Nonconforming Securitization

Browse articles from all of our Newsletters related to Nonconforming Securitization.

October 24, 2014 - Inside Nonconforming Markets

Subprime Volume Indicators and Performance

A page of subprime and jumbo data.


October 24, 2014 - Inside Nonconforming Markets

REITs See Mixed Success with Jumbo MBS

Officials at Five Oaks Investment said the real estate investment trust plans to continue its involvement in the jumbo mortgage-backed security market after aggregating some of the mortgages included in the $355.6 million JPMorgan Mortgage Trust 2014-OAK4. “This represents the culmination of our residential whole loan strategy that we have been implementing since last year, and we actively look forward to participating in additional transactions in the near future as our loan purchase volumes ...


October 24, 2014 - Inside Nonconforming Markets

Deephaven Sees Promise in Nonprime MBS

Boosters of the non-agency market are trying to solve too many problems at once, according to Matthew Nichols, a managing partner at Deephaven Mortgage. He said work by various groups to set standards and address the problems confronting the non-agency market is an effort to create a world where non-agency MBS never take a first loss. “We are taking a simpler approach, accumulating nonprime, non-QM mortgages and securitizing them,” Nichols said this week at ...


October 24, 2014 - Inside Nonconforming Markets

Banks Increase Jumbo MBS Participation

Two large banks are set to continue their participation in the jumbo mortgage-backed security market, including one deal backed largely by loans from banks that have plenty of capacity to hold mortgages in portfolio. JPMorgan Chase is set to issue a $262.23 million jumbo MBS with originations largely sourced from First Republic Bank and Chase. The deal is backed solely by 15-year fixed-rate mortgages, which many banks have been willing to retain in portfolio in recent…


October 24, 2014 - Inside Nonconforming Markets

Jumbo MBS Characteristics Mixed in 3Q

Underwriting trends for jumbo mortgage-backed securities were mixed as of the third quarter of 2014, according to an analysis by Inside Nonconforming Markets. While some issuers started to include mortgages with higher loan-to-value ratios, average combined LTV ratios in jumbo MBS were actually higher for deals issued in the fourth quarter of 2013 than those priced in the third quarter of 2014. Average credit scores on issuance for the third quarter were ... [Includes one data chart]


October 24, 2014 - Inside Nonconforming Markets

Outlook Cloudy for Non-Agency MBS

It could take years for the non-agency mortgage-backed securities market to even approach the depth and liquidity it had before the housing meltdown, according to experts participating on a panel during the annual convention of the Mortgage Bankers Association this week in Las Vegas. The main reason non-agency MBS issuance does not amount to much is the huge bank demand for jumbo mortgages, said Tom Millon, president and CEO of Capital Markets Cooperative. Only about 77 percent of ...


October 24, 2014 - Inside Nonconforming Markets

QMs in Non-Agency MBS Exempt From Risk-Retention Requirements

The non-agency mortgage-backed securities market got clarity about risk-retention requirements in a new final rule approved this week by six federal regulators. Given current market conditions, it is unlikely to have any impact. The regulators created an exemption big enough to drive a truck through. Sponsors of non-agency MBS backed by qualified residential mortgages are not required to retain a 5 percent interest in the transaction. As expected, the QRM parameters were lined up with ...


October 24, 2014 - Inside MBS & ABS

Credit Unions MBS Holdings Decline; Will They Ever be Players in Jumbo Securities?

Although credit unions have boosted their share of new mortgage production in recent years, they continue to be only modest investors in residential MBS, a situation that isn’t likely to change anytime soon. According to figures compiled by Inside MBS & ABS, the credit union industry held $105.27 billion in residential MBS on its books at June 30, a 2.4 percent sequential decline. Compared to the same period a year earlier, their investment in mortgage securities fell by even more: down 4.8 percent. And that may not be such a bad thing. MBS prices were...[Includes one data chart]


October 24, 2014 - Inside MBS & ABS

Final Rule Setting Risk-Retention Requirements For Non-Agency MBS Features Broad Exemptions

Six federal regulators approved a final rule this week setting risk-retention requirements for residential MBS transactions, exempting the entire agency MBS universe and non-agency securities backed by qualified mortgages. There is not that much left. The risk-retention requirements for residential mortgages will take effect one year after the final rule is published in the Federal Register, which is expected shortly. Regulators opted to align the definition for qualified-residential mortgages with the standards established by the Consumer Financial Protection Bureau for QMs. The sponsor of a non-agency MBS that includes non-QRMs will have to retain at least 5.0 percent of the balance of the security, as required by the Dodd-Frank Act. In 2011, federal regulators proposed...


