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Inside MBS & ABS

November 5, 2010

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The Fed’s Latest Investment Includes No MBS, Leaving Market With No Government Backstop

The Federal Reserve’s long-awaited “quantitative easing” decision to stimulate the U.S. economy involves pumping $600 billion more into purchases of U.S. Treasuries but – unlike the agency’s groundbreaking move nearly two years ago – no direct support for agency MBS. That leaves the private market...[Includes one graph] Read More

Agency MBS Issuance Edged Slightly Higher In October as Ginnie and Freddie Post Gains

Agency MBS issuance maintained the strong momentum seen at the end of the third quarter as total single-family securitization climbed 1.2 percent in October, according to a new ranking and analysis by Inside MBS & ABS. Fannie Mae, Ginnie Mae and Freddie Mac combined...[Includes one data chart] Read More

SIFMA Says FDIC Officials Don’t Fully Grasp Law, Proposed Legislation on Covered Bonds

Recent remarks by top officials at the Federal Deposit Insurance Corp. suggest the agency does not fully understand either existing law on covered bonds or legislation pending in Congress to establish a new regulatory framework for the market, according to the Securities and Financial Markets Association. “SIFMA’s U.S. Covered Bond Council believes... Read More

Fannie Mae Says It Won’t Do Principal Writedowns In Government’s Latest Mortgage Rescue Program

Although the Obama administration has pressed private MBS investors to agree to principal writedowns as an important tool to help distressed homeowners avoid foreclosure, the government is still not willing to do the same with its massive interest in the mortgage market. Last week, both Fannie Mae and Freddie Mac issued... Read More

SEC Underscores Reporters’ Obligation to Disclose Risks Relating to Mortgage, Foreclosure Exposures

The Securities and Exchange Commission recently reminded public companies to make sure they are making sufficient disclosures in their 10-Q and 10-K filings regarding potential risks and costs associated with their mortgage or foreclosure-related exposures. The SEC’s Division of Corporate Finance sent out “Dear CFO” letters... Read More

Ginnie Mae’s New Net Worth Requirement Will Have Little Impact on Issuers, Says MBA

A recent change in Ginnie Mae’s base net worth requirement for single-family program participants will have minimal impact on issuers although some might have some difficulty complying with a new liquid asset requirement, according to the Mortgage Bankers Association. The MBA said... Read More

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