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Inside MBS & ABS

October 8, 2010

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MBS Lead Rebound in New Securitization Volume During Third Quarter, Agencies Fueled by Refinance

The securities market generated $389.21 billion of new mortgage- and asset-backed issuance during the third quarter, a solid 17.3 percent increase from the previous three-month period, according to a new Inside MBS & ABS market analysis. New issuance over the past three months was at its highest quarterly level since...[Includes two data charts] Read More

ABS Market Back on Its Feet, But Outlook For Non-Agency MBS Recovery Still Dicey

The consumer ABS market has in large part regained its footing, and the CMBS sector has shown unexpected signs of recovery, but most participants at this week’s ABS East conference sponsored by Information Management Network conceded that the non-agency MBS business still has a long way to go. The rising tide of new federal regulation will hit... Read More

Disappointed With FDIC Rule, Market Hopes For Better Results From SEC, Joint Rulemaking

The new Federal Deposit Insurance Corp. safe harbor rule will be a challenge for many issuers and sets an ominous tone as the securitization industry waits to see how the Securities and Exchange Commission and other federal agencies complete a landmark overhaul of federal securities regulation. The upside of the rule adopted by the FDIC last week is... Read More

ABS Issuers, Credit Rating Agencies Face New Reps, Warranties, Enforcement Disclosure Requirements

Issuers of non-agency MBS and ABS and the credit rating agencies that rate them will have to provide investors with new disclosures about representations, warranties and enforcement mechanisms under a rule proposed this week by the Securities and Exchange Commission as part of the implementation of the Dodd-Frank Act. Although agency MBS are generally exempt... Read More

GSE and Bank of America Granted Dismissals In Lawsuits Brought by Subprime Investors

In two separate cases, federal judges dismissed claims against Countrywide and Fannie Mae for misleading investors about their risky subprime loans – a substantial victory in the midst of an avalanche of lawsuits, millions in settlement dollars and no real end in sight. Former Fannie shareholders recently brought a case on behalf of themselves and a class of others that purchased or acquired Fannie common stock and/or options between Nov. 8, 2006, and Sept. 5,… Read More

SEC Eliminates Exemption for Disclosures Made to Rating Services for Monitoring

The Securities and Exchange Commission has adopted an amendment to Regulation FD, eliminating the exemption in Rule 100(b)(2)(iii) for disclosures made to nationally recognized statistical rating organizations and credit rating agencies, “for the purpose of determining or monitoring a credit rating.” The change implements... Read More

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