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Inside MBS & ABS

January 29, 2010

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ABS Market Survived Challenging 2009, 2010 May Not Be Much Better

Compared to the non-agency MBS market, securitization of consumer financial products and other ABS held up fairly well over the last two years, but the sector still faces critical regulatory and performance issues in 2010. A total of $155.05 billion of non-mortgage ABS were issued in 2009, down 14.6 percent from the previous year. It was the lowest output in a decade, and new issuance... Read More

Fed On Track to Wind Down Agency MBS Support, But Retains Some Wiggle Room, Just in Case

The Federal Reserve this week affirmed that it still plans to close down its purchase program of agency MBS and debt as scheduled by the end of March, yet continued to retain some flexibility in case conditions warrant an extension. “To provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve is in the process of... Read More

FDIC Brainstorming Securitization of Billions of Dollars of Mortgage Assets From Failed Banks

The Federal Deposit Insurance Corp. is working on a way to securitize billions of dollars of mortgage-related assets on its books from failed banking institutions – an effort that could help revitalize non-conforming securitizations and the secondary markets. The agency is trying to unload about $36 billion of troubled bank assets via a securitization pro-gram, according to one press report, and is said... Read More

Commercial MBS Collateral Unsteady, Clouding Projections for Road Ahead

The commercial MBS sector saw its first activity in 18 months at the end of 2009, signaling increased investor activity, but still-rising delinquencies and other weak fundamentals could make 2010 another rough year. A recent Moody’s Investors Service report said 51 percent of commercial real estate markets remained in poor-performing status, down from 53 percent the prior quarter. The Moody’s team expects a... Read More

New RESPA, TILA Rules Could Cause More Rescission Claims, Moody’s Warns

New consumer protection rules under the Real Estate Settlement Procedures Act and the Truth in Lending Act are raising concerns among credit rating agencies of potentially increased borrower rescission claims against lenders due to improper disclosure of mortgage settlement costs. Analysts with Moody’s Rating Services said that inaccurate TILA disclosures could provide not only grounds for... Read More

Start-Up Analytics Firm Offers Loan-Level Performance Data on Non-Agency MBS

Investors, brokers/dealers and researchers working with residential MBS have a new tool to harness vast numbers of loan-level data to their advantage. BlackBox Logic LLC has developed a data aggregation for the non-agency MBS market that covers prime jumbo, subprime and Alt A mortgages. The program is “the largest of the data sets avail-able in the non-conforming securitized space,” said Larry... Read More

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