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Fed in Final Approach to Soft Landing On Massive MBS Acquisition Campaign
The Federal Reserve is gliding toward the end of its $1.250 trillion effort to save the agency MBS market, but the program’s effect on the market is expected to linger long after the agency stops buying new securities in two weeks. Since the beginning of 2009, the Fed has made some $1.752 trillion in gross purchases of Fannie Mae, Freddie Mac and... [Includes one chart and one graph]
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Moody’s, Fitch Enhance Approach to Rating Residential MBS Resecuritization
Moody’s Investors Service and Fitch Ratings have updated their ratings criteria for re-securitized non-agency MBS, the dominant form of new issuance over the past two years. Most re-securitizations involve bonds originally issued as part of a real estate mortgage investment conduit. In re-REMIC transactions, one or more securities are pledged to an owner’s trust and the cash...
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ResCap Tries to Resolve Servicer Advance Netting in Response to Moody’s Review
Residential Capital has been in discussions with Moody’s Investors Service with respect to the company’s serviced residential MBS rated Baa3 and higher after the credit rating agency last week placed on review for possible downgrade more than 500 tranches from 125 GMAC-serviced deals due to “specific servicing concerns,” the company said. The review centers on GMAC’s commingling and netting of cash...
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TALF Sunsets With Strong Final Round, Praised for Jumpstarting ABS Markets
One of the most successful government interventions into the secondary market, the Federal Reserve’s Term ABS Loan Facility, expired this month, but not before having a noticeable effect on the asset-backed markets it was aimed at. The March round of TALF lending saw $4.1 billion in requests, the highest level in the last six months. Despite some initial investor hesitation, more than...
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FDIC Makes Foray into Non-Agency MBS As Pricing Proceeds on $1.8 Billion Offering
The Federal Deposit Insurance Corp. is making some progress in getting rid of failed institutions’ troubled mortgage assets via private placements after putting on hold the legacy loan pilot program that was launched last year. Late last week, the FDIC dipped its toe in the water of non-agency securitization with the first of three expected issuances, with considerably tight pricing on a...
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