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Generic Servicing Assets

What Are Generic Servicing Assets™?

MIAC created Generic Servicing Assets (GSAs™), in response to the overwhelming demand for more comprehensive market pricing information for mortgage servicing assets. The Daily GSA Pricing Service is a unique product that can be used to enhance the accuracy of internal pricing and the overall transparency within the MSR market.

The GSAs™ are MSR assets whose fundamental characteristics such as Pass-through Rate and Issue Year are consistent with the asset classes the Bond Market Association ("BMA") utilizes in its dealer consensus prepayment forecast survey. Each GSA is representative of a large outstanding MSR class, where the specific servicing-related attributes of each GSA such as note rate, servicing fee, p&i floats, escrow balance, delinquency status, etc. are all determined by MIAC.

The Daily GSA Pricing Service represents MIAC's opinion of the market value of various representative MSR assets based on MIAC's thorough price discovery process and calibrated market assumptions. MIAC provides the servicing fee multiple, historical price change, OAS, duration, and convexity for each asset. Subscribers to the GSA Pricing Service can access the MSR market and Trust IO pricing and OASes and download the pricing directly into a database for historical tracking, reporting, and further analysis.

Mortgage Industry Advisory Company ("MIAC") creates Daily Trust IO Pricing using the prior business day's closing IO market prices. The Daily Trust IO pricing is the highest price of the representative survey of major mortgage dealers. This one day lag in pricing is used in order to conform to the pricing methodology used in the Mortgage Servicing Rights ("MSR") industry. In addition, the Trust IO OASs are calculated in MIAC Analytics WinOAS™ with current 1-Yr into 10-Yr swaption volatility as an input and using the prior business day's interest rate environment.

All the informationpresented here is the sole property of MIAC. As such SourceMedia makes no representation as to the the accuracy or reliability of this information and takes no responsibility for actions that might be taken based on it.

For more information on a trial subscription to GSAs™ please visit www.MIACAnalytics.com.

MIAC's Generic Servicing Assets (GSAs^TM)
Sample GSAs	03/15/2010 Price in BPs	Multiple	OAS	Duration	Convexity	WAC	Age	03/12/2010 Price in BPs	% Change from 03/12/2010	February Month End	Change from February Month End	Change from January Month End	Change from December Month End
Agency_FRM_C15_4_2009	104.36	4.174	1406	-11.72	-4.57	4.52	2	104.82	-0.44%	102.63	1.68%	-0.39%	-3.31%
Agency_FRM_C30_5.5_2006	83.44	3.338	1725	-16.55	-1.02	6.15	35	83.88	-0.53%	79.57	4.87%	2.59%	-7.76%
Agency_Hybrid_Hy10/1_5_2005	65.46	2.619	1878	-18.83	-4.41	5.67	47	65.75	-0.43%	64.71	1.17%	-0.80%	-9.07%
Agency_Hybrid_Hy5/1_5_2008	71.51	1.907	2247	-24.54	-2.45	5.67	11	71.94	-0.59%	70.83	0.97%	-2.22%	-2.32%
FNMA_MBS_5.00_NEW_200K	115.76	4.630	1338	-14.55	-5.93	5.50	1	116.32	-0.48%	113.07	2.38%	0.53%	0.83%
Private_S/S_Alt-A_FRM_6.5_2006	65.77	2.631	1875	-3.39	-0.01	7.16	35	65.76	0.01%	56.53	16.34%	15.87%	-3.64%
FHSMB228	2145.70	3.576	102	-18.46	4.09	6.39	78	2142.97	0.13%	2132.81	0.60%	-9.54%	3.88%
FNMA360	1972.66	3.945	-71	-27.66	-4.57	5.68	58	1967.97	0.24%	2042.19	-3.40%	-10.71%	-11.40%
FNMA371	1605.47	2.470	1029	-14.75	7.68	6.92	48	1603.13	0.15%	1640.63	-2.14%	-15.50%	-13.80%