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Inside MBS & ABS

October 9, 2009

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Agency MBS Issuance Sags in 3Q as Smaller Share Of New Issuance Absorbed by Federal Agencies

Despite low mortgage rates, agency MBS production declined 22 percent in the third quarter of 2009 – and the federal government played a smaller role in buying new production, according to a new ranking and analysis by Inside MBS & ABS. A total of $443.30 billion of agency MBS were issued during the third quarter, raising year-to-date production for... [Includes two charts and one graph] Read More

Congress Begins to Consider the Details of Winding Down Fannie Mae and Freddie Mac

Lawmakers on Capitol Hill this week began considering their options for resolving the conservatorship status of Fannie Mae and Freddie Mac, including the operational details of just how to execute such a massive undertaking. “It is time to begin the conversation about how we can recreate a functional market that stands on its own two feet, and to decide what role... Read More

ASF Warns HUD That Changing Interest Prepayment Rules Would Have Adverse Impact on Ginnie MBS

The American Securitization Forum balked at possible rule changes at the FHA and Ginnie Mae pertaining to interest prepayment rules on FHA loans, as new Truth in Lending Act rules staged a potential conflict between lenders and secondary market investors. The Federal Reserve told lenders last week that new TILA regulations governing “higher-priced” mortgages and prepayment penalties... Read More

Federal Reserve Ponders Revised Approach To Using Credit Ratings in TALF Program

The Federal Reserve this week proposed a new method for determining which credit ratings can be used in qualifying consumer ABS that are eligible for the Term Asset-Backed Securities Loan Facility program in an effort to gin up more competition in the credit rating market.The Fed’s idea is to accept ABS ratings from any rating service that has registered with the Securities and Exchange... Read More

Securitization Experts Agree on How Market Collapsed But Differ on How to Restore It

Academic and business experts were unanimous on the importance of securitization and on the causes of the market’s collapse but divided on what they think is needed to jolt the private-label MBS market back to life. Testifying at a Senate Committee on Banking, Housing and Urban Affairs hearing this week, industry players and academics agreed that the originate-to-distribute model in which... Read More

Agency Debt, ABS Now Included in FINRA Database After SEC Approves and Solicits Public Comment

The Securities and Exchange Commission last week approved a proposal to expand the Financial Industry Regulatory Authority’s Trade Reporting and Compliance Engine to include debt issued by federal government agencies, government corporations and the government-sponsored enterprises, as well as primary market transactions in new issues. Currently, TRACE reports real-time pricing and trade volume... Read More

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