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Mortgage, Asset Securitization Volume Subdued In Early 2010, But Pace Still Ahead of Last Year
New issuance of mortgage- and asset-backed securities in the first two months of 2010 was well above the depressed pace set by the market early last year, but production volume has eased slightly from the level in late 2009. A new Inside MBS & ABS analysis shows that a total of $240.47 billion of new residential MBS and non-mortgage ABS were issued during... [Includes one chart and one graph]
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More Prime Jumbo Deals Arising, But Sector is Still in ‘Exploratory’ Phase
A widely-anticipated mortgage securitization by the Federal Deposit Insurance Corp. could help build some momentum in the non-agency MBS market, as industry observers say a number of issuers have sketched out potential prime jumbo transactions. The FDIC indicated months ago that it might use securitization to unload some assets acquired from failed banking institutions. Potential investors reportedly...
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Rising Non-Agency OTTI, Credit Expenses Help Put Another Hole in the Hull of the USS Fannie Mae
Fannie Mae reported a leap in other-than-temporary impairment charges for its non-agency MBS holdings during the fourth quarter as the government-sponsored enterprise lost $15.2 billion during the period, its 10th consecutive losing quarter, on the way to losing $72.0 billion for the entire year. Net OTTI was $2.5 billion in the fourth quarter, compared with $939 million in the third...
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Foreclosure Bubble Expands as Loss Mitigation Efforts Lead to Rising Problem Loan Inventory
Loss mitigation is supposed to find cheaper alternatives to foreclosure, but industry experts are concerned that increasingly aggressive efforts by mortgage servicers are stretching out liquidation timelines and ultimately raising loss severities. Federal banking regulators reported an 80 percent increase in the number of foreclosures in process and a 125 percent jump in the number of loans 90 or more...
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