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Inside Nonconforming Markets

November 30, 2007

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Regulators Tout Subprime ARM Solutions as Massive Resets Loom

Federal and state regulators recently forged partnerships with the mortgage industry to help borrowers with subprime adjustable-rate mortgages, in anticipation of resets that are due soon on an unprecedented number of such mortgages. According to equity... Read More

Subprime Wholesale Lending Languishes in Third Quarter

Subprime mortgage originations are down by more than 60 percent through three quarters of this year as compared with 2006, but the wholesale channel has taken the brunt of the decline. Combined broker and correspondent lending... [Includes two charts] Read More

Predatory Lending Legislation Wrangling Shifts to Senate

After the House cleared anti-predatory lending legislation at a remarkable pace earlier this month, the mortgage industry and consumer advocates are focusing on the Senate. While companion legislation has yet to be introduced, analysts suggest Senate... Read More

Up to 25% of Subprime Losses Blamed on Fraud

In an effort to pinpoint causes of an increase in subprime early-payment defaults, Fitch Ratings took a closer look at subprime originations. After reviewing 45 loans that defaulted within the first 12 months of securitization, the ratings service determined... Read More

Option One, Still for Sale, Boosts Servicing Unit

The pending sale of Option One Mortgage took another turn last week, as the lender’s parent lost its chairman, president and CEO. The lender also recently increased funding for its servicing operation by $350 million. Mark Ernst resigned as chairman... Read More

FHLBank Subprime MBS Holdings Steady in 3Q

The collective subprime mortgage-backed security holdings of the 12 Federal Home Loan Banks held steady between the second and third quarters of 2007, according to a new analysis by Inside B&C Lending.The Banks’ subprime MBS holdings remained at $2.6 billion, but... Read More

Private MI Losses Expected Due to Subprime Problems

The profitability outlook for the private mortgage insurance industry is “dismal” even as the companies increase their business, according to analysts at UBS. The subprime market and the private MIs’ response to recent subprime troubles are to blame.... Read More

ABX Pricing Might Inflate Subprime Loss Estimates

As investors continue to take writedowns on subprime mortgage-backed security holdings, analysts have suggested that subprime losses could hit $400 billion. However, subprime MBS pricing opacity makes accurate estimates difficult. Currently, the closest publicly... Read More

B&C News Briefs

Fieldstone Mortgage filed for Chapter 11 bankruptcy this week. The lender, purchased earlier this year by C-BASS, received permission... Going forward, Nationstar Mortgage will only originate government-sponsored enterprise... Read More

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