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Inside MBS & ABS

May 8, 2009

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GSE Retained Portfolio Expanded in Early 2009, Although Growth Strategies Diverged

Fannie Mae and Freddie Mac pursued markedly different strategies for their retained mortgage investment portfolios during early 2009, as the government-sponsored enterprises generally took a back seat to revved up government MBS acquisition programs. Freddie was clearly the more aggressive of the two GSEs. Its retained mortgage-related investment... [Includes one chart] Read More

China Ranked as Top Foreign Investor in U.S. MBS and ABS in Mid 2008 with Huge Stake in Agency Securities

Chinese investors, including the country’s national bank, were the largest overseas source of liquidity for the U.S. MBS and ABS market as of the middle of last year, according to new data from the Treasury Department. The Chinese held $375.7 billion of MBS and ABS issued in this country as of the end of June, an increase of 73 percent... [Includes one chart and one graph] Read More

Wall Street Gets Some of Its Wishes in H.R. 1728, Though Liabilities, Some Uncertainties Remain

Despite dire warnings of doom and gloom, the House of Representatives approved mortgage reform and consumer protection legislation this week that incorporates some of Wall Street’s proposals for regulatory flexibility and less liability for secondary mortgage market participants. H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act of 2009, passed the House by... Read More

Freddie Edges Back Into MBS Wrap Business With Large Seasoned Mortgage Securitization

Freddie Mac last month issued its first MBS wrap transaction since the middle of last year in a massive securitization of seasoned prime loans from Bank of America’s portfolio. The government-sponsored enterprise provided a wrap guarantee, T-082, for a private placement, Banc of America Funding 2009-FT1. The deal was backed by $4.71 billion of mortgages from Bank of America’s... Read More

FDIC Tells Banks to Strengthen Internal Processes For Investing in Structured Finance Transactions

Federal regulators say many banks are doing a poor job assessing the risks inherent in complex structured finance transactions, diversifying their portfolios and applying new accounting rules. The Federal Deposit Insurance Corp. reported that its examiners have found some banks made “significant purchases” of structured products even after the credit market began to come unglued, often... Read More

Numerous Challenges Remain for Improved Enforcement at SEC, GAO Report Concludes

The Securities and Exchange Commission has made some progress in implementing a handful of recommendations the Government Accountability Office made in 2007, but the agency still faces numerous challenges in fully responding to the increasing need for greater scrutiny and enforcement in the securities market, the GAO reported this week. “In recent years... Read More

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