Residential MBS


MBA Disappointed in Lack of Safe Harbor for Mortgage Disclosures

The Mortgage Bankers Association is disappointed that the Consumer Financial Protection Bureau has not provided an explicit temporary safe harbor for lenders who have made a good-faith effort to implement new disclosures.

Two Harbors Marketing $334M RMBS

The collateral pool consists of 30-year fixed rate loans that have significant borrower equity; the weighted average combined loan-to-value ratio of 67.2%, providing a margin of safety against potential declines in home prices.

WinWater Markets its Largest RMBS Ever

The sponsor plans to sell $453.7 million of securities via WinWater Loan Trust 2015-5; it was last in the market, with WInWater 2015-4, in June.

Mortgage Industry Keeps Up Pressure to Thwart FHLB Membership Rule

The most recent outcry came from four housing groups that warned lawmakers last week that the proposal by the Federal Housing Finance Agency "would make harmful changes" to the membership rules.

Freddie Mac Offloads More Credit Risk to Insurers

Freddie Mac has taken out another reinsurance policy that transfers the risk that mortgages it insures will default. Through this deal the agency has sold off much of what it still held in credit risk linked to the first actual-loss risk-sharing bond issued in April.



Reg AB II Returns from Limbo

Regulation AB governs registration, reporting and disclosure requirements for all things asset-backed. The Securities and Exchange Commission appears to be ready to update it significantly, but, nearly four years after changes were originally proposed, it’s not clear exactly what the Commission will do.

Nonbank Mortgage Servicers' Rapid Growth Alarms Investors

Concern is mounting among investors and analysts that Nationstar, Ocwen Financial and Walter Investment are getting so big so quickly that they are becoming too difficult to manage.

Finra Files Proposal to Disseminate Price Data

The proposal would introduce dissemination of trade prices for securities ranging from highly liquid credit card and auto ABS to smaller and more esoteric deals in asset classes such as time shares, to commercial mortgage-backed securities (CMBS) and highly structured CDOs and collateralized loan obligations.

Fitch: External Factors Biggest Threat in 2014

Overall issuance growth will moderate in 2014, Fitch Ratings' managing director for asset backed securities says in the firm's outlook.

Ocwen's Loan Mods Rile RMBS Investors

The servicer has a reputation for aggressively writing down principal, often multiple times.


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Credit Barbelling in CMBS is on the Rise

As concerns mount about the riskier loans being packaged into commercial mortgage backeds, several banks have come up with a new strategy for making deals more attractive to investors. They are boosting exposure to both high quality and highly leveraged mortgages.

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