mortgage backed

He gave warning that Lehman, with its trillions of dollars of debt and high exposure to mortgage-backed securities, was at risk.

The move will follow the Wall Street bank's admission last week that it had lost almost $8bn in its mortgage-backed securities business.

Promoting the merits of a new mortgage-backed debt instrument is not the easiest sell at the moment.

Mr O'Neal's departure follows the company's admission last week that it had lost almost $8bn on mortgage-backed securities.

The Fed is now trying to push down long-term interest rates by buying mortgage-backed and perhaps Treasury securities.

Every time he opened his mouth this summer he said we need to fix the housing market and buy mortgage-backed securities.

On top of that, they were able to pass the risk off to mortgage insurer or package these mortgages as mortgage-backed securities.

For this spring, something of a paradox is hanging over the mortgage-backed securities world.

The bank created and sold Hudson Mezzanine, which contained residential mortgage-backed securities from its own balance sheet, in late 2006.

Modern finance is supposed to be all about measuring risks, yet corporate and mortgage-backed CDOs were a leap in the dark.

Some asset classes (particularly illiquid ones) can be subject to a "rowing boat" effect. Mortgage-backed securities were a classic example.

Investment banks touting mortgage-backed securities from America found a particularly receptive audience at SachsenLB.

Given the recent explosion in leverage, the challenge is unlikely to be one of mispricing of the toxic mortgage-backed securities alone.

For that, you need the baroque superstructure of mortgage-backed derivatives that enabled investors to bet on the housing market.

In fact, risk was rising to dangerous levels at Citigroup as the bank dove deeper into mortgage-backed securities.

The end of the Federal Reserve's scheme for purchasing mortgage-backed securities has already led to a jump in the rates paid by homebuyers.

Their investment grade ratings of many subprime mortgage-backed securities were a primary cause of the current financial crisis.

The Treasury will be a buyer of new GSE-issued mortgage-backed securities, a move designed to help keep mortgage rates low.

That might not impress those of his friends still rating commercial mortgage-backed securities on New York's State Street Plaza.

These were precursors to CDOs, the pools of mortgage-backed securities that were to wreak havoc on the global financial system years later .

Shareholders are objecting to an $8. 5bn settlement the bank agreed with investors who lost money on mortgage-backed securities.

In recent years, this area has been one of the fastest-growing parts of the market for mortgage-backed bonds.

Even the mortgage-backed securities market in Europe has developed in fits and starts and has yet to be fully integrated.

But the mortgage-backed asset crisis tells me that the fact that I can't see it doesn't mean it doesn't exist.

Non-agency mortgages and commercial mortgage-backed securities are the most attractive sectors of this market, BlackRock said.

Plus, not all mortgage-backed securities are alike and Treasury wants to be careful that it doesn't overpay for the truly worthless assets.

To put these moves into context, before the credit crunch European triple A mortgage-backed debt was yielding spreads of less than 10bp.

If those products include mortgage-backed securities, then lenders, brokers, property valuers and estate agents will also be involved.

Mortgage-backed securitization (MBS) is the result of financial innovation and the motivation of innovation in real estate.

And the repricing of mortgage-backed securities looks likely to be a protracted business.

The central bank will have purchased nearly $2 trillion of Treasurys, agency debt and mortgage-backed securities by the end of this month.

Deutsche Bank in mid-January announced a new position for a head of residential mortgage-backed securities for the Asian-Pacific region.

Under those circumstances, the mortgage-backed securities cobbled together by investment banks looked like a godsend.

The Fed's decision Wednesday to ratchet up the purchase of mortgage-backed securities underscores its willingness to keep spending.

Even so, many bits of it, especially private mortgage-backed securities, remain moribund (see article).

CDOs offer higher yields than similarly rated mortgage-backed bonds, but are more susceptible to losses if the underlying loans decay.

It may even make a profit from the GSE mortgage-backed debt that it buys directly and then holds to maturity.

A mortgage-backed security is either an ownership claim in a pool of mortgages or an obligation that is secured by such a pool.

From mortgage-backed securities to credit default swaps, the international monetary system is in big trouble.

