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Inside MBS & ABS

July 9, 2010

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Agency MBS Production Continued Slipping in Second Quarter, GSE Replenishment Rates Falter

A total of $282.60 billion of single-family agency MBS were issued during the second quarter of 2010, a 3.7 percent drop from the first three months of the year, according to a new analysis and ranking by Inside MBS & ABS. It was the fourth consecutive quarterly decline in agency MBS issuance... [Includes one chart and one graph] Read More

FDIC Proposal Will Hurt Non-Agency Securitization, Conflict With Reform Bill, Raise Costs, Groups Say

The Federal Deposit Insurance Corp.’s proposal on the handling of securitization-related assets in the context of a bank failure will probably crush what’s left of the non-agency securitization market, impose unnecessary regulatory burdens on the industry, and conflict on numerous points with the regulatory reform legislation in Congress, according to industry groups... Read More

In the Absence of Federal Guidance, ASF Offers Standards for Servicing Loan Mod Payments

The American Securitization Forum this week released “best practices” guidelines for servicers of non-agency MBS that restructure pooled loans under the Home Affordable Modification Program. The ASF guidelines mostly address how HAMP incentive payments should be handled, a subject on which the Treasury Department has said it specifically does not plan to provide guidance... Read More

Agency MBS Prices Very Strong, But GSEs And Fed Unlikely to Sell in Fragile Market

With investor demand high and new supply low, agency MBS prices have ratcheted up, and there is some speculation that now might be a profitable opportunity for the government-sponsored enterprises and the Federal Reserve to sell off some of their MBS holdings. But several experts say federal policymakers aren’t likely to change course as the economy tries to pull out of the doldrums... Read More

Positive Structured Finance Momentum Should Continue, But Regulatory Issues Could Impede

The turnaround in structured finance that began last year is expected to continue into at least the last half of this year, even in the weak economy, but new regulatory action could rain on the parade, according to some leading market analysts. “Standard & Poor’s Ratings Services believes the positive momentum that began in 2009 should continue in the second half of... Read More

Potentially Adverse Impact of H.R. 4173 on Moody’s Business Prompts S&P to Downgrade Rival’s Rating

Standard & Poor’s has placed its A-1 short-term rating for competitor Moody’s Corp. on CreditWatch with negative implications citing potentially lower margins and higher litigation risk brought about by financial regulatory reform. S&P said H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, will... Read More

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