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Inside MBS & ABS

October 23, 2009

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Non-Mortgage ABS Volume Slows in 3Q09, But Rebound Appears to Have Taken Root

The non-mortgage ABS market generated $48.57 billion in new issuance during the third quarter of 2009, a modest downturn from the previous period but a level that suggests the market has largely recovered from dire levels reached at the end of last year. New ABS issuance dropped 3.3 percent from the second to the third quarters and, after nine months of the... [Includes three charts] Read More

Proposed Capital Changes Will Further Harm Securitization, Reduce Liquidity, Banks Say

The changes to risk-based capital requirements that federal bank regulators are considering will slam the slim hopes for the non-agency MBS market, further dry up liquidity in the financial markets and compel lenders to significantly scale back their other lending activities, according to some of the nation’s largest mortgage banking institutions. Bank regulators are working to revise... Read More

Delinquency Volatility Prompts Fitch to Extend Re-REMIC Moratorium to All U.S. Alt A MBS

A sudden and unexpected surge in delinquency volatility has prompted Fitch Ratings to extend an existing moratorium on rating certain U.S. residential MBS re-securitizations to now include all transactions comprised of Alt A loans, not just those with overcollateralization structures. “Fitch has provided ratings on re-REMIC transactions backed by prime jumbo mortgages and those backed... Read More

Revised S&P Ratings Produce ‘Relatively Modest’ RMBS Downgrades, Help Long-Term Comparison

Experts at Standard & Poor’s said this week that their recently revised credit ratings criteria will provide a new, more consistent foundation for banks and financial institutions to use when assessing credit risk as the financial crisis begins to dissipate.The most notable changes came on collateralized debt obligations and residential MBS, said S&P Chief Credit Officer Mark Adelson... Read More

Industry Lobbies Treasury for ‘Interest-Only’ Loan Modifications in HAMP, Investors Oppose Plan

Institutional investors are up in arms against a financial services industry proposal to include “interest-only” loan modifications in the government’s Home Affordable Modification Program. The Mortgage Investors Coalition, which was formed in March by asset managers who currently hold more than $100 billion in residential MBS on behalf of pension funds, college endowments and other... Read More

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