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Special Report on

Agency MBS Relative Value Investing

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I have over 18-years of Capital Markets experience focused on structured finance and fixed income analytics, in the Asset Backed and Mortgage Backed Securities markets. I have authored chapters for the Handbook of Fixed Income Securities, Handbook of Mortgage Backed Securities, and I am a Principal Editor and Author of Structured Products and Related Credit Deriviatives Currently I am employed by Wells Fargo Securities, LLC. I am responsible for the Agency, Private Label, and Residential ABS research efforts. Prior to Wells Fargo Securities I was employed by the legacy organization Wachovia Capital Markets, LLC as Managing ...
triggered by a dramatic rise in mortgage delinquencies and foreclosures in the United States, with major adverse consequences for banks and financial markets around the globe. Approximately 80% of U.S. mortgages issued in recent years to subprime borrowers were adjustable-rate mortgages . 1 After U.S. house prices peaked in mid-2006 and began their steep decline thereafter, refinancing became more difficult. As adjustable-rate mortgages began to reset at higher rates, mortgage delinquencies soared. Securities backed with subprime mortgages, widely held by financial firms, lost most of their value. The result has been a large ...
Choosing Bond Mutual Funds - A User's Guide
It's important to choose the correct bond funds for your portfolio - but there are many categories to choose from. What's right for you?   and Aneep Maniar, Senior Research Analyst, Charles Schwab Investment Advisory May 26, 2010 Key points With several different categories of bond funds available, it's important you choose the right funds for your risk tolerance, time horizon and financial goals. Different categories of bond funds offer numerous exposures to credit and interest-rate risk, as well as exposure to currency risk and various tax consequences. This guide will help investors sort through different ... market research, surveys and trends
Reviving Repo Financing – Another Milestone on the Trudge Back to ...
Repo was a key source of funding for leveraged investors in private MBS and a host of other "rates" products before disaster struck capital markets. That it dried up with the crisis helped drive the prices of subprime MBS and other structured products to levels well below "intrinsic" value. Now, there are signs that repo financing is reviving, improving 2010 prospects for private MBS markets. First, a Little Background 'Yuck,' ordinary citizens might be thinking, 'Why would I want risky investment practices to return?' So, let me provide a little background, ... market research, surveys and trends


Mortgage Rates Jump as Agency MBS Spreads Rise « HousingWire
Fixed mortgage rates jumped up significantly this week, as investors in the secondary mortgage market wrestled with supply and demand issues in the agency MBS market. Freddie Mac ( FRE : 0.00 N/A ) reported Thursday that the average rate on a 30-year fixed-rate mortgage jumped 42 basis points to 6.46 percent with an average 0.7 point for the week ending Oct. 30. Rates are above last year's levels, when the 30-year fixed-rate mortgage was at an average of 6.26 percent.'s own weekly rate survey of 100 or so lenders found rates at their highest level in three months, and said that 30-year fixed ... industry trends, business articles and survey research
Jul 20, 2009 ... More than 40 percent of the respondents reported that they used .... billion to more than 600 financial institutions using funds authorized under EESA. ..... leverage excess capital to engage in lending and investing to serve their customers and ..... purchased agency MBS, that, too can be verified. ... industry trends, business articles and survey research
Stock Alert for Federal National Mortgage Association (Fannie Mae) (FNMA)
Federal National Mortgage Association (FNMA), also known as “Fannie Mae,” is a government-sponsored enterprise (GSE) chartered by the U.S. Congress to support liquidity and stability in the secondary mortgage market, where mortgage loans are purchased and sold. The Company participates in the secondary mortgage market by purchasing mortgage loans and mortgage-related securities for its mortgage portfolio. It also makes other investments that increase the supply of affordable housing. The Company is organized in three business segments: Single-Family Credit Guaranty, Housing and Community Development (HCD) and Capital Markets. ... market trends, news research and surveys resources
Strategic Global Income Fund, Inc. -- Fund Commentary
is a non-diversified, closed-end management investment company seeking a high level of current income as a primary objective and capital appreciation as a secondary objective through investments in US and foreign debt securities. Fund Commentary for the month of May 2010 from UBS Global Asset Management (Americas) Inc. ("UBS Global AM"), the Fund's investment advisor Market Review The strength in government bond markets and weakness in risk assets that began in the last week of April, as European sovereign debt concerns escalated, continued to gather ... market trends, news research and surveys resources


Agency MBS Relative Value Investing: Predicting Post-Buyout ...
Mar 17, 2010 ... Agency MBS Relative Value Investing: Predicting Post-Buyout Prepayment Rates ( cont'd). While FHLMC clearly communicated to the market that ... technology research, surveys study and trend statistics
Distressed Securities Held by Corporate Credit Unions Summary of ...
Apr 10, 2009 ... primarily to a decline in the size of the investment portfolio, .... independent credit analysis performed on 420 non-agency MBS with a par value of $14.2 ... Actual loan losses and increased loss projections, relative to ... There are 37 ALT-A securities, with an approximate par value of $1.25 ... technology research, surveys study and trend statistics
Debt Instruments and Markets - New York University Stern School of ...
Mar 2, 2010 ... team to deliver superior performance relative to established benchmarks and ... practice with investment technology and information about the business environment ... Valuation of Agency MBS i. Interest Rate Process ...
Question: Market size of fixed income asset classes
Hi, I am interested in understanding the economics and market sizes behind a few specific fixed-income asset classes in the U.S. In particular: - What is the size of the 'convertibles' asset class in terms of the investment that insurance companies (ideally) else institutional investors overall invest in. i.e. I am an insurance company and I invest say 50% in municipal bonds, 20% in equities and 1-2% (???) in convertible securities. What proportion of my investments are convertibles? [Convertibles are securities that are bonds but have the option to be converted into equity and the lenders option.] - If I am ...
Advantages of mortgage backed securities? - Yahoo! Answers
Banks and others loaned money to people that it turned out were unlikely to be able to pay their mortgage These people put in little or no money of their own, so they had little to lose.They got to live in new houses for awhile at low cost. The banks and others turned around and sold these debts to others in the USA and around the world who were told these were safe investments. They were not safe. When the market turned down, the deadbeats stopped paying, banks foreclosed, the house prices dropped even more. Sign in to vote! Answerer 2 I don't know about the advantages, but there sure were a lot of disadvantages. ...