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Inside Nonconforming Markets

December 8, 2006

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Subprime Market Rapidly Coming Unglued as Profits Continue to Sag

Is the subprime mortgage market collapsing? The word may be a little strong for an industry that appears set to produce more than $600 billion in new loans this year. But there is little doubt that the sector is in turmoil right now, with shops big and small feeling... Read More

Subprime Servicers Post Modest Growth through 3Q

The subprime market grew modestly during the first nine months of 2006 – a period in which consolidation wracked the market and profitability concerns brought some once-mighty production engines to a virtual halt. According to data compiled by... [Includes a chart] Read More

New Century May Look Beyond REIT Model

Has the real estate investment trust run its course as a model for subprime mortgage companies? Not yet, perhaps, but the end could be approaching, especially if times remain tough. Clearly, it’s been a rough year for mortgage REITs. According to an analysis by... Read More

HOEPA Loans Find Their Way into GSE Pipelines

Fannie Mae and Freddie Mac purchased loans covered by the federal Home Ownership and Equity Protection Act in 2005, a review of data released under the Home Mortgage Disclosure Act shows. At issue are so-called HOEPA loans, or first and second... [Includes one chart] Read More

Fieldstone Says New Strategy Will Lead to Success in 2007

A Maryland-based real estate investment trust believes a three-pronged strategy will help it return to profitability and remain competitive in the months ahead. At the recent Financial Services conference sponsored by Friedman Billings Ramsey, Michael Sonnenfeld... Read More

Fremont Lays Out Plan to Tackle Early Loan Defaults

Fremont Investment & Loan is claiming early success in its efforts to drive down profit-sapping early payment defaults. Like many of its competitors, Fremont has seen its earnings hit this year by increased repurchase activity related to EPDs... Read More

Countrywide, New York State Forge HMDA Settlement

One of the subprime market’s largest originators, Countrywide Financial, has agreed to a settlement with New York’s attorney general in a fair lending case that revolved around price disparities in Home Mortgage Disclosure Act data filed by the... Read More

PUD Loans Could Predict Subprime Pool Performance

There’s an increasing amount of planned unit development mortgages, or PUDs, in subprime mortgage-backed securities. And according to one analyst, not only do PUDs perform better than non-PUDs in subprime MBS, they might be a leading indicator of future subprime ... Read More

Guidance Could be Expanded To Sweep in Subprime ARMs

Federal bank and thrift regulators are weighing whether recently-issued guidance on nontraditional mortgage products should be expanded to sweep in subprime ARMs with short reset periods. “We are looking at that and discussing on an interagency basis how best... Read More

Key Unloads Champion Platform

KeyCorp has found buyers for parts of its Champion Mortgage subprime business. The Ohio-based bank last week announced that it had reached an agreement to sell Champion’s origination platform to an affiliate of Fortress Investment Group, a global investment and... Read More

B&C News Briefs

The subprime mortgage market, which appears to be at a crossroads of sorts going into 2007, is the subject of a comprehensive new study... A judge in Montgomery County, MD, has thrown out a controversial predatory lending ordinance that attempted to link... Read More

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