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By Michael Herbst | 05-29-2009 11:18 AM

Still Searching for Housing Bottom

Metropolitan West CIO and manager Tad Rivelle says the capital markets have yet to confirm a bottom in the housing market.

Michael Herbst: Could you touch down a little bit...I know in the past Met West has been very active in the non-government mortgage-backed area, both on the residential side and the commercial side. Given some of the efforts that the government has undertaken to essentially rebuild those markets and rebuild or restore the pricing and trading in those markets, are you seeing a broad range of response in the market or a difference in response between the residential and the commercial mortgage-backed securities?

Tad Rivelle: Well, the housing market continues to struggle. That is not exactly newsworthy to anybody. Though capital markets are forward-looking, for the most part, I do not think that the capital markets have yet to feel a confirmed bottom in the housing market. And this is continuing to impact the pricing of much of the non-agency residential mortgage-backed securities marketplace. We have seen a little bit in the way of a rebound in liquidity and a rebound in return in recent days and weeks, but it is very tentative.Read Full Transcript

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