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Inside Nonconforming Markets

October 26, 2007

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Alt A MBS Issuance in Freefall

Issuance of securities backed by Alt A mortgages fell dramatically in the third quarter of 2007, as Alt A mortgage-backed securities downgrades continue to mount and some issuers ceased operations. Non-agency Alt A MBS issuance... [Includes three charts and one graph] Read More

Lenders Respond to Losses by Cutting Alt A

The slowed market for Alt A loans continues to cut into the bottom lines of lenders and investors, and several banks reporting third quarter losses said they are responding, in part, by decreasing their Alt A originations and holdings. Lenders hurt by devalued... Read More

Subprime Legislation Could Limit Alt Lending

Legislative proposals to reform mortgage practices and combat predatory lending would, if enacted, probably reduce the use of streamlined documentation, a staple of the Alt A sector. House Financial Services Committee Chairman Barney Frank, D-MA, who... Read More

S&P Downgrades 2007 Vintage Alt A MBS

Standard & Poor’s downgraded hundreds of 2007 vintage securities backed by Alt A first liens last week, an indication that the bottom of the mortgage market crisis has yet to be reached. Some 524 securities with Alt A collateral were downgraded after review by... Read More

Alt Products Behind Recent Growth, Says Fed

Innovations in the mortgage market that contributed to the current crisis in the subprime and Alt A sectors also played a key role in significantly increasing home ownership, making credit available for many borrowers who would have been unlikely to find any without... Read More

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