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Inside MBS & ABS

November 24, 2010

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Issuers Call for Changes to Proposed SEC Disclosure Rules on Reps and Warrants, Repurchase Demands

Securitization market participants have called for modifications in the Securities and Exchange Commission’s proposed rules on disclosure of representations, warranties and enforcement mechanisms as well as repurchase information in asset-backed securities offerings. The SEC’s disclosure proposals would implement... Read More

New Ginnie Pools Increasingly Backed by Loss Mitigation Loans, But How Many is Hard to Say

There has been a growing chance over the last several years that Ginnie Mae securities include recycled loans that have gone through loss mitigation. But one problem for investors has been getting a precise statistical handle on the true extent of the trend. That is changing...[Includes two data charts] Read More

Current Conforming Loan Maximum Limits to Remain into 2011, Despite Falling Housing Prices

The days when the conforming loan limit moved in synchronization with housing prices nationally are long gone, as the Federal Housing Finance Agency announced late last week that the maximum limits for mortgages originated in the first nine months of 2011 will remain unchanged from current levels. Those limits are generally $417,000 but can be... Read More

Audit Shows Ginnie Finances in Good Shape, Though Economic Woes Have Taken a Toll

Independent auditors gave Ginnie Mae a clean annual check-up that showed no major deficiencies in a rapidly growing program that had to cope with some large issuer defaults in recent years. Ginnie’s loss reserves for the MBS program soared... Read More

Mortgage Securitization Rate Remains at Historically High Level With Non-Conforming Market Still Stalled

The vast majority of new home mortgages originated in 2010 were financed through securitization, a new Inside MBS & ABS analysis reveals. Some $1.07 trillion of residential mortgages were originated through the first nine months of the year, and 84.6 percent – $905.5 billion – were pooled...[Includes one data chart] Read More

Groups Urge SEC to Be Careful Implementing New Disclosure Requirements Covering Asset Reviews

Industry groups support the thrust of proposed new federal regulations to require asset-backed securities issuers to disclose the results of internal reviews of the assets backing these deals, but they think the Securities and Exchange Commission should steer clear of setting specific review standards. The agency is implementing... Read More

Fitch Says Small Pools of Non-Agency MBS Face Increased Tail-Risk Exposure

Fitch Ratings is moving to more conservative rating policies for non-agency MBS tranches that have shrunken significantly and are backed by a dwindling number of loans. “Most RMBS transactions are not structured to protect against the potential for increased performance volatility as the pool size declines... Read More

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