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Inside Nonconforming Markets

November 16, 2007

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Subprime Debt Outstanding Falls, Servicers Pushed on Loan Mods

The total subprime mortgage debt outstanding fell 3.8 percent in the third quarter compared to the previous quarter of this year, according to estimates by Inside B&C Lending. Meanwhile, servicers’ response to troubled subprime borrowers... [Includes one chart] Read More

Predatory Lending Bill Passes House, Cramdown Stalls

The House yesterday passed sweeping anti-predatory lending legislation. However, prospects for passage in the Senate are far from certain. Companion legislation has yet to be introduced and the White House has indicated opposition to parts of the House bill... Read More

Subprime Guidance Not a Problem, HSBC Suggests

The third-ranked subprime lender through three quarters of this year this week suggested that complying with federal subprime guidance will not be a hindrance.“The impact of this statement will be immaterial on our operations,” HSBC Finance said, noting... Read More

HUD Sends RESPA Proposal To OMB for Review

The problem of wide gaps between initial estimated costs and actual closing costs of a mortgage loan may be close to being resolved under a proposed rule now under review at the Office of Management and Budget. Developed by the Department of Housing and Urban... Read More

Some See Subprime Mortgage Market Rebound as Likely

While the subprime mortgage market is currently in tatters, some suggest it will bounce back soon enough. Even hedge fund managers – not immune to the subprime downturn – were optimistic at Information Management Network’s ABS East conference last week in Orlando... Read More

Subprime Writedowns Expected to Increase

While some $50 billion in writedowns of subprime mortgage-backed securities have been recognized recently, industry analysts suggest that might only be a third of what’s to come. The greatest concern for investors at Information Management Network’s ABS East... Read More

Rating Services Blamed For Subprime Problems

The four major mortgage-backed securities rating services took a beating from investors at Information Management Network’s ABS East conference last week in Orlando. The rating services, in turn, pointed the finger at MBS issuers. Rating stability was a major... Read More

GSEs Increase Fees for High-Cost Mortgages

Fannie Mae last week announced an increase in the guaranty fees it charges on mortgages with subprime characteristics. The government-sponsored enterprise pinned the increase on continuing deterioration in the housing and mortgage markets. “In 2007, there have been... Read More

California Dominated Rate-Spread Originations in 2006

California continued to be a hotbed for higher-priced loans in 2006, according to a new analysis of Home Mortgage Disclosure Act data. The analysis focused on the origination of rate-spread loans, a category that includes... [Includes one chart] Read More

Usefulness of ABX Index Debated Vigorously

Less than two years after its creation, the ABX index is playing a pivotal role in the subprime market. But experts disagree on whether the proxy for subprime mortgage-backed security pricing has had a positive or negative impact. “I think the ABX should be ended... Read More

B&C News Briefs

Ameriquest Mortgage Company last week agreed to pay a $1 million civil penalty... ResMae Mortgage, which resumed lending in June after filing for bankruptcy in... Fitch Ratings recently acted on a number of subprime mortgage-backed securities... Read More

Clayton Delinquency Data Added to IBCL Data Page

Beginning with this issue, the data page in each issue of Inside B&C Lending will include subprime delinquency data from Clayton Fixed Income Services. Meanwhile, the survey of subprime mortgage interest rates has been temporarily suspended. The delinquency data... Read More

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