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Inside Nonconforming Markets

January 4, 2008

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Subprime Outlook Dim for 2008, Emphasis Placed on Servicing

Subprime mortgage-backed security issuance hit a record low in the fourth quarter of 2007. And subprime defaults are expected to continue to hit record highs, as pessimism persists in the subprime sector this year. According to the Inside Mortgage Finance MBS... Read More

Fed Proposes Overhaul of Subprime Market Rules

The Federal Reserve recently proposed significantly tightened regulations for the entire subprime market. In addition to specific subprime rules, the federal regulator proposed rules that would apply to all mortgage products. The proposal would amend the Truth... Read More

Loan Mods Increase Slightly, ASF Plan Faces Criticism

Subprime loan modifications increased in the months before servicers moved to implement a framework for wholesale mods of adjustable-rate mortgages. However, critics suggest that both the plan and subprime servicers’ recent efforts are inadequate. At a recent audio... Read More

New Tax Exemption Excludes Some Subprime Borrowers

Legislation passed in December aimed at helping troubled subprime borrowers might not be much help at all, according to Kenneth Wear and Roger Wise, an associate and partner, respectively, at K&L Gates.“Borrowers who hope to be relieved of the tax burden resulting from... Read More

Investors’ Appetite for Distressed Assets Increasing

Investors are trying to monetize the subprime slump by purchasing loan portfolios at bargain prices. A number of companies looking for distressed assets have sprouted recently. Private-equity firms and investment banks are also on the prowl. Bear Stearns, for one, has... Read More

FDIC Offers HMDA Enforcement Insights

Following the yearly release of detailed data from the Home Mortgage Disclosure Act, federal regulators move to crack down on violations of fair lending laws. In a recent issue of the Federal Deposit Insurance Corp.’s Supervisory Insights publication, the regulator... Read More

Share of GSE-Eligible Subprime MBS Decreasing

The share of subprime mortgage-backed securities eligible for sale to the government-sponsored enterprises decreased as the subprime market dried up in the third quarter of 2007. And 11 of the top 20 issuers of such MBS classes last year did... [Includes one chart] Read More

S&P Leads Subprime MBS Ratings Through 3 Quarters

Standard & Poor’s continues to rate the highest percentage of subprime MBS issuance, though its share fell slightly in the third quarter of 2007. S&P rated 96.5 percent of the $207.13 billion worth of subprime MBS issued through... [Includes two charts and one graph] Read More

House Committee Approves Cramdown Legislation

The mortgage industry is fighting legislation that would allow bankruptcy judges to restructure mortgage debt under Chapter 13. The Mortgage Bankers Association warned that the bill making its way through Congress could throw collateral values into question and... Read More

B&C News Briefs

Markit delayed the launch of the ABX.HE 08-1 series for... Scott Hartman, co-founder, chairman and CEO of subprime lender... Mark Ernst, the former CEO of Option One Mortgage, resigned from... The Conference of State Bank Supervisors and the American... Read More

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