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Inside MBS & ABS

January 22, 2010

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Non-Agency MBS Market Posts Modest Increase In New Issuance, Deals Still Backed by Old Loans

The non-agency MBS market summoned a small rebound in production levels in 2009, but issuance continued to be dominated by re-securitization of older mortgage securities. A total of $60.35 billion of non-agency MBS were issued last year, a gain of 3.3 percent over 2008’s record low in production volume. Although new issuance increased 25.8 percent from the... [Includes three charts] Read More

Conditions May Be Improving Enough to Generate Non-Agency MBS Backed by New Originations

Improved stability in non-agency MBS secondary markets could be leading the way to securitization activity backed by newly originated mortgages as several major banks are rumored to be considering possible deals. “It makes sense” that such deals would start to emerge, according to a representative of one ratings firm who hadn’t seen any new deals emerge yet. “This might be good time... Read More

Ginnie Mae Pushes Small Agency to Stay Ahead of Record New MBS Issuance Levels

After pioneering the MBS market 40 years ago, Ginnie Mae has long since given up its musket and buckskins, but the relatively tiny agency is now trying to stay on top of the biggest surge in its business with less-than-cutting-edge gear. Ginnie’s MBS issuance soared to a record $445.8 billion in 2009, a 66 percent increase from the previous annual record set the year before... Read More

High Delinquencies, Low Rates Make Perfect Storm for Ginnie Buyouts

Ginnie Mae prepayment speeds increased sharply as 2009 came to a close because of a perfect alignment of market variables including mortgage rates and buyouts, but prepay speeds should drop by 30 to 40 percent back to normal levels by February, according to Wall Street analysts. Ginnie servicers have some choices when it comes to buying defaulted loans out of the MBS they have... Read More

Agencies Approve New Capital Standard

Banks and thrifts will have about a year to fully adapt to new risk-based capital rules that implement revised accounting standards on asset securitization. Federal financial regulators this week approved a final rule that gives the industry some slack on implementation but otherwise sticks to a strict reading of new accounting rules that will... Read More

Analysts Expect Inconsistent Results from EU’s One-Size-Fits-All Risk-Retention Requirement

The overall effect of a new contentious European risk-retention rule for ABS issuers remains unclear, although credit ratings analysts are certain that the one-size-fits-all rule will not be necessarily effective for all securitization transactions. Fitch Ratings analysts expect the forthcoming risk-retention requirement for European Union securitizations... Read More

SIFMA, ASF Regrouping Independently In Wake of Their Sudden Separation

The Securities Industry and Financial Markets Association has decided to form a new securitization group after its partner organization, the American Securitization Forum, ended their eight-year affiliation late last week. The new group is going to expand SIFMA’s work on behalf of dealers, investors and other players involved in securitizations, according to a letter that SIFMA CEO... Read More

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