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Inside MBS & ABS

April 23, 2010

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Citi, Redwood Break the Ice in Jumbo MBS Market With Potential Model Transaction

Citigroup and Redwood Trust this week announced details of the first non-agency MBS transaction backed by recently originated mortgages in two years in a structure that could become a model for other deals. According to preliminary term sheets filed this week, Sequoia Mortgage Trust 2010-H is backed by a squeaky-clean pool of $237.8 million of prime jumbo loans... Read More

S&P Tightens Performance Criteria for Residential MBS, Asset-Backed CDOs

Standard & Poor’s has revised its credit rating performance criteria to make it harder for issuers and securities that have performed poorly in the past to obtain higher credit ratings. The criteria changes were made after a recent S&P study confirmed a decline in the credit performance of highly rated residential MBS and certain types of collateralized obligations... Read More

Rules Change for Diligence, Asset Management As Securitization Markets Show ‘Signs of Life’

Secondary market experts said encouraging indications are beginning to take shape in many asset sectors, but the game has changed drastically from the way it used to be played, and everyone from investors to issuers needs to adapt to the changes – with even more coming. Speaking at a symposium in Washington, DC, this week about hitting the reset button on the... Read More

SEC Fraud Case Against Goldman Has Major Market, Regulatory Implications

The Securities and Exchange Commission’s fraud case filed against Goldman Sachs & Co. in federal court last week has sparked debate about the agency’s motives for making the claim, the procedural buildup and the possible ramifications. The charges allege that the Wall Street powerhouse withheld key information from investors in a 2007 collateralized debt obligation backed by... Read More

Non-Mortgage ABS Market Gets Solid Start In Early 2010 as Issuance Shifts From Cards

The non-mortgage ABS market posted a solid 5.4 percent increase in new issuance during the first quarter of 2010, although it remained well below the levels set in the middle of last year. A total of $27.99 billion of non-mortgage ABS were issued during the first three months of this year, with significant gains in the auto loans and student financing that offset... [Includes three charts] Read More

Lehman Examiner Highlights Role Deteriorating Mortgage Assets Played in Investment Bank’s Fall

Congress’ forensic examination of the collapse of Lehman Brothers continued this week, with new findings highlighting how deteriorating mortgage-related assets helped pull the company under.The illiquid assets Lehman acquired as the subprime crisis unfolded “played a significant role in Lehman’s ultimate financial failure,” said Anton Valukas, the examiner for the Lehman bankruptcy... Read More

FDIC Moves Another Securitization Backed by Assets From Failed Banks

The Federal Deposit Insurance Corp. this week issued $1.81 billion in notes backed by performing and non-performing construction loans, residential mortgages and real estate owned assets the agency held in its capacity as receiver for two failed banks. The transaction is expected to help recover a decent sum for the deposit insurance fund, and could give a boost to... Read More

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