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Inside MBS & ABS

October 15, 2010

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Foreclosure Moratoriums Bring Lots of Uncertainty To MBS Investors, Huge Loss Potential for Servicers

The burgeoning foreclosure debacle and resultant moratoriums and delays in processing failed residential mortgages are bad news for MBS investors and servicers, and they could combine to be just the kind of “perfect storm” the market really doesn’t need right now. “Class action lawsuits, contested... Read More

SEC Proposal Would Require MBS/ABS Issuers to Disclose Due-Diligence Reviews

The Securities and Exchange Commission is moving to implement a new mandate that MBS and ABS issuers review the assets backing the transaction and disclose those reviews to potential investors, but the agency hasn’t yet decided whether to set minimum standards for the reviews. The agency this week approved... Read More

Ginnie Hangs on as Top REMIC Issuer, Wells Fargo Ranks as Top Agency MBS Issuer

Although production of agency residential MBS in 2010 continues to trail the pace set in the first nine months of last year, the market for agency-backed structured transactions has been booming, according to a new Inside MBS & ABS analysis and ranking. The three agencies – Ginnie Mae, Fannie Mae and Freddie Mac – have issued... [Includes two data charts] Read More

MBS Industry Sees Problems Ahead In SEC Rewrite of Securitization Rule

The new financial reform law has taken much of the spotlight in recent months, but not far offstage is the controversial overhaul of Regulation AB, the Securities and Exchange Commission’s primary standard for ABS and MBS. The SEC proposed a major rewrite of Reg AB in April, but that effort appears... Read More

FINRA Taking Industry Pulse on Potential Disclosure of MBS, ABS Pricing Data

MBS and ABS market participants aren’t sure yet how new trade pricing data will be used by the industry if the Financial Industry Regulatory Authority moves to begin public dissemination of the information at some point in the future. Securities dealers will begin... Read More

CBO Says Added Expense of Covered Bond Legislation Would Exceed Projected Revenue

The Congressional Budget Office estimates that legislation to create a regulatory framework for a covered bond market would increase federal budget deficits by $32 million over the 2011-2020 period, with most of the cost coming from its impact on the federal deposit insurance fund. The covered bond bill, H.R. 5823, would increase... Read More

Ambac Assurance Agrees to Settle with Lehman, Initiates Litigation Against Bank of America

Ambac Assurance Corp, the capital-starved bond insurer, has decided to drop 60 claims totaling more than $6.1 billion against bankrupt Lehman Brothers Holdings Inc, in which it accused Lehman of a breach of obligations over MBS Ambac insured. In return, Lehman agreed to abandon... Read More

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