October 23, 2014 - Inside Mortgage Finance

Plenty of Investors are Eyeing the Non-Agency Space – Even PIMCO

Even though the origination volume of non-agency, non-jumbo mortgages is relatively small, private equity firms increasingly are eyeing the space, believing that within two years – or maybe sooner – the business could be producing out robust profits. In short, investors want to enter non-agency lending before anyone else does – and at “ground level” prices. According to non-prime executives and investment advisors, private-equity funds of varying sizes want...


October 17, 2014 - Inside MBS & ABS

Treatment of Non-Agency MBS in Liquidity Coverage Ratio Rule Seen as Detriment to Reviving Market

The liquidity coverage ratio rule recently finalized by federal regulators will hinder the revival of the non-agency MBS market, according to industry participants. Non-agency MBS are not counted as high-quality liquid assets (HQLA) under the rule, reducing incentives for banks to hold the securities. The Structured Finance Industry Group and others raised concerns about the lack of an HQLA designation for non-agency MBS at a time when the Obama administration is working to revive the non-agency MBS market. “There are...


October 16, 2014 - Inside Mortgage Finance

GSE Buybacks Up Sharply in Second Quarter as More Disputes Over Old Business Are Resolved

Mortgage lenders continued to work through a huge pile of repurchase demands related to loans securitized by Fannie Mae and Freddie Mac before the housing market crash. The two government-sponsored enterprises reported a total of $1.269 billion of repurchases by sellers during the second quarter of 2014, according to a new analysis by Inside Mortgage Trends, an affiliated newsletter, of Securities and Exchange Commission filings by the two GSEs. That compared to just $522.5 million in repurchases during the first quarter of this year. As has been the case since the buyback issue mushroomed several years ago, most of the second-quarter repurchases focused...[Includes one data chart]


October 10, 2014 - Inside Nonconforming Markets

Subprime Volume Indicators and Performance

A page of subprime and jumbo data.


October 10, 2014 - Inside Nonconforming Markets

News Briefs

Social Finance, a nonbank that has focused on refinancing student loans, launched a jumbo mortgage lending program this week. The lender is offering loans with downpayments as low as 10 percent and balances as high as $3.0 million with no requirement for private mortgage insurance. SoFi is offering 30-year fixed-rate mortgages and adjustable-rate mortgages, including a 5/5/20 ARM with a 10-year interest-only period. SoFi said it is looking to originate ... [Includes one brief]


October 10, 2014 - Inside Nonconforming Markets

Non-Agency MBS Likely to Remain in 144A Market

Issuers of non-agency mortgage-backed securities appear likely to continue working in the private 144A market as opposed to issuing deals in the public market, according to industry participants. Redwood Trust was issuing jumbo MBS in the public market, but it switched to the 144A market even before new requirements from the Securities and Exchange Commission made private issuance more attractive. Most other jumbo MBS issuers in recent years have also stuck with offering their deals in ...


October 10, 2014 - Inside Nonconforming Markets

Non-Agency Market Looks to Address Second Liens

A number of participants in the non-agency market are working to address the risks posed by second liens taken out by borrowers after the origination of the first mortgage. Some potential investors in non-agency mortgage-backed securities have balked at buying into new issuance due to concerns about borrower leverage and equity positions. “That’s a big problem for insurance companies and institutional investors, that debt can morph over time,” Fred Matera, a managing director at Redwood Trust ...


October 10, 2014 - Inside Nonconforming Markets

Jumbo Lending Dominated by Banks in 2013

Only one nonbank claimed more than a 1.0 percent share of originations of non-agency jumbo mortgages in 2013, according to a new Inside Nonconforming Markets analysis of Home Mortgage Disclosure Act data. Quicken Loans, the 10th-ranked jumbo lender in 2013, accounted for 1.26 percent of jumbos originated during the year, even after growing its originations at more than double the industry average compared with 2012. Banks were the top nine jumbo lenders in 2013 ... [Includes one data chart]


October 10, 2014 - Inside Nonconforming Markets

Lenders Prep Wider Range of Non-QM Offerings

To this point, most products offered outside of standards for qualified mortgages have targeted super-prime borrowers, often with jumbo loan balances. However, competition among lenders in that sector has been strong and there are plenty of borrowers with somewhat less than perfect credit looking for non-QMs, prompting some lenders to work on expanding their non-QM offerings. Brian Simon, COO of New Penn Financial, said the nonbank is launching a non-QM for borrowers who have ...


