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Inside MBS & ABS

July 16, 2010

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GSE Counterparties May Face Enormous Liability, Huge Compliance Burden from FHFA Subpoenas

In what may be one of the most significant and expensive legal actions in the mortgage industry in years, the Federal Housing Finance Agency this week issued subpoenas to dozens of security issuers and other entities over billions of dollars in losses that Fannie Mae and Freddie Mac suffered from non-agency MBS that turned into toxic assets... [Includes two charts] Read More

Non-Mortgage ABS Production Slips in 2Q10, Running at Half the Rate Set in Mid 2009

Despite a rebound in the securitization of student loans and credit card receivables, the non-mortgage ABS market slowed during the second quarter of 2010, generating the lowest three-month volume in over a year. A total of $25.09 billion of non-mortgage ABS were issued during the second quarter, down 11.7 percent from the first three months of the year... [Includes three charts and one graph] Read More

Industry Experts Debate How to Revive the Non-Agency MBS Market Without Crimping Credit Availability

Government policymakers face a delicate task trying to reinvent the mortgage finance system as they attempt to revive the non-agency sector and rebuild – or repair – the government-supported secondary market. Chris Killian, vice president of the Securities Industry and Financial Markets Association’s securitization group, said policymakers need to figure out what they want before the... Read More

Ginnie Mae Revises Policies for Structuring Platinum Pools to Keep Out Ineligible Collateral

Ginnie Mae will be modifying its policies regarding the creation of its Platinum securities in the wake of reports that some dealers have been filling Platinum pools with ineligible bonds in violation of agency and industry guidelines. Ginnie Mae is making the changes after the Securities Industry and Financial Markets Association this week addressed the problem in a special conference call... Read More

Compliance Problems Raise Credit Enhancement For GMAC Pool of Distressed FHA/VA Mortgages

GMAC Mortgage had to put up a significant amount of subordination in order to move a deal backed by $222 million of delinquent FHA and VA loans. The GMAC transaction included a $55.5 million subordinated class equaling 25 percent of the total pool. That’s an unusually high amount of credit support given the fact that FHA insurance, which covers 97 percent of the pool... Read More

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