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Inside MBS & ABS

July 30, 2010

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Credit Rating Industry Must Use Transition Period to Resolve Effects of Rule 436(g) Repeal

The burden of working out a solution to the problem created by the Dodd-Frank Act’s repeal of Rule 436(g) now rests on the credit rating industry after the Securities and Exchange Commission last week allowed ABS issuers to omit ratings from new registrations for the next six months, according to credit analysts. Analysts at Barclays Capital said that given the SEC’s announced... Read More

FDIC Plans Another Mortgage Security Issuance With Some Resemblance to Safe Harbor Criteria

The Federal Deposit Insurance Corp. plans to go ahead and issue guaranteed senior certificates backed by approximately $500 million of home mortgages it has acquired from failed banking institutions, as per the agency’s pilot securitization program, after getting a green light from the Securities and Exchange Commission earlier this month. “The [SEC Division of... Read More

Covered Bonds Bill Passes out of Committee, But FDIC Concerns, Role Remain at Issue

Legislation to facilitate a U.S. covered bond market passed a key mile-marker this week as the House Financial Services Committee approved a bipartisan bill after throwing a bone to the Federal Deposit Insurance Corp., which has been worried about potential drains on the deposit insurance fund. H.R. 5823, the United States Covered Bond Act of 2010, as amended by Rep. Melissa Bean... Read More

With Lawyer at the Helm, RMBS Investor Clearing House Reaches Out to Trustees

Non-agency residential MBS investors have long been hard-pressed to work with bond trustees to deal with distressed assets, but a new group of investors led by Dallas attorney Talcott Franklin has made significant progress in bridging that gap, the lawyer said. Franklin, who heads the law firm bearing his name, said the RMBS Investor Clearing House sent... Read More

SEC Invites Public Comment on Dodd-Frank Act Rulemaking Before Staff Drafts Proposed Regs

The new Dodd-Frank Wall Street Reform and Consumer Protection Act requires federal agencies to promulgate a sweeping array of new regulations over a relatively short period of time, and the Securities and Exchange Commission wants to get a jump on the process. The SEC this week took the unusual step of announcing that it will consider comments on its Dodd-Frank... Read More

Industry Groups Back Explicit Federal Guarantee For MBS in Reformed Mortgage Finance System

Industry groups representing Wall Street and mortgage lenders advised the Obama administration to devise an explicit government guarantee that would bolster mortgage securitization activity in the future and maintain the liquidity that characterizes today’s MBS market. The Mortgage Bankers Association is backing a two-tier mortgage securitization process that would include a... Read More

Standard & Poor’s Reasserts Market Lead in Rating Non-Agency MBS, Non-Mortgage ABS

Standard & Poor’s ranked as the most active rating service in the MBS and ABS markets at the midway point in 2010, according to a new Inside MBS & ABS analysis. S&P rated some $26.74 billion of non-agency MBS during the first six months of the year, or 83.9 percent of total issuance. That restored the company to the top of the MBS business for... [Includes two charts] Read More

Securities Industry Watchdog Quizzes Wall Street on CDO Sales Practices

Three Wall Street investment firms are the focus of an investigation by the Financial Industry Regulatory Authority over alleged irregularities in the sale of synthetic mortgage-related investments.FINRA, a private self-regulatory organization for the securities industry, is said to be looking into the sales practices of Morgan Stanley, Barclays PLC and Credit... Read More

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