October 10, 2014 - Inside Nonconforming Markets

Combined LTV Ratios on Jumbo MBS on the Rise

A shift from refinances to purchase mortgages has helped push combined loan-to-value ratios on jumbo mortgage-backed securities to the highest levels since the financial crisis. The higher LTV ratios are prompting an increase in credit enhancement requirements. JPMorgan Chase this week issued a $355.64 million jumbo MBS with an average combined LTV ratio of 74.0 percent. And WinWater Home Mortgage is preparing a $276.91 million jumbo MBS with an average combined LTV ratio of ...


October 10, 2014 - Inside Nonconforming Markets

Jumbo MBS Issuance Spikes in 3Q14, Volume Still Down From Last Year

Some $3.05 billion in jumbo mortgage-backed securities were priced in the third quarter of 2014, nearly triple the volume seen in the previous quarter, according to a new ranking and analysis by Inside Nonconforming Markets. Issuance through three quarters is still below the level of jumbo MBS activity in 2013 but industry analysts suggest that the jumbo MBS market looks strong heading into the fourth quarter and beyond. Credit Suisse was the top issuer of jumbo MBS ... [Includes one data chart]


October 10, 2014 - Inside MBS & ABS

U.S. Judge Allows Investors’ MBS Class-Action Case Against JPMorgan to Proceed but Limits Suit’s Scope

A federal judge in New York has cleared the way for investors to proceed with a $10 billion class-action suit against JPMorgan in relation to the 2007 sale of non-agency MBS. Judge Paul Oetken of the U.S. District Court for the Southern District of New York, however, limited the scope of the class-action suit to JPMorgan’s liability but did not certify as to damage. Explaining his decision to narrow the scope of the suit, Oetken said...


October 10, 2014 - Inside MBS & ABS

Now a Year Old and Counting, GSE JV Common Securitization Solutions Still Doesn’t Have a CEO

After a year of searching for a chief executive to head Common Securitization Solutions LLC, the Federal Housing Finance Agency is still looking. But that doesn’t mean the agency has given up. “The search continues,” said a government official close to the matter. “We even have a search firm.” Although the FHFA is keeping a tight lid on information regarding CSS, it’s...


October 10, 2014 - Inside MBS & ABS

Non-Agency MBS Market Revs Up in 3Q14; Even the Jumbo Market Showed Some Life

Thanks to a heavy supply of scratch-and-dent deals and a rebound in jumbo mortgage securitizations, new issuance in the non-agency MBS market jumped by 57.4 percent in the third quarter of 2014, according to a new Inside MBS & ABS analysis and ranking. A total of $8.99 billion of non-agency MBS were issued during the third quarter, a major increase from the $5.71 billion issued in the previous three-month period. Year-to-date issuance was still off 27.3 percent from the first nine months of 2013, and it is doubtful that annual volume this year will top 2013’s total when the year is over. Issuance of prime non-agency MBS in the third quarter was...[Includes three data charts]


October 3, 2014 - Inside MBS & ABS

Opponent Bows Out of BofA Settlement Dispute, S&P Seeks Treasury Documents for Defense

Bank of America’s long-troubled multi-billion-dollar settlement with non-agency MBS investors moved a big step closer to final approval after a key opponent of the deal withdrew its objection this week, though numerous other objectors remain. The Triaxx entities withdrew as intervenor-respondents in the $8.5 billion Countrywide settlement covering 530 trusts. The objection by the Triaxx group had been seen as among the largest remaining roadblocks for final court approval since the $650 million settlement agreement between American International Group and BofA in July. BofA agreed...


