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Inside MBS & ABS

November 12, 2010

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Fannie, Freddie Portfolios Continue to Shrink, Turn in Mixed Performances During 3Q10

Although they are among the biggest MBS investors on the planet, Fannie Mae and Freddie Mac saw their MBS portfolios continue to decline during the third quarter as the two government-sponsored enterprises glide down a long, slow path to an unknown future. As of the end of September, the two GSEs held...[Includes one data chart and one graph] Read More

Potential MBS Issuers Warming Up on the Sidelines; Jumbo Still the Holy Grail

Private conduits are gearing up to buy prime jumbo mortgages that could spark a modest revival in non-agency MBS issuance. BlackRock Inc. reportedly has formed a new $1 billion BlackRock Mortgage Investors Fund which will serve as a source of capital for prime jumbo loans. The fund is intended... Read More

ABA White Paper Clarifies Role of Trustees in ABS, Challenges Efforts to Reinterpret Trustee Obligations

Trustees in non-agency MBS and non-mortgage ABS have relatively narrow responsibilities that do not include resolving disputes between investors and servicers, according to the American Bankers Association. In a white paper released this week, the ABA refuted... Read More

Analysts Continue to Have Dim View of Recovery Despite a Few Silver Linings

Despite hopeful signs in the mortgage and housing markets, credit analysts continue to take the pessimistic view that things could get worse before they could get any better. The latest reports from Standard & Poor’s and Fitch Ratings indicate a slower recovery pace as delayed liquidations increase... Read More

Barclays Finds Some Non-Agency MBS Much More Likely to See Repurchase Activity

Loan-level data can shed some light on the amount of potential repurchase activity in non-agency deal MBS, according to a recent report issued by a group of Barclays Capital analysts. Barclays analysts studied a sample of 4,000 first-lien mortgages that had been repurchased... Read More

Bank of America Wins Dismissal of Class-Action Suit, Defends Another

Bank of America won a dismissal in a class-action lawsuit that could still go forward on a significantly narrower scale and counterpunched another investor demand that the company repurchase a large number of loans from non-agency MBS issued by Countrywide Financial. The U.S. District Court for the Central District of California... Read More

Dodd-Frank Act Won’t Prevent Recovery of Non-Agency Securitization Market, Officials Say

Government policymakers tried to assure securitization executives that the new Dodd-Frank Act won’t prevent the recovery of a market that faces a historic onslaught of new federal regulations. “I will be the first to admit our bill isn’t perfect – I believe the bill accomplished... Read More

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