During the credit bubble, even small hedge funds made speculative bets by selling big banks insurance protection on mortgage-backed bonds.

BNP Paribas said it was "hiring aggressively" in the Americas for all fixed income divisions, including mortgage-backed securities.

The contents include bond pricing, yield measurements, bond market analysis, bond trading strategies and mortgage-backed securities.

So are investors in mortgage-backed securities, who bet that US house prices would not fall.

The psychological effect was striking: for the first time, I felt I could understand mortgage-backed securities.

Michael Burry combed through the prospectuses of mortgage-backed bonds and concluded that lending standards were sagging.

Also in his camp: John Paulson, the hedge-fund manager who made billions betting mortgage-backed securities would implode. Mr.

As the economy improves, and banks become more willing to lend, the market for commercial mortgage-backed securities is also warming up.

Its a joke; it was the investment banks that created this mess with their putrid mortgage-backed securities and other debt-exotica.

Better loan disclosure would help investors in mortgage-backed securities to do their own homework rather than just relying on guarantees.

But these have climbed off their historic lows, despite efforts to keep them down through the Fed's purchases of mortgage-backed securities.

Bear, the nation's fifth largest investment bank, was near clips collapse after big losses on its mortgage-backed securities.

Similarly, rising unemployment could hit house prices again, causing further turmoil for mortgage-backed securities.

The two men sold the plan as a vehicle for purchasing toxic mortgage-backed securities from banks and others.

But demand for commercial-mortgage-backed securities has plunged because investors want higher returns to compensate for growing risk.

Now, few investors are interested in mortgage-backed securities without government guarantees.

Bear, the nation's fifth-largest investment bank, was near collapse after big losses on its mortgage-backed securities.

Some banks rely heavily on the ABX index, which references mortgage-backed securities, as a benchmark.

That means misery for securities firms with exposure to commercial-real-estate loans and commercial- mortgage-backed securities.

Think of the mortgage-backed securities that are still weighing down bank balance sheets.

Such radical steps would naturally represent a haircut for creditors, notably the holders of mortgage-backed securities and bank bonds.

Most of the settlements are with investors that had purchased mortgages or mortgage backed securities.

Another $1 trillion is due to mature by 2018, much of this second wave in commercial mortgage-backed securities (CMBS).

Often, CDOs included not just mortgage-backed securities, but tranches of other CDOs, each maybe incorporating further CDOs.

It will continue to reinvest early repayments from its portfolio of mortgage-backed securities.

After QE2, this would likely be mostly Treasury bonds but it could also be mortgage-backed securities.

The credit-rating agencies were widely attacked for failing to warn of the risks posed by mortgage-backed securities.

It could also be forced to sell mortgage-backed securities at a loss.

He was honored with " Outstanding Contribution Prize" for his works in the Pilot Mortgage-backed Securitization project in 2006.

The Federal Reserve bought mortgage-backed securities and took questionable derivatives as collateral for loans.

A surge of buying sent yields on mortgage-backed securities lower across the board.

After all, overly generous ratings awarded to newfangled mortgage-backed securities helped to spark the credit crisis.

Standard & Poor's, another rating agency, has said that many commercial mortgage-backed securities are highly susceptible to downgrades.

And in a fresh problem area for banks, commercial-mortgage-backed securities are declining in value, Mr. Pierce said.

It has purchased so many mortgage-backed securities that it fears that buying more would destroy whatever market for them remains.

Historically, safe assets have included Greek government bonds and mortgage-backed securities.

The bonanza in mortgage-backed securities helped create a glut of new homes that did little to promote long-term growth.

Lehman, the biggest U. S. underwriter of mortgage-backed securities, was automatically scrutinized.

Financial institutions invested foreign funds in mortgage-backed securities.

Selling mortgage-backed securities would draw fire from politicians worried about higher mortgage rates.

Barry Sher, of the law firm Paul Hastings, said owners of mortgage-backed securities may well file suit.

But it becomes more complicated if the government buys mortgage-backed securities which have been created by slicing up pools of mortgages.

Yields on mortgage-backed securities continued to climb, pushing 30-year fixed-rate mortgages to 5. 44%, the highest since early February.

