Home » Newsletters » Inside Nonconforming Markets

Inside Nonconforming Markets

August 10, 2007

View Archived Issues

Subprime Originations Down by 50% at Mid-Year Mark in 2007

Half way through 2007, subprime originations are half of what they were last year. It was a tough second quarter, with three top subprime lenders posting zero originations due to bankruptcy or trouble with regulators. Subprime lenders... [Includes one chart] Read More

Subprime Lenders Continue To Face Troubles, Exit Sector

Margin calls against a subprime lender could derail the merger of two mortgage insurance companies, adding to the latest setbacks in the subprime sector. MGIC Investment Corp. is getting cold feet about its pending fourth-quarter marriage with Radian Group Inc... Read More

Don’t Count on the GSEs for Help, According to Analyst

Despite pleas and speculation from across the mortgage market, some analysts do not expect Fannie Mae and Freddie Mac will bail-out lenders and purchase poorly performing loans. Joshua Rosner, a managing director at Graham Fisher and Co., an investment analysis... Read More

Bear Stearns’ Subprime Problems Put Target on EMC

The recent collapse of two hedge funds heavily invested in subprime collateral and managed by Bear Stearns raises concerns about the fate of EMC Mortgage, the seventh-ranked subprime lender during the first half of this year. Bear’s recent pounding resulted in... Read More

Some Investors Flock to Troubled Subprime Market

There seems to be a silver lining in the subprime storm, as a number of companies are looking to invest in subprime lenders and troubled mortgages. Some lenders have been scooped up and others have received cash infusions from investors who are also on the prowl... Read More

Subprime Foreclosures Expected to Hit Records

The subprime default rate is surging toward levels not seen since 1997 and analysts expect the trend to continue for at least a year. Some even predict that the foreclosure rate for subprime adjustable-rate mortgages will more than double from its already high levels... Read More

State Regulators Release Subprime Exam Guidelines

Following-up on recently released guidance that parallels federal guidance on subprime mortgages, state regulators recently released new examination guidelines. The model guidelines will impose increased scrutiny for state-regulated subprime lenders.The model... Read More

Fitch Increases Subprime MBS Loss Expectations

Fitch Ratings last week tightened its rating criteria for subprime mortgage-backed securities, much like its fellow rating services. Among other changes, Fitch significantly increased its default expectations for subprime adjustable-rate mortgages. The rating... Read More

FTC Modifies 2003 Settlement With Subprime Servicer

The Federal Trade Commission recently altered its settlement with what was once Fairbanks Capital. The FTC said the changes “providing substantial benefits” to borrowers. Fairbanks paid $40 million to settle with the FTC and the Department of Housing and Urban... Read More

B&C News Briefs

Delta Financial abruptly delayed its second quarter earnings scheduled to... ECC Capital Corporation, recently applied to voluntarily deregister its... The Federal Reserve raised the fee amount that triggers additional disclosures... Read More