February 18, 2016
Economic Factors That Affect Housing Prices
S&P has posted a paper on Economic Factors That Affect Housing Prices. This is, of course, an important topic, albeit one that is an art as well as a science. While S&P undertook this analysis more for mortgage-backed securities investors than for … Continue reading
February 18, 2016 in MBS industry commentary | Permalink | No Comments
December 8, 2015
Reviewing the Big Short
Realtor.com quoted me in Explaining the Housing Crash With Jenga—Did ‘The Big Short’ Get It Right? The story reads in part, One of the more hyped movie releases this Oscar season stars the housing crisis itself: “The Big Short,” in which four … Continue reading
December 8, 2015 in MBS industry commentary | Permalink | No Comments
November 12, 2015
RMBS 3.0 and the Public Good
The Structured Finance Industry Group has issued RMBS 3.0: A Comprehensive Set of Proposed Industry Standards to Promote Growth in the Private Label Securities Market. RMBS 3.0 is SFIG’s initiative to reinvigorate the “private label” residential mortgage-backed securities (“RMBS”) market: In … Continue reading
November 12, 2015 in MBS industry commentary | Permalink | No Comments
November 6, 2015
The End of Private-Label Securities?
J.P. Morgan’s Securitized Products Weekly has a report, Proposed FRTB Ruling Endangers ABS, CMBS and Non-Agency RMBS Markets. This is one of those technical studies that have a lot of real world relevance to those of us concerned about the … Continue reading
November 6, 2015 in MBS industry commentary | Permalink | No Comments
October 29, 2015
Frannie v. Private-Label Smackdown
S&P posted a report, Historical Data Show That Agency Mortgage Loans Are Likely to Perform Significantly Better Than Comparable Non-Agency Loans. The overview notes, We examined the default frequencies of both agency and non-agency mortgage loans originated from 1999-2008. As … Continue reading
October 29, 2015 in MBS industry commentary | Permalink | No Comments
September 2, 2015
Expanding the Credit Box
DBRS has posted U.S. Residential Mortgage Servicing Mid-Year Review and 2015 Outlook. There is a lot of interest in it, including a table that demonstrates how “the underwriting box for prime mortgages slowly keeps getting wider.” (7) The report notes that While most lenders continue … Continue reading
September 2, 2015 in MBS industry commentary | Permalink | No Comments
April 20, 2015
Monday’s Adjudication Roundup
Former Freddie Mac executives, who were accused of lying about Freddie’s exposure to subprime mortgages before the financial crisis, settled with the SEC. Citibank shareholders slam the Bank’s motion to dismiss a case over mortgage-backed securities worth more than $17 … Continue reading
April 20, 2015 in MBS industry commentary | Permalink | No Comments
