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Inside Nonconforming Markets

February 15, 2008

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Investors Continue to Wait for Changes in Subprime Market

At the American Securitization Forum’s 2008 conference, held last week in Las Vegas, most investors said they did not have enough confidence in the subprime market to begin investing in the assets again without major changes. A rebound this year seems unlikely... Read More

Subprime Guidance Did Little To Diminish ARM Share

Short-term adjustable-rate mortgages continue to account for the majority of securitized subprime mortgages some six months after federal and state regulators issued guidance warning lenders against offering such products. Lenders continued to...[Includes one chart] Read More

State Group Finds Subprime Servicers’ Efforts Lacking

The man who brokered a massive settlement with Ameriquest Mortgage in 2005 is now leading a group of states that has its sights set on subprime servicers. With little fanfare, the group has collected monthly data and concluded that current loss mitigation... Read More

Foreclosures to be Delayed For Some Borrowers

Six subprime servicers announced this week that they are willing to “pause” foreclosure proceedings for some of the most troubled borrowers. But critics suggest the plan will do little to prevent widespread foreclosures. Bank of America, Chase, Citigroup... