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Inside Nonconforming Markets

September 7, 2007

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Democrats Looking to Increase Regulation of Subprime Market

Democrats in the House are calling for increased regulation of the subprime market, a move opposed by prominent Republicans. At a House Financial Services Committee hearing this week, Chairman Barney Frank, D-MA, said he hopes to... Read More

Dodd Introduces Anti-Predatory Lending Bill

Sen. Chris Dodd, D-CT, unveiled his long-threatened anti-predatory lending bill this week. The legislation, soon to be introduced by the chairman of the Senate Committee on Banking, Housing, and Urban Affairs, attacks a number of practices common in the subprime market. The bill would create... Read More

Ameriquest Sale Caps Awful August for Subprime Lenders

Citi purchased former subprime titan Ameriquest at the end of August, as a number of subprime lender transactions and operations faltered. Revealing just how much Ameriquest has fallen in value, Citi only purchased ACC Capital Holdings’ (the lender’s parent) wholesale and servicing operations. Ameriquest said... Read More

Subprime Borrowers Took Beating During August, New Survey Finds

More than half of subprime homebuyers last month had cancelled closings as a result of mortgage-related problems. That’s one of the major findings of a new study of market conditions last month sponsored by Inside Mortgage Finance Publications. The study is based on... [Brief] Read More

Critics Skeptical of Bush’s FHA Subprime Solution

Plans recently announced by the Bush administration to use FHA to help homeowners facing payment shock on adjustable-rate mortgage stay in their homes are being met with skepticism. The new FHASecure program is designed to allow subprime homeowners with decent credit histories to refinance their mortgage with the FHA if their recent payment problems were caused by... Read More

Subprime Delinquencies Up Again, Led by ARMs

The seasonally adjusted delinquency rate for subprime mortgages jumped to 14.82 percent in the second quarter, according to the Mortgage Bankers Association. The rate increased 105 basis points from the previous quarter and 312 basis points compared to the same period in 2006. The rate for prime mortgages, meanwhile... Read More

Wholesale Share of Subprime Originations Falling Quickly

A number of subprime lenders have abandoned their wholesale channels in recent months, but retail originations were gaining market share even in the second quarter of the year. The retail share of subprime originations hit levels not seen since 2003, according to a new Inside B&C Lending analysis...[With 2 Exclusive Data Charts] Read More

Fed’s Credit Score Report Could Allay Lenders’ Fears

Credit scores are not discriminatory and are predictive of borrower performance, according to a recent report to Congress by the Federal Reserve. Issued at the end of August, the “Report to the Congress on Credit Scoring and Its Effects on the Availability and Affordability of Credit” reinforces industry assertions that... Read More

Countrywide Touts Subprime Lending Standards, Plans

Countrywide Financial went on the offensive recently to defend itself against criticisms in a New York Times article the lender said cast the company in the “worst possible light.” Countrywide posted a three-page missive on its Web site and said it will... Read More

AAA Rated Subprime MBS Rarely Downgraded

Despite the widespread assumption that subprime mortgage-backed securities are performing poorly, the overwhelming majority of subprime MBS are rated AAA. And thus far, the rating services have rarely downgraded investment grade subprime MBS, according to... Read More

B&C News Briefs

Federal and state regulators this week urged lenders servicing loans that have been pooled in mortgage securities to take advantage of loss mitigation strategies. Lenders should study MBS pooling and servicing agreements to assess their authority to identify borrowers at risk of default and use loss mitigation tools... [Three Briefs]. Read More

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As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?

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