Fed officials said they would reinvest the proceeds from expiring mortgage-backed securities into longer-term U. S. Treasurys.

Mortgage-backed securities became more risky and worth less causing investment firms like Lehman Brothers to suffer.

But many complex derivatives, such as mortgage-backed securities, do not trade smoothly and frequently in arm's length markets.

The toxicity which started in mortgage-backed securities is spreading through the world's banks as ever more assets go bad in the recession.

The Fed will face a challenge managing its portfolio of mortgage-backed securities even after it stops buying the securities.

The Federal Reserve could support demand and the housing market by again expanding purchases of mortgage-backed securities.

Royal Bank of Scotland and UBS have each hired about a dozen bankers dedicated to mortgage-backed securities.

It also widened the category of assets banks could advance as collateral to include top-rated mortgage-backed securities.

Loans with similar levels of risk are grouped together and then sold to investors worldwide as mortgage-backed securities.

So far, default rates on commercial-mortgage-backed securities are a slim 0. 4%.

Despite some eerie parallels, it is hard to conclude that ETFs yet pose a systemic risk on the same scale as mortgage-backed securities.

Mortgage-backed Securities are bonds with options, so its theoretical price is different from the ordinary bonds.

These loans were sold off to mortgage "trusts, " which, in turn, sliced and diced them into mortgage-backed securities.

The guarantees give investors confidence to buy packages of mortgage debt, known as mortgage-backed securities.

Demand for mortgage-backed securities cooled only slightly Monday, despite the downgrade.

Credit-rating providers were blamed for failing to sound the warning about risks in mortgage-backed securities.

After watching the flood of profits created by new products that priced the risk of mortgage-backed assets, do you doubt that for a moment?

In March, it ended purchases of mortgage- backed debt begun during the financial crisis.

State guarantees for mortgage-backed securities might help to reopen the markets in those instruments.

They raised $1bn, each one of them, bought a bunch of mortgage-backed securities and, lo and behold, returned 1 per cent a month.

Indeed, Chinese banks were indulging their own speculative urges by investing in junk US mortgage-backed securities.

Falling home sales and housing prices have undermined the value of mortgage-backed securities throughout this crisis.

Banks, meanwhile, are still hoping many of their mortgage-backed holdings will come through the storm unscathed.

It has also bought $1. 7 trillion of long-term bonds, primarily mortgage-backed securities (MBS), to keep long-term interest rates down.

As the largest Promoting Residential Mortgage-backed Security market in the world, America's securitization is very experienced.

Again, there are parallels with the subprime crisis, where mortgage-backed securities were warehoused in off-balance-sheet ventures.

"In the MBS [mortgage-backed securities] market, we have recently become more aggressive. "

In some cases, such as the market for mortgage-backed securities, the Fed buys more bonds than any other party.

The Treasury has $600 billion in mortgage-backed securities, agency paper, student loans and TARP-related investments.

Have the Federal Reserve aggressively buy mortgage-backed securities from banks.

Bad banks enshrined "nationalisation of the losses" caused by US mortgage-backed assets and meant they fell to the taxpayer.

Mortgage-backed bond prices rose after the US government seized control of the agencies.

Risk appetite found ways of bringing the two into malign combination, so that mortgage-backed derivatives became the trigger for collapse.

The central bank also could someday sell some of its longer-term holdings, such as Treasury bonds or mortgage-backed securities.

Not derivatives, mortgage-backed securities or even job security. It's encrypted phone lines.

These mortgage-backed securities were sold to investors worldwide as a way to spread the risk.

In recent years, investors' appetite has grown dramatically for mortgage-backed and other asset-backed securities.

The Fed cut interest rates to nearly zero and then, in two rounds of QE, bought $2. 3 trillion of government and mortgage-backed bonds.

These mortgage-backed bank securities were sold to investors worldwide as the a way to spread the risk.

That sent housing prices tumbling, unleashing a domino effect on mortgage-backed securities.

They believed they could always roll over their short-term debts or sell their mortgage-backed securities, if the need arose.

Now investors, worried about the value of the mortgage-backed debt, are boycotting the commercial paper.

