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Inside Nonconforming Markets

March 23, 2007

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Senators Urge Regulators to Enforce HOEPA, FTC Act

Federal regulators will soon be enforcing regulations long on the books but rarely cited if Congress gets its way. The move might stall proposed anti-predatory lending legislation. At a Senate Committee on Banking, Housing, and Urban Affairs hearing this week on... Read More

27% of Subprime Originations Tied to Troubled Lenders

Two of the largest subprime lenders – New Century Financial and Fremont Investment and Loan – recently halted subprime originations as turmoil continued in the market. Lenders facing trouble and those that have ceased operations originated at least 27 percent of the... Read More

New Century Stops Taking New Loan Applications

New Century Financial looks to be gasping its last breaths as its funding has dried up, making it unable to accept loan applications. Additionally, the lender cannot work with Fannie Mae, it has received cease and desist orders from a number of states, it is facing... Read More

FTC, SEC Ramp Up Subprime Enforcement

The Federal Trade Commission and the Securities and Exchange Commission recently revealed separate enforcement efforts aimed at reigning in certain subprime lending practices. But analysts suggest that the Federal Deposit Insurance Corp.’s recent action against Fremont... Read More

Frank Mulls Aggressive Anti-Predatory Lending Bill

Subprime mortgage lenders could face tough national standards if Congress approves the kind of legislation the chairman of the House Financial Services Committee plans to propose. Rep. Barney Frank, D-MA, last week assured community and consumer groups that he will... Read More

S&P, Moody’s Top 2006 Subprime MBS Ratings

Standard & Poor’s and Moody’s Investors Service continued to dominate subprime MBS ratings in 2006, a new analysis reveals. According to the Inside Mortgage Finance MBS Database, S&P rated $471.32 billion in subprime bonds last... [Includes one chart and one graph] Read More

New ABX-HE Issuance Expected to Perform Poorly

The delinquency rates on collateral underlying recently issued ABX-HE indexes are worse than the performance of the original ABX-HE index, and this trend is expected to continue. Fitch Ratings recently studied the performance, collateral characteristics and degree... Read More

Subprime Delinquencies Increase in Fourth Quarter

Subprime delinquencies are on the rise, but subprime servicers are prepared for the deluge, according to Standard & Poor’s. In a recent report, S&P analyst Robert Mackey said he is “confident that servicers are taking proactive measures” to battle an increase in... Read More

B&C News Briefs

C-BASS recently amended its previously announced merger agreement with Fieldstone Investment to reduce the per share purchase price...Friedman, Billings, Ramsey recently announced it is exploring “strategic alternatives” to maximize the value of its subprime... Read More