Bad days for the basis

- Resi: Bad days for the basis
- CRE: Introducing the DB quality score "The DB quality score can be a useful benchmark in assessing the potential volatility of collateral and bond cash flows."
- Consumer ABS: Positive momentum in autos shows support for lending in middle-risk credit tiers "Auto lenders more comfortable with sector have started to reach further down the credit spectrum."
- Economics: Exports a key positive contributor to economic performance "Strong capex and robust exports will together keep real GDP growth modestly above trend."
- Rates: Who’s afraid of buying Treasuries? "We remain constructive on yields. Primarily this reflects anemic growth with outright deflation risk, but not a double dip view."
- Agency MBS: A new taste of seasoning "Seasoned 30-year 5.0%s look rich while low pay-up 5.5%s and 6.0%s appear attractive."
- Non-Agency MBS: Competing risks in jumbo MBS  "Interest rates have reached the point where jumbo MBS investors should expect a jump in old fashioned refinancing while credit performance continues to deteriorate."
- CRE: Loan in the spotlight: One Alliance Center "One of the larger specially serviced loans faces significant tenant rollover and refinance risk."
- Consumer ABS: Assessing the spread pick-up for FFELP student loan ABS vs. credit card ABS "Current levels argue for further FFELP tightening."

DeutscheBank Outlook MBS Securitized Products 20100915

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