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Inside Nonconforming Markets

October 19, 2007

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Subprime MBS Issuance Down Significantly in Third Quarter

The issuance of subprime mortgage-backed securities nearly ground to a halt in the third quarter of 2007, as most investors refused to touch subprime mortgages. According to the Inside Mortgage Finance MBS Database, a scant $30.38 billion of... [Includes three charts] Read More

Subprime ARMs Defaulting Before Reset, Servicers Warn

As subprime delinquencies and foreclosures continue to rise, servicers are striving to keep investors happy. However, the worst is yet to come as a massive amount of subprime adjustable-rate mortgages are due to reset soon. At the Mortgage Bankers... Read More

Subprime Lenders Struggle To Adapt to New Market

The intense competition for volume that dominated the subprime market until this year looks to have dissipated as lenders return to the sector’s roots. At the Mortgage Bankers Association’s annual convention, held in Boston this week, Steve Nadon, president and... Read More

Accredited Sold, Ready to Re-enter Subprime Market

The sale of Accredited Home Lenders tops another hectic month for subprime lenders. A subsidiary of private-equity firm Lone Star Fund V bought the lender last week and promptly propped it up with a $100 million cash infusion. “Accredited believes that it can resume... Read More

2007 Vintage AAA Rated Subprime MBS Downgraded

Standard & Poor’s this week downgraded a number of AAA-rated securities backed by subprime first liens, a type of MBS once nearly invulnerable to downgrades. The downgrades themselves are a surprise, as is the swiftness of the action; the MBS were issued in... Read More

FHA Sees Strong Performance For Subprime Refi Program

FHA officials suggest the government’s subprime “rescue” program will improve borrowers’ overall performance at FHA, apparently confirming critics’ complaints that the program is aimed at the “cream of the crop” of subprime borrowers. FHASecure was... Read More

Analysts Suggest Lawmakers’ Response will be Tame

With the Federal Reserve working to revise mortgage regulations by year-end and a presidential election a year away, lenders have reason to expect the worst of lawmakers’ reaction to the mortgage market’s recent troubles. However, participants in a discussion... Read More

Minorities Still Most Likely to Receive Rate-Spread Loans

Continuing a longstanding trend, minorities were much more likely to receive high-cost mortgages in 2006, according to Home Mortgage Disclosure Act data recently released by the Federal Reserve. An analysis by affiliated publication Inside Mortgage Finance of the... Read More

B&C News Briefs

House Democrats introduced legislation this week reforming mortgage servicing and curbing abusive practices related to... A credit score cooked up by the credit scoring bureaus provides lenders with a granular view of the risks presented by subprime... Read More

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