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【出版时间及名称】：2010年4月美国资产证券化研究报告
【作者】：德意志银行
【文件格式】：pdf
【页数】：27
【目录或简介】：
Resi: Rethinking securitization....................................................................Page 2
We had some things right in residential securitization. We had some things
wrong. But fixing the process will likely reshape MBS investing.
CRE: The road ahead ....................................................................................Page 5
Some parts of the commercial real estate markets have flickered back to life, but
the broader fundamentals are daunting.
Consumer ABS: Post-TALF is business as usual, so far ............................Page 7
The expiration of TALF did little to change the generally positive tone in the
consumer ABS market. General concerns about spread widening have yet to
materialize.
Sector Analysis
Economics: USA: Above-trend growth to continue ..................................Page 9
Inventories and capital spending lead the way.
Agency MBS: A race to the bottom:
Weak supply balances weak demand in MBS .........................................Page 13
The MBS supply and demand balance looks for now to keep the basis in neutral
into the summer, with supply pressure starting to build in the back half of the
year.
Non-Agency MBS: The next stop for loan modifications:
Principal reductions ...................................................................................Page 16
Principal forgiveness, a new frontier in loan modifications, stands to reduce
ultimate loan losses but reshuffle non-agency relative value in the process.
CRE: Market update and
Loan in the spotlight: Westin Casuarina Hotel & Spa .............................Page 19
The positive tone in CMBS continues as investor enthusiasm shows little sign of
abating.
The Westin Casuarina, a $150 million loan in WBCMT 2005-C22, will become
the second-largest specially serviced hotel loan secured by one property.
Consumer ABS: Advanta Bank enters receivership:
Impact on card ABS....................................................................................Page 23
The FDIC placed Advanta Bank, servicer of Advanta’s CC ABS Trust, into
receivership; potential disruptions to servicing could adversely affect trust.
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