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Inside Nonconforming Markets

February 8, 2008

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Alt A Issuance Tumbles in Fourth Quarter of 2007

The issuance of Alt A mortgage-backed securities fell off dramatically in the second half of 2007, as investors continued to shy away from the products. According to Inside Alternative Mortgages, issuance of such... [Includes two charts and one graph] Read More

HOEPA Revision Will Ensnarl Some Alt A Loans

When the Federal Reserve released its proposed revisions of the Home Ownership and Equity Protection Act in December, the regulator noted that some Alt A mortgages would fall under the protections meant for subprime borrowers. At the American Securitization... Read More

Nontraditional Mortgage Resets a Major Concern

Interest rate reset issues will soon hamper nontraditional mortgages, such as interest-only and payment-option loans, according to the Federal Deposit Insurance Corp. However, resets on the products are not expected to ramp up until a year from now, giving... Read More

Debate Rages Over FHASecure’s Usefulness

Critics continue to question how useful FHASecure is for troubled borrowers. Most prominently, the American Securitization Forum is considering asking the Department of Housing and Urban Development to loosen the program’s guidelines. However, the mortgage... Read More

Wachovia Looking to Mortgage Unit for Rebound

After a disastrous fourth quarter, Wachovia, the nation’s fourth largest bank based on assets, recently announced the appointment of David Pope as president of mortgage and retail credit. He will be responsible for leading the daily sales, fulfillment... Read More

Earnings Mixed for Alternative Mortgage Lenders

The earnings of most lenders focused on the origination of alternative mortgages continued to suffer in the fourth quarter of 2007, although Thornburg Mortgage was able to return to profitability. In fact, the lender is one of the few that is... Read More

Feds Uncover $20 Million Home-Equity Scheme

At least 13 people fraudulently obtained more than $20 million in home-equity and business lines of credit before being caught by federal agents, a recently unsealed indictment reveals. The Department of Justice alleges that a mortgage broker helped its... Read More

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