June 13, 2013
The Potentially Far Reaching Affects of The Ibanez Holding on Foreclosure Proceedings
The holding in U.S. Bank National Ass’n v. Ibanez, 458 Mass. 637, 941 N.E.2d 40 (2011) potentially may have far reaching affects on foreclosure litigation outcomes across the nation. Although a state case, Ibanez has national implications for several reasons; the … Continue reading
June 13, 2013 in MBS industry commentary | Permalink | No Comments
April 11, 2013
Careful When Putting Shoe on Other Foot
Nestor Davidson has posted a very useful article to SSRN, New Formalism in the Aftermath of the Housing Crisis. The article notes that as “borrower advocates have responded to [the] surge in mortgage distress, they have found success raising a … Continue reading
April 11, 2013 in MBS industry commentary | Permalink | 1 Comment
March 12, 2013
Untrustworthy?
John Campbell has posted an abstract (and hopefully soon a draft) of Putting the ‘Trust’ in Trustees: An Examination of the Foreclosure Crisis and Suggestions for Reforming the Role of the Trustee. The draft itself proposes legislation for non-judiical foreclosure … Continue reading
March 12, 2013 in MBS industry commentary | Permalink | No Comments
February 20, 2013
Asset Quality Misrepresentation in RMBS Market
Piskorski, Seru & Witkin have posted Asset Quality Misrepresentation by Financial Intermediaries: Evidence from RMBS Market, in which they “identify misrepresentations by comparing the characteristics of mortgages in the pool that were disclosed to the investors at the time of … Continue reading
February 20, 2013 in MBS industry commentary | Permalink | No Comments
February 14, 2013
Misleading CoreLogic Report on Qualified Mortgage Rules
The Wall Street Journal reported (behind its paywall) uncritically on a recently released CoreLogic report about the supposed impact of the new Qualified Mortgage rules issued last month by the CFPB on the mortgage market. The report is very flawed. … Continue reading
February 14, 2013 in MBS industry commentary | Permalink | No Comments
January 10, 2013
S&P Is Optimistic That Residential Mortgage Market Is Rising From Bottom
S&P’s Outlook Assumptions for the U.S. Residential Mortgage Market support our view of loss projections on an archetypical mortgage loan pool (see description in section IV). The base-case loss projection of 0.5% for U.S. prime mortgage loan pools, incorporates our … Continue reading
January 10, 2013 in MBS industry commentary | Permalink | No Comments
December 12, 2012
Retail Trading Comes to Mortgage-Backed Securities
In a recent paper, Bessembinder et al. look at the implications of FINRA’s proposal to disseminate trade prices for structured products like mortgage-backed securities to the public. They evaluate how price transparency has impacted the corporate bond market and find … Continue reading
December 12, 2012 in MBS industry commentary | Permalink | No Comments
