| | Will the Consumer Remain Resilient Amid Subprime Woes?
All eyes remain firmly fixed on the consumer as the continued turmoil in the housing market and concerns about rising mortgage delinquencies raise questions about the health of the consumer and the overall economy. While the "sky-is-falling" ...more
Wachovia Securities (10/2/2007)
|
| | SLABS Prepayment Update
Issuance for student loan ABS has been extremely strong for 2007 thus far with approximately $18 billion priced to date. We expect 2007 issuance ...more
Wachovia Securities (3/16/2007)
|
| | U.S. Housing Outlook Update: First-Quarter 2007 Update
On Nov. 14, 2006 we published our Housing Outlook and predicted that home price appreciation would be 3.0%-5.0% over the next 3-5 years. Our forecast has not changed. ...more
Wachovia Securities (3/1/2007)
|
| | Prepayment Insight: C-BASS Acquisition of Fieldstone Investment Corporation
Because of an intensely competitive environment the subprime industry has suffered from poor underwriting, particularly loans originated in 2006. ...more
Wachovia Securities (2/21/2007)
|
| | Understanding Residential ABS: A Comprehensive Guide to Collateral, Strucuture and Related Credit Derivative Markets
This primer is designed as a guide for new investors and a reference source for experienced investors in the residential ABS market. We have ...more
Wachovia Securities (2/14/2007)
|
| | Bill to Amend Higher Education Act: Proposed Interest Rate Cuts for Subsidized Stafford Loans
How might the Democrats' bill affect student loan ABS? This is the question circling investors as the House passed H.R. 5 (the College Student Relief ...more
Wachovia Securities (1/24/2007)
|
| | Sour Grapes: Quantifying the 2006 Vintage Underwriting vs. HPA
The hopes of single name CDS and ABX index bringing more clarity and correlation to the cash market never came close to materializing. Each market traded ...more
Wachovia Securities (1/18/2007)
|
| | Sour Grapes: The 2006 Vintage May Be the Worst Vintage Ever Produced
Approximately 9.0% of the Baa2 rated tranches from the 2006 vintage may experience a principal write-down. The housing slowdown and poor performance ...more
Wachovia Securities (12/20/2006)
|
| | U.S. Residential Housing Outlook
Positive Fundamentals Balance the Risk in Residential Housing. We believe that, with respect to real estate valuations, the risks are balanced. ...more
Wachovia Securities (11/14/2006)
|
| | Effects of Interagency Guidance on Home Equity ABS Nontraditional Mortgage Lending
Interest only (IO) originates increased from 25% in the second half of 2005 to 26% in the first half of 2006. Payment-option adjustable-rate mortgages (ARMs) ...more
Wachovia Securities (10/30/2006)
|
| | First Loss: Subordinate Bond Coverage: Analyzing the 2006 Vintage
The 2006 vintage is establishing itself as the worst-performing vintage originated based on early payment defaults. A rising interest-rate and competitive-lending ...more
Wachovia Securities (10/17/2006)
|
| | Nontraditional Mortgage Risks: Interagency Guidance
Growth in nontraditional mortgage lending has raised concerns regarding the risks inherent with these loans. In response, the agencies that govern lending ...more
Wachovia Securities (10/16/2006)
|
| | Implications of SFAS 155: On the Structured Securities Markets
The purpose of SFAS 155 is to amend the following FASB Statements: * SFAS No. 133. Accounting for Derivative Instruments and Hedging Activities. ...more
Wachovia Securities (10/6/2006)
|
| | North American Fleet Handbook
Aircraft are moving from the hands of weak operators to those that can deploy assets more efficiently. This is visible on a global scale, as the North ...more
Wachovia Securities (7/24/2006)
|
| | Home Equity ABS Trigger Report
( Trigger Tests, Trigger Events, and Deal Performance )
Our source for information on trigger status for deals is Intex Solutions, Inc. Intex has developed into the standard industry tool for ABS cash flow ...more
Wachovia Securities (6/13/2006)
|
| | Diversity Works: Update : Home Equity Geographic Concentrations
U.S. home prices increased 12.95% from Q4 2004 to Q4 2005; this a small increase in appreciation when compared to the same period a quarter earlier. ...more
Wachovia Securities (5/23/2006)
|
