The HUD NPL auction features 5,000 delinquent single-family loans totaling $1 billion in unpaid principal balances with representations and warranties.
In other subprime news, industry veteran Jon Daurio was recently in New York talking to potential investors about his new nonbank venture, Nikkael Capital Corp.
“Eminent domain may be a local matter, but in the context of seizing mortgages, its use would have national consequences,” the four senators write in their letter to Treasury Secretary Jack Lew.
The Alt A origination estimate is based on the volume of first-lien conventional mortgages with interest rates ranging from 150 basis points over the prime mortgage rate to 300 bps over.
Fannie Mae, Freddie Mac and Ginnie Mae still provide most of the funding for home loans originated in 2013, but the non-agency sector has been making a stealthy comeback, according to a new analysis and ranking by Inside Mortgage Finance. Conventional-conforming loan production declined by 24.5 percent from the second quarter of 2013 to the third quarter, dropping to an estimated $275.0 billion. Although that still accounted for 59.8 percent of total production for the period, it was the lowest quarterly volume in conventional-conforming lending since the third quarter of 2011. Government-insured lending continued...[Includes two data charts]
Originations of non-agency jumbo mortgages in the third quarter increased by 2.7 percent compared with the second quarter of 2013 while total originations fell by 18.6 percent, according to a new ranking by affiliated publication Inside Mortgage Finance. An estimated $77.0 billion in non-agency jumbos were originated in the third quarter, a level of originations not seen since the second quarter of 2007. The jumbo market accounted for 16.7 percent of total mortgage ... [Includes one data chart]
The annual loan limit announcement from the Federal Housing Finance Agency included mixed news for the non-agency market. The FHFA said both the conforming and high-cost loan limits for the government-sponsored enterprises will be unchanged for 2014. However, a reduction to the maximum loan sizes Fannie Mae and Freddie Mac can purchase is still under consideration. “Further information on potential future changes in the maximum size of loans that Fannie Mae and Freddie Mac guarantee will be ...
The jumbo mortgage-backed security market may be thawing slowly. Credit Suisse this week issued its first security since the end of August, and Redwood Trust issued its latest jumbo MBS this month after a similar pause in securitization activity. The $301.90 million deal by Credit Suisse received an AAA rating from DBRS and Standard & Poor’s with credit enhancement of 7.55 percent on the top-rated tranche. Mortgages in CSMC 2013-IVR5 seasoned for an average of four months and had an average interest rate ...
JPMorgan Chase announced two separate settlements recently totaling $17.5 billion regarding non-agency mortgage-backed securities issued before the financial crisis. A $13.0 billion settlement was reached with federal and state entities, while a tentative $4.5 billion settlement was reached with non-agency MBS investors. The Department of Justice said the $13.0 billion settlement involving the Residential MBS Working Group established by President Obama was the largest settlement with a single entity ...
RSS