Purchase mortgages accounted for 39 percent of the loans included in the new Credit Suisse jumbo MBS deal. The weighted-average combined LTV was 71 percent.
The government is seeking due diligence reviews performed by Clayton, as well as all communication between the clients for whom the company performed such work.
Fannie Mae and Freddie Mac mortgage-backed securities accounted for 74 percent of combined FHLB MBS portfolios in the second quarter, up 2 percent from 1Q13.
No one in the mortgage industry expects that subprime lending will revive much unless it’s the subprime of yesteryear where equity was a key factor in determining whether a borrower should get a loan. The handful of subprime (“hard money,” call it what you will) lenders active today require hefty down payments in the range of 30 percent. The most successful subprime lender in terms of money raised is Citadel Loan Servicing of Irvine, CA, the brainchild of Dan Perl, which raised ... [Includes three briefs]
The the most powerful consumer regulator in the nation raised concerns about aligning the definitions of 'qualified residential mortgage' and 'qualified mortgage.'
The NCUA has filed lawsuits against several investment bankers, including Barclays Capital, Credit Suisse, Goldman Sachs, JP Morgan Securities and UBS Securities alleging securities law violations in the sale of MBS.
FHFA has been analyzing approaches for reducing Fannie Mae and Freddie Mac loan limits across the country, "and any such change would be announced with adequate advance notice for implementation on January 1, 2014" the regulator said.
Thomas Hoenig, vice chairman of the FDIC, said he is particularly interested in exploring the downpayment issue further. Securities investors are also likely to push for downpayment requirements for QRMs.
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