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Inside MBS & ABS

May 15, 2009

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Agency MBS Production Slips in April, Volume Picks Up in Non-Agency Re-Securitizations

Agency MBS issuance fell sharply in April, raising questions about the potential size of the refinance boom expected to result from government efforts to push mortgage rates lower and help underwater borrowers lower their monthly payments. Fannie Mae, Freddie Mac and Ginnie Mae combined for a total of $134.41 billion in new MBS issuance last month... [Includes one chart and one graph] Read More

Deteriorating Non-Agency MBS Compels More Big Writedowns at Fannie and Freddie in 1Q09

As much of an issue as accounting policy and market psychology have been in the mortgage finance world over the past few years, it was old fashioned credit quality deterioration in their non-agency MBS and related downgrades that put a nearly $13 billion dent in the performance of Fannie Mae’s and Freddie Mac’s retained MBS portfolios in the first quarter. A continued drop off... Read More

Commercial MBS Sector Catches a Break in TALF Program That’s Beginning to Gather Momentum

The New York Federal Reserve Bank’s decision to include commercial MBS as eligible collateral in its Term ABS Loan Facility provided a glimmer of hope to the moribund CMBS sector. Meanwhile, market acceptance of the program continued to grow as the third round of TALF requests yielded $10.6 billion in business, up sharply from prior offerings that netted only $4.7 billion in March and... Read More

Goldman Sachs, Massachusetts AG in $50 Million Pact to Restructure, Refinance Subprime Mortgages

Goldman Sachs has reached a $50 million settlement agreement with the Massachusetts Office of the Attorney General, including substantial principal writedowns for loans held by Goldman or serviced by its affiliate, Litton Loan Servicing. The settlement stems from Attorney General Martha Coakley’s investigation of investment banker origination and securitization of subprime loans... Read More

Freddie May Change Fees on Streamlined Refi To Match Competition’s Prepayment Speeds

Freddie Mac may decide to increase the loan-level pricing adjustments it charges under the new streamlined refinance program so that the prepayment speeds on its MBS don’t accelerate more than the rates on comparable Fannie Mae securities. When the two government-sponsored enterprises launched their refinance programs for borrowers who have seen the equity in their... Read More

Investors Begin to Warm to Obama Distressed Asset Program, Although Concerns Still Linger

A number of investors have announced plans to participate in the Obama administration’s program to develop a market for distressed MBS and mortgage loans stuck on the balance sheets of banks and other financial institutions, although the program remains a long way from proving itself. Invesco this week announced that it is selling shares in a new real estate investment... Read More

Obama Administration Expands Foreclosure Mitigation Program to Include Other Options

The Obama administration is pushing its foreclosure mitigation beyond loan modification to encourage borrowers and lenders to take other steps to avoid foreclosure. “Today we are announcing a new program component to help homeowners obtain modifications in areas suffering from home price declines,” said Treasury Secretary Tim Geithner. “If a modification is... Read More

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