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Inside Nonconforming Markets

December 14, 2007

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ASF’s Subprime ARM Mod Plan Met with Mixed Response

A voluntary subprime loan modification plan brokered last week by federal regulators is receiving mixed reviews. While mortgage and securitization industry participants embraced the plan, Wall Street is more skeptical. The “streamlined framework” developed by the... Read More

Option One, WaMu Cease Subprime Lending

A deal first brokered in April to sell Option One Mortgage fell through last week, causing H&R Block to shutter the prominent subprime lender. The lender’s parent is still shopping Option One’s servicing platform. Meanwhile, Washington Mutual this week ceased... Read More

Delta Financial Seeks Bankruptcy Protection

Delta Financial last week said it will seek bankruptcy protection, a sobering demonstration by one of the most conservative major subprime lenders of how fast a company can crumble. Delta was known for sticking to fixed-rate mortgages, and had turned a profit as... Read More

Dodd Introduces Mortgage Legislation, HOEPA Looms

Sen. Chris Dodd, D-CT, chairman of the Senate Banking, Housing and Urban Affairs Committee, this week introduced long-awaited mortgage reform legislation that is the companion bill to one approved last month by the House. The bill is even more prescriptive than the... Read More

Subprime Delinquencies Continue to Increase in 3Q

Subprime delinquencies, defaults and foreclosures showed no signs of slowing down in the third quarter, due largely to the performance of subprime adjustable-rate mortgages. In September, the default rate of subprime loans rose to 17.73 percent, compared with 8.26 percent... Read More

Opposition Greets Bill to Limit Loan Mod Litigation

Federal banking regulators, securitization industry participants and even consumer advocates agree that legislation recently introduced in the House is the wrong way to deal with possible litigation over loan modifications. Some say it goes too far, and others say it... Read More

RBS Dominates Paltry 3Q07 Subprime MBS Shelf Issuance

The shelf registration of RBS Greenwich Capital was one of only two top subprime mortgage-backed securities shelves to post gains in the third quarter compared with the previous quarter. Financial Asset Securities Corp., the RBS shelf, increased... [Includes two charts] Read More

Subprime Rebound Not Expected Anytime Soon

The issuance of subprime mortgage-backed securities continued to falter into the fourth quarter of this year, which is usually a busy period for issuance. Analysts suggest subprime MBS issuance will not rebound until the second half of 2008 at the earliest... Read More

B&C News Briefs

The House Judiciary Committee this week approved compromise legislation allowing bankruptcy judges to modify home mortgages under court-approved... C-BASS this week completed its sale of subprime servicer Litton Loan... Read More

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