October 3, 2014 - Inside MBS & ABS

Strong Growth, Regulatory Concerns for MBS Backed by Nonperforming Loans

The market for non-agency MBS backed by nonperforming and re-performing home loans has grown exponentially in recent years. However, the sector remains relatively small and regulatory concerns persist regarding servicing practices. At the ABS East conference produced by Information Management Network last week in Miami Beach, Susan Valenti, a director at Wells Fargo Securities, said $1.0 billion of non-agency MBS backed by nonperforming loans and re-performing loans was issued in 2011, followed by $2.0 billion of such issuance in 2012, $5.7 billion in issuance in 2013 and $5.2 billion in issuance thus far in 2014. Most of the deals aren’t...


October 3, 2014 - Inside MBS & ABS

Agency MBS Surge Lifts Asset Securitization In Third Quarter, Non-Mortgage Sector Slowed

The agency single-family MBS market posted its best quarter in a year as total issuance climbed to $267.33 billion during the third quarter of 2014, according to a new Inside MBS & ABS analysis and ranking. The combined MBS issuance of Fannie Mae, Freddie Mac and Ginnie Mae rose 6.6 percent from the second quarter of 2014, hitting its strongest level since the third quarter of last year. On a year-to-date basis, agency MBS remained 48.7 percent below the pace set in the first nine months of 2013. Even the long-suffering non-agency MBS market showed...[Includes two data charts]


September 26, 2014 - Inside Nonconforming Markets

Subprime Volume Indicators and Performance

A page of subprime and jumbo data.


September 26, 2014 - Inside Nonconforming Markets

News Briefs

Some 64 percent of 884 community banks originating mortgages offer non-QMs, according to a survey conducted by the Conference of State Bank Supervisors. The results were published this week in a report from the Federal Reserve and the CSBS. Homewood Mortgage is the latest non-agency lender to announce a stated-income product. The program is available only for self-employed borrowers, with stringent requirements regarding liquidity and assets ... [Includes six briefs]


September 26, 2014 - Inside Nonconforming Markets

Strong Demand for Non-QMs, Supply an Issue

There’s plenty of consumer demand for loans that don’t meet the standards for qualified mortgages, according to industry participants. But more than a year after the Consumer Financial Protection Bureau established standards for non-QMs, lenders and investors are still trying to determine the liability posed by the mortgages. Jay Lown, president of Cherry Hill Mortgage Investment, a real estate investment trust managed by Stan Middleman, chairman and CEO of Freedom Mortgage, said Freedom is ...


September 26, 2014 - Inside Nonconforming Markets

Moody’s Touts Transparency with Rating Model

Moody’s Investors Service is working on revamping its process for rating new non-agency mortgage-backed securities, including allowing issuers to use the same loan-level model used in Moody’s rating process. “We are providing an unprecedented level of transparency through publication of our model,” Navneet Agarwal, a managing director of residential MBS at Moody’s, said last week during a webinar hosted by the rating service. In August, Moody’s published a request for comment on its proposed ...


September 26, 2014 - Inside Nonconforming Markets

Chase, Two Harbors Prepare Their Next MBS

JPMorgan Chase and Two Harbors Investment are preparing to issue two new jumbo mortgage-backed securities. The $483.56 million JPMorgan Mortgage Trust 2014-IVR3 is set to receive AAA ratings from DBRS and Kroll Bond Rating Agency. The deal includes a number of unique characteristics, including consisting solely of adjustable-rate mortgages and having representations and warranties that DBRS deemed as weak. The majority of the loans in Chase’s planned MBS are seven-year ARMs ...


September 26, 2014 - Inside Nonconforming Markets

Obama Administration Seeks Non-Agency Changes

A number of steps have been taken to reform the non-agency mortgage-backed security market but more changes are necessary, according to Michael Stegman, counselor on housing finance policy to the Treasury Department. Last week at a conference hosted by the Bipartisan Policy Center, Stegman detailed regulatory changes necessary to increase activity in the non-agency MBS market along with other changes the industry can work toward. “The last remaining piece of the puzzle is putting in place ...


September 26, 2014 - Inside Nonconforming Markets

Treasury Working to Convince Investors New Non-Agency MBS is a Good Deal

The Treasury Department is working on at least two initiatives aimed at boosting issuance of non-agency mortgage-backed securities, following more than four years of industry-driven reform efforts that haven’t attracted enough attention from investors. “The private-label securities market is virtually dormant,” Olga Gorodetsky, a senior policy advisor at the Treasury, said this week at the ABS East conference produced by Information Management Network in Miami Beach. The Treasury is considering working with ...