In recent years, China has shifted from an almost complete focus on US Treasuries to mortgage-backed securities.

and, finally, it is initiating a "temporary program to purchase GSE mortgage-backed securities (MBS)" .

UBS's disastrous foray into mortgage-backed securities aimed to close the gap in areas where it lagged .

Foreigners hold a large slice of American mortgage-backed securities.

The Treasury, Fannie and Freddie will also invest in mortgage-backed securities to make sure there is sufficient support for US homebuyers.

Right now, it isn't reinvesting cash it gets when mortgage-backed securities are paid off by borrowers.

Then, as other banks ramped up their mortgage-backed business, JP Morgan largely dropped out.

First, address illiquidity in the market for mortgage-backed securities.

The Fed let many programs expire this year, such as purchasing mortgage-backed securities, as it appeared the recovery was gaining steam.

The Fed has been forced to step in to buy up billions of dollars of mortgage-backed securities to help unfreeze that market.

Under the new plan the Treasury itself will directly support the housing market by buying mortgage-backed securities.

The emphasis of Chapter three is on the valuation methodology for the home mortgage backed securities.

The Federal Reserve saw record profits in 2009 as its holdings of Treasurys, mortgage-backed securities and agency debt grew.

This simply means that the Chinese re-packaged bank loans (rather than mortgage-backed bonds) into investment products.

But in 2007, they quietly helped to spark the crisis in the mortgage-backed securities world, when they silently stopped rolling over bonds.

Intex's power as a language is to make instruments such as mortgage-backed securities mentally tractable.

The amount of mortgage-backed securities issued skyrocketed beginning in late 2003.

Many of these are mortgage-backed securities, which investors have shunned as the housing crisis has deepened.

The Fed is accumulating a huge portfolio of mortgage-backed securities.

And what of the market for mortgage-backed securities?

Example: CMBS or commercial real estate mortgage-backed securities are now priced to yield over 12% vs. 5% in recent years.

The banker also helped create Lehman's commercial mortgage-backed securities business in 1986.

He's purchased about $2 billion of beaten-down commercial mortgage-backed securities.

The Fed is buying fewer mortgage-backed securities and plans a full stop by April.

By contrast, Wall Street's plunge into structured mortgage-backed products between 2004 and 2007 lacked both discipline and pluralism.

Britain's market is also less financed by commercial mortgage-backed securities and more through commercial bank loans.

Most disappointment was directed at the sketchy plan to tackle banks' toxic assets, such as mortgage-backed securities and leveraged loans.

In contrast, 99% of Annaly's $94 billion in mortgage-backed securities had maturities of more than one year.

This involves selling off the collateral, such as mortgage-backed securities.

Like Bear, Lehman and others, it saw a way to get in on the growing action in mortgage-backed derivatives.

Mortgage-backed securities cannot be valued with any confidence until there is more certainty about the future of house prices.

In America, capital markets matter more, so the Fed had to get its hands dirtier by buying commercial paper and mortgage-backed securities.

The Fed bought $1. 7 trillion in mortgage-backed and government bonds during a first round of quantitative easing.

The Paulson plan calls for the federal government to buy up $700 billion worth of troubled assets, mainly mortgage-backed securities.

In the late 1990s they moved heavily into another area: buying mortgage-backed securities issued by others (see chart 3).

The central bank has turned down other entreaties , notably to buy mortgage-backed securities directly.

Mr Shin argues that banks held mortgage-backed securities so that they could borrow against them.

it is shared with those who own structured products, such as collateralized-debt obligations (CDOs) that might buy mortgage-backed loans.

Low yields also encouraged investors to seek higher returns in riskier assets, such as mortgage-backed securities.

And it will buy their mortgage-backed securities directly itself.

It also extended its $1. 25 trillion programme of buying mortgage-backed securities into the first quarter of 2010.

The ABX often is used as a proxy for the value of mortgage-backed securities.

The Fed now holds $910. 43 billion in mortgage-backed securities, it said Monday.

Home prices have a direct impact on the value of mortgage-backed debt that has caused huge losses at financial firms in the past year.

