Michael S. Canter

Michael S. Canter

Director—US Multi-Sector and Securitized Assets

11 Years at AB
24 Years of experience

Michael Canter is a Senior Vice President and Director of US Multi-Sector and Securitized Assets at AllianceBernstein (AB). He is also the Chief Investment Officer of AB’s Securitized Assets Fund and the former CIO of the Recovery Asset Fund (ABRA-S) and the Legacy Securities (PPIP) Fund. In addition, Canter is Head of the Securitized Assets Research Group, which is responsible for the firm’s investments in agency mortgage-backed securities (MBS), credit risk–transfer securities (CRT), non-agency residential mortgage-backed securities, commercial mortgage-backed securities and other asset-backed securities (ABS). He has particularly extensive expertise in residential mortgage credit. Canter has been called upon to give expert testimony to the US Senate Committee on Banking, Housing, and Urban Affairs in 2013 and the US House of Representatives Subcommittee on Housing and Insurance in 2017, on how US housing policy should be structured going forward. Prior to joining the firm, he was the president of ACE Principal Finance, a division of ACE Limited (now Chubb). There, Canter managed portfolios of credit default swaps, ABS, MBS and collateralized debt obligations. He is currently a board member of the Association of Mortgage Investors. Canter holds a BA in math and economics from Northwestern University and a PhD in finance from the Columbia University Graduate School of Business. Location: New York

Why the US Government Should Guarantee Your Mortgages
Will Tax Reform Derail CRTs? Don’t Bet on It
Will Mortgage Bonds Be the Next Disaster—Again?
Can We Afford a Housing Boom?
Rising Rates Won’t Hurt US Home Prices
Not All CCCs Are Created Equal
Mortgages: Don’t Be Fooled by the Averages
GSE Reform? It’s Already Happening

GSE Reform Lumbers Up to the Starting Gate

by Michael S. Canter

Momentum is finally building to do something with Fannie Mae and Freddie Mac. The bipartisan Corker-Warner proposal, now making the rounds on Capitol Hill, aims to dissolve the GSEs and start fresh. Meanwhile, Fannie and Freddie are testing innovative mortgage-security structures that transfer the risk of borrower defaults to the private sector.

Fixed Income


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US Housing Finance: Our Vision for a Privately Led System

by Douglas J. Peebles, Michael S. Canter, Matthew D. Bass

There’s a growing consensus today that the US government’s huge footprint in the $10.5 trillion mortgage market needs to shrink, with the private sector taking the lead. But there is less agreement on how the transition to a new system should take place. Here’s our perspective as investors in the mortgage market on what is needed to get the ball rolling.

Financial Law and Regulation, Fixed Income


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US Housing Finance: Let's Put Quality Before Quantity

by Douglas J. Peebles, Michael S. Canter, Matthew D. Bass

The US government’s housing finance policies in recent decades can be summarized by one simple phrase: quantity over quality. The implicit goal was to increase the quantity of housing finance by keeping mortgage rates low and promoting wider home ownership. For several decades, the system worked. But if we view the long-term stability of home prices as one measure of the quality of housing finance, those policies now don’t look so successful.

Financial Law and Regulation, Fixed Income


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US Housing Finance: Is Government Involvement Necessary?

by Douglas J. Peebles, Michael S. Canter

A debate is raging about whether the US government’s significant role in housing finance is sustainable. In future articles, I will explain in detail why we believe the private sector needs to play a greater role in the future of housing finance. But for now, let’s take a step back and ask a key question. Is government involvement in the US housing market necessary at all?

Multi-Asset


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