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Inside MBS & ABS

July 17, 2009

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ASF Provides Some Flexibility in Final MBS Disclosure/Reporting Package That Vastly Expands Transparency

Investors in non-agency MBS – and someday even agency securities – stand to gain access to vast amounts of new loan-level data when deals are brought to market and over the course of time under a final package of disclosure and reporting standards released this week by the American Securitization Forum. How soon issuers and servicers will be geared up to meet the new standards is another... Read More

Model Reps & Warranties Proposal Leaves Room for Negotiation; Enforcement Mechanism Still in Progress

The proposed protocol for loan sales in the non-agency MBS market released this week by the American Securitization Forum represents a significant upgrade over many of the representations and warranties that issuers and investors have relied on in the past. But the ASF proposal also is designed to serve as a starting point for negotiating future R&W agreements, and... Read More

Obama’s PPIP Expected to Stimulate Demand for Non-Agency MBS, CMBS

The Obama administration’s scaled down Public-Private Investment Program – once envisioned at the trillion-dollar level – may only stimulate about $40 billion in non-agency residential and commercial MBS activity, according to analysts at Barclays Capital. “Although not as powerful as the Term ABS Loan Facility, this does provide an avenue to leverage non-agency residential... Read More

Credit Suisse Leads Non-Agency MBS Market Built Solely on Seasoned Collateral in 2009

Three companies accounted for the lion’s share of new issuance in the non-agency MBS market during the first half of 2009, according to a new analysis and ranking by Inside MBS & ABS. Credit Suisse, Bank of America and RBS Securities accounted for nearly half of the $29.67 billion of new non-agency MBS issued so far this year. “New” non-agency MBS is a relative term... [Includes two charts and one graph] Read More

Extension Risk, Increasing Modifications Could Benefit Certain Types of MBS, Analysts Maintain

While longer liquidation periods and increasing loan modifications may not be ideal for valuations of non-agency MBS, some mortgage-related bonds may actually benefit from these trends, according to an Amherst Securities Group analysis. Amherst analysts say two trends have become readily apparent: the time from the last payment to liquidation is getting longer, and the number of... Read More

Jumbo MBS Sector Sees Faster Prepays Due to Historically High Credit Quality

Mortgage securities made up of higher credit-quality borrowers have entered “the rarified world of 750+ credit scores,” causing lightning fast prepays on many of those MBS in the jumbo market, according to Barclays Capital analysts. Many agency jumbo pools prepaid extremely fast in June, prompting a flurry of questions from investors wondering if the trend signaled the start of a general... Read More

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