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Inside MBS & ABS

June 26, 2009

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Support Gels for Obama Proposal Requiring Securities Issuers to Retain an Interest

The Obama administration’s controversial proposal requiring securities issuers and sponsors to retain an interest in the transaction began to attract support from key Wall Street constituencies this week, although other interests are expected to continue their resistance. A group of securities investors that are members of the Securities Industry and... [Includes two charts] Read More

Mortgage Bankers Say S&P’s Proposed Ratings Change Will Kill Any Chance for Revival of Non-Agency MBS

Standard & Poor’s proposed changes in its ratings methodology for non-agency MBS will impose such severe credit enhancement costs that issuers won’t be able to bring deals to market, according to the Mortgage Bankers Association. S&P last month proposed a significant change in its approach to rating jumbo, Alt A and subprime MBS that would result in sharply higher credit enhancement levels than were... Read More

ASF Clarifies Principal Forbearance Issues Critical to HAMP and Other Mod Programs

Principal forbearance can be one of the most effective tools in structuring a successful loan modification, but there is little standardization in how these transactions are handled, according to a new report from the American Securitization Forum. Principal forbearance, which is one of the tactics in the Obama administration’s loan mod program, generally refers to situations where a... Read More

Surge in FHA Production Raises Concerns About Integrity of Ginnie Mae MBS

Federal auditors are increasingly concerned about the impact of the FHA land rush – the rising volume of FHA mortgage originations and the immigration of hundreds of new lenders – on the Ginnie Mae mortgage-securities program. Ginnie MBS issuance has surged to new levels in 2009, hitting a monthly production record of $34.14 billion back in March – only to set new... Read More

Thrift Industry MBS Holdings Decline In Early 2009; Major Sell-off by ING

Thrift industry holdings of mortgage-related securities fell sharply in the first quarter of 2009, with most of the decline coming from a single institution that sharply reduced its portfolio. Institutions regulated by the Office of Thrift Supervision held $153.10 billion of MBS on their books at the end of the first quarter, a 10 percent drop from... [Includes two charts] Read More

Delinquency Rates on Non-Agency MBS Continue to Climb in May, S&P Reports

Performance continued to deteriorate last month across a broad spectrum of mortgages securitized in the non-agency MBS markets in recent years, according to Standard & Poor’s. The overall delinquency rate on prime jumbo MBS issued in 2005, 2006 and 2007 rose to 7.90 percent, 10.93 percent and 10.65 percent in May, the rating service reported this week. Those figures were up roughly... Read More

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