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Inside MBS & ABS

December 18, 2009

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Revised FDIC Securitization Rule Could Become Framework for Future Non-Agency MBS Market

The Federal Deposit Insurance Corp. this week took the first steps toward a new regulation that could impose significant new federal requirements on the securitization of nonconforming mortgages and other financial assets, including tough standards on disclosures, risk retention and compensation. The agency is in the early stages of revamping its so-called Securitization Rule, which... Read More

ASF Finalizes Model Reps & Warranties as Better Option to Align Interests of Securitizers, Investors

With formulaic risk-retention proposals gathering steam on Capitol Hill and among federal regulators, the American Securitization Forum this week released final standards for representations and warranties that the group says are a better approach to aligning interests in mortgage securitizations. The ASF “strongly supports appropriate initiatives to align the economic interest of asset... Read More

Securitizers, Lenders Succeed in Stopping Cramdowns, Avoiding Adverse Impact of Risk-Retention Provision

The securities and banking industries claimed a major victory in limiting the impact of risk-retention requirements and keeping judicial cramdowns out of the regulatory reform and restructuring legislation passed by the House of Representatives last week.Securitization advocates succeeded in offsetting any possible adverse effects of mandated risk-retention requirements in H.R. 4173, the Wall... Read More

Lawmakers Eye New Securitization Options As Investor Interest in Covered Bonds Grows

As Fannie Mae and Freddie Mac continue to dominate the conventional mortgage market from conservatorship and non-agency securitization is limited to recycling old tranches, official Washington is taking another look at covered bonds. “I and many others still remain concerned about the role Fannie Mae and Freddie Mac are playing in our mortgage markets – particularly given that we now have $1 trillion... Read More

FDIC Provides Transitional Rules on FAS 166/167 to Give Banks Time to Adjust to Accounting Changes

The Federal Deposit Insurance Corp. this week approved a final rule to provide temporary relief to banks on risk-based capital requirements stemming from recent major accounting changes. The FDIC board agreed to the rule which provides for a staff-recommended implementation schedule that will help banks avoid the balance sheet shock that is anticipated when most securitizations – including... Read More

Mortgage Market Shrinks a Little More; Securitized Sector Keeps Growing

Although the supply of home-mortgage debt in the U.S. has continued to decline for the past year and a half, the mortgage-securities market continues to expand. A total of $6.978 trillion of securities backed by single-family mortgages were outstanding at the end of the third quarter, according to a new Inside MBS & ABS analysis. That was up 0.7 percent from the end... [Includes one chart] Read More

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