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Inside Nonconforming Markets

February 23, 2007

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ResMae Bankruptcy One of Many Mounting Subprime Problems

The subprime market’s woes continued to mount, as 21st-ranked subprime lender ResMae Mortgage filed for bankruptcy, consolidation persists and top subprime lenders cut staff. Last week, Credit Suisse offered to buy ResMae for $19.1 million, pending other offers... Read More

Subprime Servicers Continue To Grow Through 2006

Even though originations declined and consolidation continued in the subprime sector, servicers posted modest gains for 2006 as a whole and in the fourth quarter. However, there looks to be trouble ahead as a number of subprime servicers... [Includes one chart] Read More

Federal Regulators Weighing Subprime Guide Expansion

Federal banking regulators recently hinted that they would address hybrid adjustable-rate mortgages through an update to interagency guidance on subprime lending. However, Federal Reserve Chairman Ben Bernanke told lawmakers that the regulators might instead expand... Read More

Payment Shocks Biggest Concern on Hybrid ARMs

While federal regulators stress that hybrid ARMs are already covered by existing guidance on subprime mortgages, it looks like a clarification to the guidance is on the way. As federal regulators review the guidance on subprime mortgages, last updated in 2001... Read More

Subprime Lenders’ Earnings Plummet

Most major subprime lenders suffered massive declines in earnings in the fourth quarter of last year, and some predict the worst is yet to come. NovaStar Financial’s stock price fell 40 percent this week after it announced a net loss of... Read More

Subprime Defaults Could Deter Investors from CDOs

The increased defaults and foreclosures currently seen in the subprime market could cause CDOs to pull out of the mortgage-backed securities market, potentially toppling the mortgage industry, according to some researchers.The pessimistic scenario was... Read More

Small Subprime Lender Expects Big Gains this Year

One mortgage executive sees troubled times in the subprime market as the perfect opportunity to increase originations, and Liberty American Mortgage’s goal is to double its yearly production to $1 billion this year. Bill Templeton, former president of The Money Store... Read More

New Century Tops Broker’s Tech Services Preferences

Mortgage brokers prefer to take their business to lenders that offer focused electronic services. And brokers have specific suggestions as to how lenders can improve their systems and increase usage. These findings are detailed in a new report based on... Read More

B&C News Briefs

Fremont Investment and Loan recently announced it will cease originating piggyback... Moody’s Investors Service has released its first presale report... The Securities and Exchange Commission has proposed rules to ensure... Bear Stearns recently completed its purchase of ECC Capital... Read More