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Inside Nonconforming Markets

February 1, 2008

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Subprime Production Down 68% In 2007 Compared with 2006

Subprime originations continue to freefall as foreclosures pile up and investors avoid subprime mortgage-backed securities. Subprime production in the fourth quarter of 2007 was less than half that of the previous quarter, which in... [Includes two charts and one graph] Read More

Proposal: Government Would Purchase Troubled Mortgages

The Federal Home Ownership Preservation Corporation would purchase mortgages so troubled borrowers could refinance and avoid foreclosure, Sen. Chris Dodd, D-CT, explained at a hearing this week by the Senate Committee on Banking, Housing, and Urban Affairs... Read More

Subprime Reform Low on 2008 Legislative Agenda

Reform of subprime lending practices has taken a back seat as Congress continues to focus on a solution to the growing number of subprime foreclosures. The 2008 legislative agenda laid out by Democrat leaders in Congress put little emphasis on predatory... Read More

Subprime Servicers Excelling Under Pressure, S&P Finds

A comprehensive survey of subprime servicers by Standard & Poor’s found that the industry is handling an increase in troubled borrowers fairly well. The overall subprime foreclosure cure rate was 25 percent in the first half of 2007, said Richard Koch, S&P’s... Read More

With Immunity, Clayton to Provide Info to NY AG

A major provider of subprime due diligence services revealed this week that it received immunity in exchange for providing information in a New York state probe of Wall Street investment bankers’ roles in the subprime mortgage market crisis. Frank Filipps, chairman... Read More

AGF to Purchase Part of Lender’s Subprime Portfolio

Subprime lender American General Finance last week agreed to purchase part of Equity One’s subprime portfolio as investors continue to look for good deals in the troubled market. AGF, the lending subsidiary of insurer American International... Read More

GSEs Could Take $16 Billion Subprime Writedown

Fannie Mae and Freddie Mac should take hefty writedowns on their subprime holdings when their fourth quarter earnings are released, some analysts suggest. While investment banks took multi-billion dollar writedowns on such holdings in the second half of 2007... Read More

Short Sales Effective but Limited in Loss Mit Use

While short sales have been an effective loss mitigation tool, a combination of factors has kept their use to a minimum, according to industry experts. An overwhelming desire by servicers to keep distressed borrowers in their homes... Read More

Presidential Candidates Detail Subprime Solutions

The subprime market is likely to receive greater scrutiny if a Democrat is elected president in November, based on an analysis of the candidates’ policy positions. The two remaining Democrat contenders have detailed sprawling plans to rescue troubled... Read More

B&C News Briefs

The mortgage industry remains vehemently opposed to cramdown legislation making its way through Congress. The House Committee on the Judiciary approved a compromise of the controversial bill in December but in an unusual development, a subcommittee held a... Read More

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