September 26, 2014 - Inside MBS & ABS

Fitch: Concentration of Servicers Could Squeeze U.S. Residential MBS Landscape

The rapid growth of nonbank special servicers since the mortgage crisis has resulted in a concentration of entities controlling the vast majority of loans in need of a work out, which could present some risks for non-agency MBS, according to a report by Fitch Ratings. Fitch cited industry consolidation, increased specialization and regulation as the primary drivers of the concentration shift toward nonbank servicers. “Historically, servicing was concentrated among the largest commercial banks due to their dominant market share in mortgage origination,” the rating service said. “Today, several nonbank servicers have achieved portfolio sizes that have begun to eclipse their banking counterparts.” Fitch noted...


September 26, 2014 - Inside MBS & ABS

Treasury Sees a ‘Benchmark’ Non-Agency MBS as Potential Spur for Market

The Treasury Department is considering working with an issuer to sell a non-agency MBS that would serve as a benchmark transaction, according to agency officials. The goal of the issuance is to attract investors to the sector and create a standard term sheet for issuers. “The Treasury is thinking about facilitating one or more benchmark transactions,” Michael Stegman, counselor to the Treasury Department for housing finance policy, said this week at the ABS East conference produced by Information Management Network in Miami Beach. He said...


September 26, 2014 - Inside MBS & ABS

Cautious Optimism in Structured Finance Market As New Regulations Ease Compliance Uncertainty

Investors are comfortable with broad swaths of the structured finance market and issuers are cautiously optimistic that regulators won’t hinder activity too much going forward, according to attendees at the ABS East conference produced by Information Management Network this week in Miami Beach. “We’re in a pretty good spot right now in the market from a supply-demand perspective,” said Bob Behal, a principal and co-head of ABS investments and commercial MBS investments at Vanguard Group. Almost 3,700 people had registered by the start of the conference, up slightly from around 3,500 people in 2013. Will Zak, a director at Barclays, said...


September 25, 2014 - Inside Mortgage Finance

Mortgage Servicing Market Contracted Again In Second Quarter, But Portfolio Holdings Grew

The supply of 1-4 family mortgage debt declined again in the second quarter of 2014 despite an uptick in whole loans held in bank, thrift and credit union portfolios, according to an Inside Mortgage Finance analysis. The Federal Reserve Board late last week reported $9.855 trillion in single-family mortgage debt outstanding at the end of June. That was down $4.9 billion from March – a scant 0.05 percent decline, but the second straight quarterly downturn. The increase in mortgage debt outstanding in the third quarter of 2013 increasingly looks like an aberration rather than a turning point. The most recent figure is...[Includes one data chart]


September 25, 2014 - Inside Mortgage Finance

FHFA Official: Congress Should Be Main Arbiter Of the GSEs’ Share of Mortgage Market Activity

Efforts to reduce the government-sponsored enterprises’ footprint using guaranty fees and loan limits should be left to Congress, according to Bob Ryan, a special advisor to the director of the Federal Housing Finance Agency. Meanwhile, officials at the Treasury Department suggest that the FHFA does have a role in setting policy that will inform any housing finance reform action by Congress. In comments this week at the ABS East conference produced by Information Management Network in Miami Beach, Ryan said the FHFA looks to Congress for direction when considering how to run the conservatorship of Fannie Mae and Freddie Mac. “There is nothing in the legislation that suggests the FHFA should shrink the footprint [of the GSEs],” he said. Ryan said...


September 19, 2014 - Inside MBS & ABS

HSBC’s Deal With FHFA Allows for Tax Write-Off; Virginia Sues 13 Banks for $1.1 Billion Over MBS

The Federal Housing Finance Agency late last week announced a $550 million legal settlement with HSBC North American Holdings, leaving just two defendants in the conservator’s civil fraud cases tied to non-agency MBS – but a consumer group is crying foul over what it says are the deal’s lenient terms. The agreement resolves claims against HSBC regarding alleged violations of federal and state securities laws in connection with non-agency MBS purchased by Fannie Mae and Freddie Mac from 2005 to 2007. HSBC – which at one time owned subprime giant Household Finance – noted...


