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Inside MBS & ABS

April 10, 2009

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Mortgage Securities Production Volume Up Sharply in Early 2009; All Cylinders Firing

The mortgage-backed securities market posted its strongest quarter in nearly a year during the first three months of 2009, carried by extremely heavy volume during March, according to a new market analysis by Inside MBS & ABS. A total of $350.83 billion of MBS were issued during the first quarter of this year, a strong 63 percent rebound from... [Includes two charts] Read More

Investors Uneasy About TALF as NY Fed Prepares To Disperse Small Second Round of Loans

The Federal Reserve Bank of New York doled out another disappointing round of funding under the Term ABS Loan Facility as many investors are shying away from a program that was initially predicated to provide a needed boost to the securities market. The NY Fed announced Wednesday that it received only $1.7 billion in requests for the second monthly round of TALF loans, a 64 percent... Read More

Credit Rating Agencies Still Not Entirely Pleased with SEC Rule

Credit rating agencies and many securities industry participants are not completely pleased with the Securities and Exchange Commission’s re-proposed plans for credit rating agencies. The final rule, which is slated to go into effect April 10, requires the rating services to publish random samples of 10 percent of their ratings paid for by the issuer, underwriter... Read More

HUD Watchdog Seeks Increased FHA Funding to Prevent Bad Loans from Reaching Ginnie Pools

While increased demand for federally insured mortgages may be good for the FHA single-family program, it could also have serious implications for the integrity of Ginnie Mae securities, including the potential for increased fraud, according to the government’s inspector general for housing. Testifying before a Senate appropriations subcommittee April 2, Kenneth Donohue, inspector... Read More

Mortgage REIT Prospects Begin to Improve, Even as Thornburgh Mortgage Finally Goes Under

Some signs are emerging that the winter is ending for mortgage-related real estate investment trusts, with a relatively strong March hopefully presaging better days ahead – even though one of the sector’s heavyweights, Thornburgh Mortgage, had to finally throw in the towel. “The share prices of residential mortgage REITs were beaten down very badly last year, and they have thus... Read More

Federal Government Continues to Bolster MBS Market, More Support on the Way

The Federal Reserve Bank of New York continued to pump more cash into the residential MBS market, with $73.86 billion in gross purchases through the week ending April 8. The New York Fed also bought $5.90 billion in debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks since the beginning of April. That brought the bank’s total gross purchases... [Includes one chart] Read More

REMIC Market Rebounds in 2009 As Fannie Mae Takes the Lead

New production of structured mortgage securities backed by agency MBS more than tripled from the end of 2008 to the first quarter of 2009, according to Inside MBS & ABS. A total of $30.52 billion of agency-backed real estate mortgage investment conduits were issued during the first three months... [Includes one chart and one graph] Read More

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