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Inside MBS & ABS

September 10, 2010

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Agency MBS Issuance Stuck in Second Gear Despite Further Declines in Mortgage Rates

Mortgage bankers pumped $108.66 billion of new single-family mortgages through the three agency MBS programs during August, according to a new Inside MBS & ABS ranking and analysis. That was up only 2.6 percent from the securitization volume in July and left the MBS market... [Includes one data chart and one graph] Read More

Market Continues to Expect Significant Refi Activity But Mini-Boom to Peter Out if Rates Rise as Expected

A closely-watched barometer of future prepayment activity recently reached its highest level since the mythic 2003 refinance boom, but it may take a dramatic move by the Obama administration to whip the MBS market into a higher gear. The Mortgage Bankers Association reported that... Read More

ASF Releases Confidentiality Form for Rule 17g-5 Despite Ongoing Disputes over Rule Interpretations

The American Securitization Forum has issued a standard form of confidentiality agreement to help “arrangers” and credit rating agencies implement the requirements of the Securities and Exchange Commission’s Rule 17g-5 despite continuing disagreements among members over... Read More

SEC Moves to Extend Policy Allowing Certain ABS Disclosures Via the Web

The Securities and Exchange Commission plans to extend for another 18 months a temporary filing accommodation for asset-backed securitizations under Rule 312 that will allow ABS issuers under certain circumstances to meet disclosure requirements by posting static pool data on a website rather than... Read More

SEC Investigates Moody’s Ratings Practice But Defers Disciplinary Action Because of Jurisdiction Issues

A recently-issued investigative report by the Securities and Exchange Commission serves as a cautionary tale for credit rating agencies on deceptive ratings practices, including a lack of oversight in the determination of credit ratings. On August 31, the SEC issued a Report of Investigation, the main focus of which was... Read More

Investors Want Countrywide MBS Probe

Investors that have purchased more than $26 billion of MBS issued by Countrywide Financial are calling for the Bank of New York, as trustee, to open an investigation of ineligible mortgages in the pool backing the securities. The investors issued binding instructions last week to BNY Mellon as they attempt to... Read More

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