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Inside MBS & ABS

July 2, 2010

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Mild Gain in June Leaves New MBS & ABS Issuance Subdued in Second Quarter of 2010

New issuance in the MBS and ABS markets weakened further in the second quarter despite historically low interest rates and scattered signs of improving economic conditions. A total of $317.84 billion of new mortgage- and asset-backed securities were issued during the second quarter of 2010, according to a new market analysis by Inside MBS & ABS... [Includes two charts] Read More

Fannie, Freddie Survive the Regulatory Reform Bill, As the ‘GSE Way’ Extends Throughout Legislation

The massive financial reform legislation nearing completion in Congress largely ignores two of the biggest problems still on the government’s plate – Fannie Mae and Freddie Mac – and may lay little groundwork for a future without the government-sponsored enterprises.Republicans in both the House and Senate repeatedly tried to get more definitive work-out plans... Read More

Reg Reform Could Create Divide in MBS Market, But Most Rules Yet to Be Written

While Congress may have written the financial reform provisions that chart the future of the MBS and ABS markets – risk retention, representations and warranties, and ABS disclosures – industry experts said the legislation puts the future of the market in the hands of regulators. The compromise bill approved by the House this week and expected to scrape by in the Senate directs... Read More

Rating Agencies Revise Indemnification Pacts with Issuers as Liability Risk Rises under Dodd-Frank Bill

Increased liability that comes with the Dodd-Frank Wall Street Reform and Consumer Protection Act has prompted credit rating agencies to rewrite the indemnification provisions of their service contract with issuers to cover new liabilities. Credit rating agencies are in the process of revising their engagement letters to reflect the new requirement, fearing increased... Read More

Fed Moves to Clean Up Unfulfilled MBS Purchase Commitments, Resolve Fails

The Federal Reserve Bank of New York this week announced that it will undertake some MBS coupon swaps to help resolve the agency’s outstanding purchase commitments in the agency market. As of June 23, the Fed still had about $16.99 billion of outstanding commitments to buy agency MBS, and no pending commitments to sell. Like other investors in the MBS... [Includes one chart] Read More

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