| | Diversity Works: Update - Home Equity Geographic Concentrations
Diversity is a value embraced by many corporations today. At Wachovia, diversity is a business imperative, and every individual at Wachovia has an ongoing ...more
Wachovia Securities (2/21/2006)
|
| | North American Fleet Handbook
There was to be no reprieve from high fuel costs for North American airlines in 2005. However, there are good reasons for optimism on collateral values ...more
Wachovia Securities (1/20/2006)
|
| | Housing Overvaluation: Housing Price Risk in Home Equity Transactions
In the latest issue of Economic & Real Estate Trends, the PMI Mortgage Insurance Co. published an estimate of market risk designed to measure real estate market ...more
Wachovia Securities (11/28/2005)
|
| | Home Equity ABS Trigger Report
Our source for information on trigger status for deals is Intex Solutions, Inc. Intex has developed into the standard industry tool for ABS cash flow analystics. ...more
Wachovia Securities (11/28/2005)
|
| | Home Equity ABS Trigger Report: Trigger Tests, Trigger Events, and Deal Performance
This month's Home Equity ABS Trigger Report highlights deals that are seasoned 18 months or less and are reported by Intex as failing a trigger test. ...more
Wachovia Securities (10/28/2005)
|
| | Diversity Works: Update - Home Equity Geographic Concentrations
This report provides deal level measures of geographic concentration and home price appreciation for more than 1,800 home equity and Alt-A mortgage securitizations. We compute geographic concentrations by Combined Statistical Area (CSA). A CSA is a group ...more
Wachovia Securities (10/17/2005)
|
| | Home Equity and Alt-A Exposure to Gulf Coast Hurricanes Rita and Katrina Overlap
Hurricane Rita, originally expected to make a direct hit on Houston, made landfall around the less populated areas along the Texas/Louisiana border and ...more
Wachovia Securities (9/29/2005)
|
| | Home Equity ABS Trigger Report
In our August 2005 'Home Equity ABS Trigger Report,' we highlighted deals with less than 12 months seasoning that were failing trigger tests. The context was ...more
Wachovia Securities (9/26/2005)
|
| | Banco Industrial, Largest Bank in Guatemala, Completes First Future Flow Securitization
Banco Industrial, S.A., the largest bank in Guatemala, today announced that it has achieved the issuance of a US$200 million Diversified Payment ...more
XL Capital Assurance Inc. (9/26/2005)
|
| | Home Equity and Alt-A Exposure to Hurricane Katrina
We have identified more than 56,000 loans securitized in 1,638 Alt-A and home equity transactions that are in counties designated by the Federal ...more
Wachovia Securities (9/7/2005)
|
| | North American Fleet Handbook
Although the year started under dark clouds of uncertainty-United and US Airways in bankruptcy and at risk of liquidating-the North
American ...more
Wachovia Securities (9/7/2005)
|
| | Background to Aircraft-Backed Debt Securities
Debt backed by commercial aircraft and aircraft-related assets is making a resurgence in the new issue market. Hedge funds and private equity groups ...more
Wachovia Securities (9/7/2005)
|
| | Home Equity ABS Trigger Report: Highlighting Trigger Flip-Flops
Trigger Interpretations: Our source for information on trigger status for deals is Index Solutions, Inc. Index has developed into the standard industry ...more
Wachovia Securities (8/31/2005)
|
| | Deals in the Bubble: Housing Price Risk in Home Equity Transactions
The relentless media attention paid to rising home prices and potential housing bubbles poses some serious questions for mortgage and home equity portfolio managers. ...more
Wachovia Securities (8/25/2005)
|
| | Diversity Works: Home Equity Geographic Concentrations
Diversity is a value embraced by many corporations today. At Wachovia, diversity is a business imperative, and every individual ...more
Wachovia Securities (8/19/2005)
|
| | Cross Capital Structure Commentary: Capital One Financial Corporation
Fixed Income's Take; Equity's Take; Asset-Backed Securities' Take ...more
Wachovia Securities (7/6/2005)
|
| | North American Airline Fleet Handbook 2005
Investors in aircraft-backed securities have to remain alert to changing demand drivers for the aircraft that back their securities. ...more
Wachovia Securities (2/24/2005)
|
