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Inside MBS & ABS

December 10, 2010

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Agency MBS Issuance Declined in November as Rising Mortgage Rates Point to a Slower 2011

Mortgage lenders pumped out $137.86 billion of agency single-family MBS in November, down slightly from the previous month, according to a new Inside MBS & ABS ranking and analysis. Although agency MBS issuance was down 0.8 percent from October, November was...[Includes one data chart] Read More

A ‘Perfect Storm’ of Regulation Likely to Make Securitization More Costly, Less Advantageous

The closer that securitization experts look at the big regulatory developments of 2010, the more concerned they are about the future. They are increasingly concluding that the Securities and Exchange Commission’s Regulation AB, the Dodd-Frank Wall Street Reform and Consumer Protection Act and a number of other requirements will make... Read More

Court Rulings May Let Rating Services Off The Hook, But Major Legal Disputes Persist

A Pennsylvania judge dismissed a series of claims filed by a disgruntled MBS investor against the three major credit rating services but allowed one charge to move forward, in addition to claims against JPMorgan Chase, the issuer and underwriter of the transactions. The Federal Home Loan Bank of Pittsburgh sued... Read More

ASF Steps Up to Defend Integrity of Securitization Process, But Critics Pry at Chinks in the Armor

Key to the legality of a securitization trust’s authority to foreclose on bad mortgage loans is the legitimacy of the transfer of loans into the trusts. Tom Deutsch, executive director of the American Securitization Forum, testifying during a hearing in the Senate Banking, Housing and Urban Affairs Committee last week, asserted... Read More

Risk Retention Requirements Pose Substantial Risks for Securitization Market, Experts Say

Industry attorneys are warning of potential pitfalls in the new finance reform law that could raise regulatory and litigation risks for securitizers and originators. Risk retention requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act may have unintended consequences for securitizers that don’t pay... Read More

Lackluster Economy, Consistent Servicing Keep Manufactured Housing MBS a Stable Performer

There’s not much activity in manufactured housing securitization these days and that is unlikely to change any time soon. The good news is that existing MH deals are performing on an even keel, thanks to consistent servicing, improved lending standards and limited new originations, according to ratings analysts. “Outstanding manufactured housing loans continue... Read More

SEC, Banks Reportedly in Talks Over Settlement of CDO-Related Probes

The Securities and Exchange Commission and certain Wall Street financial institutions reportedly have begun talks to settle investigations of allegedly fraudulent transactions involving the creation, marketing and sale of collateralized debt obligations. The SEC declined comment on a Wall Street Journal report this week that talks are... Read More

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