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【出版时间及名称】：2010年4月美国资产证券化市场研究报告
【作者】：德意志银行
【文件格式】：pdf
【页数】：30
【目录或简介】：
Resi: Underwater world...............................................................................Page 2
Tighter underwriting and falling home prices have changed mortgage
prepayment risk, with clear implications for valuations and rates.
CRE: Missing CRE losses in bank portfolios...............................................Page 5
Defaults in CMBS continue to pick up, but bank CRE portfolios seem to show
few signs of stress. So far.
Consumer ABS: Performance continues to stabilize;
waits for improvement in unemployment .................................................Page 8
As labor market conditions improve, we have seen some stabilization in
consumer ABS performance, but real improvement still hinges on a drop in
unemployment.
Sector Analysis
Economics: Productivity and profits.........................................................Page 11
Productivity surges, but profits should sustain growth.
Rates: Banks increasingly buy Treasuries ................................................Page 14
Out of cash and into Treasuries, helping keep long rates low.
Agency MBS: Searching for bank portfolio candidates
in a higher rate scenario ............................................................................Page 16
A hunt for assets that do well with higher rates and a flatter curve.
Non-Agency MBS: A first look at the credit performance
of the upcoming PrimeX sub-indices........................................................Page 18
With the scheduled late April launch of PrimeX, the market gets new tools for
managing exposure to prime jumbo RMBS.
CRE: The special servicing pile continues to grow..................................Page 22
Deteriorating CRE fundamentals continue to take their toll on a large portfolio
loan and luxury hotels but spreads continue to tighten.
Consumer ABS: Steady flow in consumer ABS.......................................Page 26
The steady flow of consumer ABS offerings post-TALF continues. Secondary
market spreads tighten on BA credit card news.
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