to the Federal Reserve. That was up $18.8 billion from the end of last year. In the four... [Includes one chart and one graph] Read More

Obama Housing Plan Projected to Produce Negative Consequence for MBS Investors

Certain aspects of the Obama administration’s Homeowner Affordability and Stability Plan are going to be “really adverse to the securitized market” and lead to higher costs for MBS investors, according to a recent review by the Amherst Securities Group led by analyst Laurie Goodman. “Our take: this program needs to be retooled,” Goodman stated. “The measures contained in this program... Read More

Trustees Forced Into Corner by Push For Loan Mods, ‘Tranche Warfare’

MBS trustees have not been shielded from the problems brought on by the mess in the mortgage market and increasingly find themselves in a tough spot thanks to increased pressure from all parties involved in securitization, according to experts at the recent American Securitization Forum annual conference in Las Vegas. Trustees, who handle the administrative tasks for securitization... Read More

SIFMA Says Agency ‘Superconforming’ Loans Are TBA-Eligible Under Increased Loan Limits

The Securities Industry and Financial Markets Association clarified last week that Fannie Mae, Freddie Mac and FHA loans between $625,500 and $729,750 made in 2009 will be eligible for delivery into the to-be-announced MBS market. This clarification comes in response to the economic stimulus recently signed into law that raises conforming loan limits temporarily back to... Read More

Despite Foreign Credit Concerns About U.S. Backing, GSEs Are Able to Raise More than $30 Billion in Feb.

Fannie Mae and Freddie Mac have been able to drum up at least $32 billion in debt from investors worldwide this month, despite evidence suggesting foreign investors have lost confidence and are waiting for the federal government to provide an explicit, full-faith and credit guarantee for paper issued by the government-sponsored enterprises. This week, Fannie issued a $15 billion... Read More

Securities Industry Bares Concerns Over Administration’s Expanded TALF Program

The securities industry this week raised a host of issues and concerns about the Obama administration’s plan to expand the Term ABS Loan Facility to $1 trillion to provide more bang for the faltering consumer credit sector – and expand the program to commercial MBS and non-agency MBS. The Securities Industry and Financial Markets Association and the American Securitization... Read More

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