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Inside MBS & ABS

November 19, 2010

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Groups Make Pitches on Key Regulatory Definition That Will Shape Future Non-Agency MBS Market

Mortgage industry groups have started trying to shape new federal regulations that will effectively define the non-agency MBS market of the future, including perhaps whether it will even exist. The Dodd-Frank Act requires federal regulators to jointly develop risk-retention rules for a variety of asset securitizations – they are expected... Read More

ASF White Paper Asserts Mortgage Transfers into Securitizations as Valid, Supported by Vintage Laws

The process in which market participants assign and transfer mortgage notes and underlying mortgages, including the naming of the Mortgage Electronic Registration System as mortgagee of record, is valid, sound and legally binding, concludes a white paper released this week by the American Securitization Forum. Based on... Read More

Cost of Funding, Delayed GSE Resolution Keep Non-Agency Revival at Bay, Industry Reps Say

A host of factors continue to conspire against the return of a vibrant non-agency market, including challenging political and regulatory initiatives, as well as unfavorable underlying economic dynamics, leading industry representatives affirmed this week. “The private-label market has proven... Read More

Standard & Poor’s Ranks as Most Active Rating Service in MBS & ABS Markets

Standard & Poor’s maintained its lead as the top rating service in both the non-agency MBS and non-mortgage ABS markets through the nine-month mark in 2010. S&P rated $36.1 billion of non-agency MBS during the first nine months of the year, putting...[Includes two data charts] Read More

New Non-Agency MBS Slated for Private Placement Market in Late November

Walter Investment Management Corp. announced on Monday it will price $135 million in non-agency MBS expected to be sold in a private placement by Nov. 30. The secured notes will be backed by U.S. residential mortgages, building and installment sale contracts, promissory notes, related mortgages and other security agreements, according... Read More

Cooperative Model Could Provide Easier Transition Out of Conservatorship for Fannie and Freddie

Converting Fannie Mae and Freddie Mac to cooperatives owned by mortgage originators that use them for securitization services could lead to a more stable and risk-averse secondary mortgage market, according to the Government Accountability Office. In a follow up to an earlier review of GSE reform options, the GAO said... Read More

S&P to Incorporate Opinion on Interest Payment for Re-REMICs

Future ratings of re-securitized residential MBS will include an opinion of the interest payment in addition to considering full principal payment, Standard & Poor’s has announced. S&P said its rating analysis will vary for previously-rated MBS re-securitizations and those with a request to rate but have not been rated... Read More

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