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Inside MBS & ABS

April 28, 2011

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Auto Sector Revs Up Non-Mortgage ABS Issuance In Early 2011, Jump in Student Finance Deals

A modest gain in the issuance of securities backed by auto financing and a boost from the student loan sector helped push total non-mortgage ABS issuance up 5.4 percent in the first quarter, according to a new ranking and analysis by Inside MBS & ABS. The ABS market generated... [Includes three data charts] Read More

Mortgage ‘Short Sales’ Could Ease Foreclosure Crunch, But There Are Hurdles, Expert Says

Private capital could help resolve the foreclosure crisis if servicers and investors can agree to programs allowing the sale of distressed mortgages out of non-agency MBS pools, according to Jordan Dorchuck, vice president and chief legal officer at American Home Mortgage Servicing, Inc. Dorchuck outlined a proposal to allow... Read More

SEC Tries to Develop New Quality Standard For Non-Agency MBS to Replace Ratings

The Securities and Exchange Commission this week proposed a new method for determining whether non-agency MBS will enjoy certain federal exemptions without relying on credit ratings. The SEC and other agencies in recent years have been gradually eliminating references to credit ratings in a variety of regulations affecting... Read More

Risk-Retention Proposed Rule a Disaster Waiting To Happen, Securitization Reps to Tell Regulators

Representatives of the securitization industry are raising concerns that some key aspects of the risk-retention proposed rule that federal bank regulators are working on might bring the secondary mortgage market to a grinding halt, and are urging regulators to remove or clarify some proposals. Much of the concern has to do with... Read More

Bank of America Wins a Round in Litigation Over Countrywide MBS, But Lawsuits Keep Coming

Bank of America successfully turned back a class-action lawsuit filed by disgruntled investors in Countrywide MBS, but new cases stemming from the collapse of the non-agency mortgage market continue to be filed. According to Judge Mariana Pfaelzer’s dismissal order in the U.S. District Court of the Central District of California, BofA and its... Read More

Mortgage Banking Profits Down Sharply In Early 2011 as Lending Volume Slows

Fannie Mae and Freddie Mac in 2010 continued to take a beating from their MBS guarantees on high-risk mortgages, but the performance of these loans did improve somewhat last year, according to a new report from the Federal Housing Finance Agency. Since the beginning of 2008, the two government-sponsored enterprises have burned through... Read More

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