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Volume 2008 - Number 19 | May 9, 2008
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Non-Agency MBS Players Continue to Struggle With Valuations in Current Dysfunctional Market
Despite massive writedowns on subprime and Alt A mortgage securities, no one appears to be in any hurry to unload much product in the current depressed MBS market environment. That’s because would-be buyers generally remain far apart from potential sellers...


Liquidity Returning to Market but Non-Agency MBS Expected to Lag Behind Agency Issuance
The non-agency MBS market could gradually rebound from the shutdown that started in August, according to analysts, but full-fledged recovery might not occur until 2010 and it could be based on a different securitization model. At the Mortgage Bankers...


Frustration, Blame Reign as Conforming Jumbo Programs Begin to Roll Out; Not Much Volume Expected this Year
The lack of jumbo conforming volume is starting to concern the legislators who authorized Fannie Mae, Freddie Mac and the FHA to enter the space through the end of this year. The government-sponsored enterprises and their regulator, however...


Countrywide Ranks as Top Overall MBS Issuer In Early 2008 But May Need BofA to Stay There
Countrywide Financial remained the top overall producer of residential MBS during the first quarter of 2008, but Wells Fargo made a strong challenge to take over. Countrywide issued $59.51 billion of residential MBS during the... [Includes one chart]


SEC Suggests Congress Should Clarify its Authority To Regulate Top Investment Bank Holding Companies
The Securities and Exchange Commission is working on fine-tuning its oversight of key Wall Street investment banks, but the agency is also suggesting Congress consider making its authority to regulate these institutions more explicit. The SEC launched its...


Top-Rated Subprime MBS Out-Perform Treasuries, As Sentiment Mounts the Worst Might Just be Over
Top-rated subprime and home-equity MBS out-performed U.S. Treasuries in April for the first time since December, one of several recent indicators that suggest the financial vises gripping the U.S. economy are starting to loosen.Recent Lehman Brothers data show...


Despite $2.2 Billion Loss, Fannie and OFHEO Setting The Stage for GSE to Access Significantly More Capital
Despite another huge loss in the first quarter and an even bleaker outlook on credit quality, Fannie Mae won more freedom from federal regulators and continued to position itself to take advantage of opportunities in a distressed mortgage market...


S&P Stops Rating Second-Lien MBS Deals, Fitch Hangs on but With Low Expectations
Standard & Poor’s has announced it will cease rating residential MBS backed by closed-end second liens. But other rating agencies are not yet ready to throw in the towel. S&P’s decision was spurred by “an unprecedented level of loan performance deterioration” in...

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