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Inside Nonconforming Markets

November 9, 2007

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Frozen Secondary Market Cuts IndyMac’s Earnings

IndyMac Bank, a longtime Alt A lending leader, announced substantial third-quarter losses this week, which the company attributed to its inability to find investors on the secondary market and increasing delinquencies. IndyMac reported a net loss of $202.7 million for... Read More

California Continues to Dominate Alt A Production

Alt A production continues to be heavily concentrated within a few states, with the top five accounting for 65.7 percent of Alt A originations so far this year, according to a new analysis by Inside Alternative Mortgages... [Includes one chart and one graph] Read More

Prime Financing for Risky Loans in FHASecure

The Federal Housing Administration is looking to replace subprime volume with its new FHASecure program, but avoid offering mortgages with risky features, according to officials at the Department of Housing and Urban Development. However, it is targeting borrowers... Read More

Alt A Market Undergoing an Overhaul

With Alt A securities now viewed as toxic in the secondary market, mortgage brokers have been forced to give up Alt A lending almost entirely, according to a recent survey on current practices of mortgage bankers and correspondent lenders. The study, sponsored... Read More

Alt A Loans Continue to Default

Alt A default rates continued to increase in August, as more adjustable-rate mortgages reset at a time when refinancing is limited to borrowers with good credit. The default rate of securitized Alt A loans rose to 3.96 percent for the month of... Read More

Nontrad Underwriting the Same

A majority of respondents in a recent Federal Reserve Bank survey said underwriting standards for nontraditional mortgage products has tightened recently, but the study did not find strong agreement on how much things have changed. The Fed’s October 2007 survey of... Read More

House Committee Approves Predatory Lending Bill

Modified legislation to strengthen mortgage consumer protections was approved by the House Financial Services Committee this week, potentially paving the way for significant adjustments in the way alternative lending is regulated. The new restrictions would... Read More

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