Nor does it want to undermine the value of mortgage-backed bonds, given how many of these the Federal Reserve itself now holds.

Mortgage-backed bonds accounted for around a quarter of outstanding bonds in the US in 2009 or some $9. 2 trillion.

If the mortgage-backed market does go to hell in a handcart, the banks will have an even bumpier ride.

They also guarantee the credit-worthiness of another $2. 2 trillion and $1. 6 trillion in mortgage-backed securities.

It is on a path to buy $1. 25 trillion of mortgage-backed securities by the end of this year or early next year.

Fannie Mae is mandated to buy mortgage-backed securities. How are they going to do that if they have a negative net worth?

In addition, they have guaranteed repayment on $3. 7 trillion worth of mortgage-backed securities they've issued.

This is useful if a rise in interest rates (or a fall in house prices) causes mortgage-backed bonds to trade at a discount.

In late 2008 it saw an opportunity to profit from mortgage-backed securities, hiring around 30 people to focus on that.

By buying mortgage-backed securities, for example, it hopes to improve the availability of mortgages and to reduce mortgage rates.

But it's still going to buy $1. 25 trillion in mortgage-backed securities.

For example, the housing industry will cry out if the Fed starts to sell its mortgage-backed securities.

China Construction Bank issued more than Rmb3bn in mortgage-backed securities in a pilot project late last year.

The real mystery is what they will say about their program to buy $1. 25 trillion in mortgage-backed securities to support housing.

foreigners refused to dump them even when they lost confidence in mortgage-backed debt last year.

In 2005, for example, sales of mortgage-backed securities exceeded $1 trillion.

Impact of the Housing Mortgage-Backed Securitization on the Risk of the Bank Interest Rate

Commercial Mortgage-Backed Securities, Commercial mortgage backed security, Commercial mortgage-backed securities,

Mortgage-Backed Securities, Residential Mortgage-Backed Securities,

Probe into the Relationship between Credit Risk and Interest Rate Risk of House Mortgage-backed Securitization

introduces he basic structure of Mortgage-backed Securitization, including its participation of the main and the operation process;

After all, no politician wants to see the government buying mortgage-backed bonds forever;

Differential Equation and Finite Difference Methods for Pricing the Mortgage-Backed Securities

Guaranteed Mortgage-Backed Securities Programme Inaugural Issue Signing Ceremony with Dao Heng Bank

The Key to Realize Housing Mortgage- Backed Securitization Is Institution Innovation

Real Estate Mortgage-backed Securities in US and Its Inspiration to China

Second, to encourage enterprises to cooperate with each other room, the implementation of mortgage-backed securities;

They repackaged these loans and used them as collateral for bonds called mortgage-backed securities;

Application of Competing Risk Model in Housing Mortgage-Backed Securities Pricing

Legal System of Real Estate Mortgage-backed Securities in US and Its Inspiration to China

Analysis on risks of early compensates in the securitization of lodgings mortgage-backed loan

Subscription Prices of Retail Mortgage-Backed Securities

The Mortgage- Backed Securities and The Information Asymmetries

Research on Transitional Model of Mortgage-backed Securities

A Game Analysis of Credit System and Mortgage Backed Securitization

A Study on the Investment of Insurance Fund in Mortgage-Backed Securities

On the Pricing Method of Mortgage-Backed Supporting Securities

Mortgage Backed Securities and the Implication for China

Analysis on the Mortgage-Backed Securities and the Interest Rate Risk

Completion of Law System for Mortgage-backed Security

Probe into the Problem of Housing Mortgage Backed Security

A Study on Pricing for Adjusted Rate Mortgage-Backed Securities Based on Jump-Diffusion Interest Rate Model

Mortgage-Backed Sector of the Bond Market

Study on Mortgage Backed Security Pricing

Study on Institutional Defect of Mortgage-Backed Securitization and Countermeasures in China

Interest-rate Risk Measurement of Mortgage-backed Securities Based on OAS

Housing Mortgage-backed Security Should Be Developed in China

Analysis about the Obstacles of Housing Mortgage Backed Securities in China

The analysis to home Mortgage-Backed Securitization in China