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Inside MBS & ABS

December 3, 2010

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Banks Build Up Residential MBS Holdings in 3Q10, Showing Strong Appetite for GNMAs

Banks and thrifts returned to the MBS market during the third quarter, reversing a standoffish strategy that saw their role in the market diminished slightly over the first half of the year. Banks and thrifts held a combined $1.389 trillion of single-family MBS as of the end of September, according to an Inside MBS & ABS analysis of call report data. That was...[Includes two data charts] Read More

MBS Dealers Turn to Electronic Settlement As Solution for Failed TBA Trade Problem

Major players in the agency MBS market this week announced a new electronic system to address the huge volume of failed trades that has plagued the to-be-announced MBS market this year. A new service on Tradeweb will allow institutional clients to pair off TBA MBS transactions with dealers, according to...[Includes one graph] Read More

Public ABS Issuers Heave Sigh of Relief as SEC Extends No-Action Letter Indefinitely

Asset-backed securities issuers are relieved that the ABS market won’t be starting 2011 with great uncertainty after the Securities and Exchange Commission’s indefinite extension of a no-action letter providing ratings relief for any new public ABS deals. With its Nov. 23 announcement, the SEC appears to be... Read More

MBS Market Expected to Decline in 2011, Continued Pressure From Distressed Loans

The stock of mortgage-backed securities will be “relatively light in 2011,” according to JPMorgan Chase analysts, who anticipate a net gain $195 billion in fixed-rate, agency issuance for the year. The analysts added that the MBS supply will come mostly from nontraditional sources, including... Read More

Sen. Dodd Presses Fannie Mae, Freddie Mac To Discipline Poor Servicers More Aggressively

Fannie Mae and Freddie Mac are being pushed to be more assertive in sanctioning servicers that aren’t up to snuff when it comes to loan modifications and foreclosures. “Why haven’t you done more to insist upon servicer reform in dealing with these matters, since you’re directly affected... Read More

Rating Agencies Still Have a Role in the Market, But Will Investors Do Enough of Their Homework?

Securitization market experts believe there will still be a strong role for the rating services once the non-agency market fully rebounds. But one critical unknown remains: will investors do enough of their own due diligence? “There have been a number of attacks... Read More

Distressed Servicer Closes Non-Agency Deal Backed by Variety of Mortgage Collateral

Walter Investment Management Corp. this week closed a private placement of $135 million of non-agency MBS issued by Mid-State Capital Trust 2010-1, a mere two days after stating that it had entered into letters of intent to acquire first-lien RMBS for about $90 million. “We are quite pleased... Read More

Interactive Mortgage Advisors Markets MBS Servicing Rights From Two Agencies

Interactive Mortgage Advisors announced in November three offerings of residential bulk servicing rights up for bidding until early December, two of which are Fannie Mae loan pools and another of Ginnie Mae pools. IMA is marketing the rights on behalf of a mortgage banking client, but could not disclose... Read More

MBS & ABS Issuance at a Glance

One page of issuance data.

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