September 19, 2014 - Inside MBS & ABS

Moody’s Ranked First in Non-Mortgage ABS Ratings at Midway Point in 2014, S&P Tops in Non-Agency MBS

Moody’s Investors Service – which has been on the sidelines in the sputtering jumbo MBS market this year – has edged up to become the most active rating service in the non-mortgage ABS market, according to a new Inside MBS & ABS analysis. Moody’s rated 71 ABS over the first half of the year, deals with a total issuance volume of $66.15 billion. That represented 64.5 percent of total non-mortgage ABS issued in the first six months of 2014. Moody’s had its biggest market shares in vehicle finance ABS and student loan deals. Standard & Poor’s ranked...[Includes two data charts]


September 19, 2014 - Inside MBS & ABS

Fitch’s Change to Home Price Modeling Could Reduce Credit Enhancement Requirements on Non-Agency MBS

Fitch Ratings this week proposed changes in how it models home prices for loans to be included in new non-agency MBS. The change means more regions being classified as having sustainable home prices, which could lead to lower credit enhancement requirements on new securities. “The updated Sustainable Home Price model shows a stronger relationship to historical home prices and effectively distinguishes between periods of sustainable and unsustainable home prices,” the rating service said. “Under the new methodology, Fitch’s estimation of overvaluation is typically lower than in the previous model build.” Fitch has incorporated...


September 19, 2014 - Inside MBS & ABS

Non-Agency MBS Market Still Stuck, Experts Agree; Policymakers, Players Discuss Ways to Ignite Growth

The non-agency MBS market remains stuck in the post-crisis doldrums, showing no signs of recovering, according to experts participating at this week’s Bipartisan Policy Center’s Housing Summit in Washington, DC. Efforts to ignite the growth in non-agency securitization channels to help reduce the government’s role in housing finance and draw back private capital have produced little result. Except for sporadic twitches, thanks to a smattering of deals backed by jumbo loans, the non-agency MBS market is barely alive, panelists said. The government, which is working to revive the non-agency market, sees...


September 12, 2014 - Inside Nonconforming Markets

MBS Clean-Up Calls Gaining Popularity

A number of firms that hold vintage non-agency mortgage-backed securities are using their clean-up call options as the outstanding balance in the MBS dwindles. Executing clean-up calls can be more profitable for certain firms than allowing securities to run-off. Chimera Investment is the latest firm to tout its clean-up call strategy. The real estate investment trust said it acquired the rights to $4.8 billion of seasoned subprime mortgages by purchasing subordinate tranches of non-agency MBS issued by Springleaf Finance between 2011 and 2013. The purchase price wasn’t disclosed.


September 12, 2014 - Inside Nonconforming Markets

Impact of SEC’s Reg AB2 Disclosure Rule Unclear

Officials at the Securities and Exchange Commission see the final rule on disclosures recently issued by the federal regulator as bringing major changes to the non-agency mortgage-backed security market. However, whether issuers will offer non-agency MBS subject to the disclosure requirements is largely in the hands of investors that have been willing to buy securities not subject to the SEC’s standards. Beginning in 2017, issuers of publically registered non-agency MBS will have to disclose 270 data points, mostly at loan level. The disclosure requirements in the SEC’s Reg AB2 rule do not apply to 144A offerings, although some observers expect the SEC eventually to extend them to private placements.


September 12, 2014 - Inside MBS & ABS

Court Unseals Whistleblower Suit Against Moody’s; NY Court Dismisses FDIC Lawsuit Versus Banks

A former analyst at Moody’s Ratings has accused the credit rating agency of complicity in the financial meltdown in 2008, while a federal judge in Texas dismissed a government lawsuit against major banks involving non-agency MBS because it was filed too late. In his 2012 whistleblower lawsuit against Moody’s, Ilya Kolchinsky, a former analyst with the firm, alleged that the rating service issued inflated ratings, often “Aaa,” to most risky residential MBS and collateralized debt obligations it reviewed from 2004 to 2007. The lawsuit was brought...


Poll

What is it going to take to convince lenders to loosen the credit box (i.e., remove underwriting overlays)?

The recent rep and warranty changes announced by the Federal Housing Finance Agency should go a long way in protecting lenders from future buybacks and help expand mortgage credit.
There won’t be any significant elimination of underwriting overlays until the government stops seeking huge mortgage-related penalties and settlements from lenders.
There shouldn’t be any expansion of the mortgage credit box since looser underwriting is what caused the recent mortgage crisis.

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