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Inside Nonconforming Markets

January 18, 2008

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Subprime MBS Issuance Nearly Non-Existent in Fourth Quarter

Quarterly issuance of subprime mortgage-backed securities hit a seven-year low in the fourth quarter of 2007. According to the Inside Mortgage Finance MBS Database, a paltry $11.94 billion worth of subprime MBS was issued in that quarter... [Includes two charts] Read More

BofA to Purchase Former Subprime Titan Countrywide

If and when life returns to the subprime market, one of the largest players in recent years won’t be around to participate in the revitalization. While many uncertainties remain regarding Bank of America’s recently announced acquisition of Countrywide Financial... Read More

SEC Approves ASF’s Subprime Mod Plan

The Securities and Exchange Commission recently reassured lenders and investors that it endorses Wall Street’s voluntary streamlined loan modification framework. And the vast majority of subprime servicers have joined a coalition that is working to help troubled... Read More

Cleveland Cites ‘Nuisance’ Laws in Subprime Suit

In a novel approach aimed at recovering losses tied to foreclosures, the city of Cleveland recently filed a lawsuit against lenders and investment banks based on nuisance laws. Mayor Frank Jackson went so far as to suggest that subprime lending was as bad for his city as... Read More

CRA May Have Mitigated Subprime Problems

The federal law that requires financial institutions to reinvest in the communities from which they receive deposits may have softened the impact of the subprime mortgage crisis, according to a new study. The study by Traiger & Hinckley, a New York-based law firm... Read More

San. Fran. FHLBank to Modify Subprime ARMs

Officials with the Federal Home Loan Bank System continue to examine how the FHLBanks can best help troubled subprime borrowers. This week, the Federal Housing Finance Board, the Banks’ regulator, approved a request by the FHLBank of San Francisco to begin a... Read More

MBA Fights Cramdown Bill, Slams CRL Subprime Report

Cramdown legislation pending in Congress could significantly increase borrowers’ monthly mortgage payments, according to a new analysis by the Mortgage Bankers Association. The mortgage industry is particularly concerned about H.R. 3609, “the Emergency Home... Read More

MBS Investor Monitoring Subprime Servicers

Some mortgage-backed securities investors have taken the servicer due diligence process into their own hands. Trust Company of the West closely monitors the servicers that handle its MBS investments and uses the information to make investing decisions... Read More

B&C News Briefs

Nationstar Mortgage recently reached a $105,000 settlement agreement with the Kentucky Office of Financial Institutions regarding the lender’s use of unregistered loan officers. Nationstar denied that it violated any applicable state or federal law... Read More

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