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Inside MBS & ABS

September 7, 2018

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Agency MBS Production Up Again in August As Purchase-Loan Volume Continues to Climb

Fannie Mae, Freddie Mac and Ginnie Mae securitized a total of $82.55 billion of single-family home-purchase loans in August, their highest monthly volume of such business in the post-crisis era, according to a new Inside MBS & ABS analysis of agency MBS disclosures. [Includes two data charts.] Read More

Hensarling Finally Unveils GSE Reform Bill After the Battle Front Has Moved on to Administrative Overhaul

Rep. Jeb Hensarling, R-TX, chairman of the House Financial Services Committee, late this week finally unveiled his long-awaited housing-finance reform proposal, calling for a repeal of the federal charters of Fannie Mae and Freddie Mac. Read More

Moody’s Fined $16 Million by SEC for Its Ratings of Non-Agency MBS and CLOs

Problems with rating models that prompted corrections on more than 650 residential MBS in recent years helped lead to a settlement between Moody’s Investors Service and the Securities and Exchange Commission. Read More

Non-Agency MBS Issuers Aim for Specificity with Latest Representation-and-Warranty Framework

Non-agency MBS participants are developing a representation-and-warranty framework by learning from ongoing issues in pre-crisis non-agency MBS. The latest framework developed by the law firm of Alston & Bird features a number of new provisions to help address conflicts regarding breaches of reps and warrants. Read More

S&P Alternates Method to Analyze Subprime Auto Loan ABS Losses Due to Longer Amortization

Longer auto loan terms and softer collection practices by some lenders are slowing amortization schedules and backloading losses in certain subprime auto loan ABS, said S&P Global Ratings. Read More

Critics Say Fannie and Freddie May Pose More Risk to Housing Finance than Before the Crisis

Fannie Mae and Freddie Mac pose more risk to the housing finance system today than they did a decade ago, according to some witnesses at a House Financial Services Committee hearing this week. Read More

Blackstone Takes a Hard Look at Incenter’s MBS and Trading Operations. A New President for TORO Unit

The Blackstone Group in the past few months has taken a hard look at the operations of Incenter, a portfolio company it controls that has diversified businesses that include loan and MBS trading/investments as well as servicing brokerage, according to market sources familiar with the situation. Read More

GSE Shareholders Lose Again. FHFA Moves to Dismiss and Put an End to Amended Cases

Fannie Mae and Freddie Mac shareholders ran into another roadblock late last month when the Eighth Circuit Court ruled that the Treasury’s net worth sweep of profits earned by the government-sponsored enterprises may not be fair, but it’s perfectly legal. Read More

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