Rating services appear to be taking differing approaches to rating nonprime MBS backed by new originations. The first nonprime MBS from an affiliate of Invictus Capital Partners received preliminary AAA ratings from Kroll Bond Rating Agency, Morningstar Credit Ratings and S&P Global Ratings. Those three firms did not rate...
Parkside Lending announced this week that it’s offering a new low-downpayment jumbo mortgage product that includes an option for lender-paid mortgage insurance or borrower-paid MI. The new Jumbo III product joins other wholesale jumbo offerings from Parkside, including mortgages with combined loan-to-value ratios up to 95.0 percent with no requirement for MI. Blackstone Group increased its presence in the market for rental properties by launching Finance ... [Includes two briefs]
When Freddie makes that next “dividend” payment, its “account surplus” with Treasury will total $34.6 billion: federal assistance of $71.3 billion since September 2008 versus dividend payments of $105.9 billion.
Over the past two years, PHH has lost $347 million, much of it caused by a private-label origination model that has fallen on hard times and rapidly declining interest rates…
Despite some reports of credit access loosening, it’s harder to get a mortgage today than it was during the housing bubble, according to the Urban Institute. With borrowers being denied at a much higher rate than in the past, lower-credit mortgage applicants are dropping out of the housing market. As access to credit tightened after the financial crisis, many lower-credit applicants were discouraged from applying, the UI study noted. That led to a higher-credit applicant pool, which in turn led to a lower rejection rate. This caused...
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