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Inside Nonconforming Markets

November 2, 2007

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Subprime Originations Volume Continues to Decline in 3Q

Subprime originations nearly ground to a halt as investors shunned the sector, but some lenders were able to make mortgages in the third quarter of this year. Still, overall subprime originations were down 50 percent from the previous quarter... [Includes one chart] Read More

Frank Introduces Anti-Predatory Lending Bill

Rep. Barney Frank, D-MA, recently introduced a long-threatened bill that would dramatically increase regulation of the subprime market. The bill could conflict with similar efforts by the Federal Reserve, but at this point the Fed’s efforts look closer to... Read More

First Franklin One of Few Remaining Broker Options

The survivors of the subprime market rely greatly on a lender whose parent company just ousted its CEO because of his role in exposing it to that market, according to a recent survey of mortgage bankers and correspondent lenders. The new study, “Mortgage Bankers... Read More

Countrywide Launches $16 Billion Subprime Refi Effort

As subprime defaults continue to hit record highs, Countrywide Financial is reaching out to borrowers with subprime hybrid adjustable-rate mortgages. However, a large portion of Countrywide’s effort is aimed at borrowers who have not yet missed mortgage... Read More

Fed Continues to Work On Subprime Regulation

Consumer groups pushed the Federal Reserve to crack down on the subprime market at a meeting of the Fed’s Consumer Advisory Council last week in Washington, DC. Lisa Sodeika, chairwoman of the council and an executive vice president of corporate affairs at... Read More

At Least 2 Million Subprime Foreclosures Expected by ’09

Some 2 million subprime borrowers face foreclosure between 2007 and 2009, according to estimates by Congress’ Joint Economic Committee that it says are conservative. The committee released a report last week detailing the subprime market’s problems and proposed... Read More

Congress Mulls Foreclosure-Avoidance Legislation

Legislation amending Chapter 13 of the Bankruptcy Code, including a controversial provision that would allow bankruptcy courts to modify a home mortgage, is working its way through the House. And a bill introduced in the Senate would allow troubled borrowers to pay... Read More

Countrywide Top High-Rate Lender in ’06, HMDA Shows

Countrywide Financial and its affiliates were the top originators of higher-priced loans in 2006, a new analysis of Home Mortgage Disclosure Act data reveals. The analysis focused on the origination of rate-spread loans, a category that... [Includes one chart] Read More

FHASecure Offers Subprime Borrowers Prime-Like Loans

The FHA is looking to fill the subprime void but avoid offering risky subprime mortgages, according to officials at the Department of Housing and Urban Development. During an audio conference last week hosted by Inside Mortgage Finance Publications... Read More

B&C News Briefs

Wachovia recently filed suit against Ameriquest Mortgage claiming the subprime lender misrepresented at least... Standard & Poor’s continued to lower its ratings on subprime mortgage-backed securities in October. The rating service downgraded... Read More

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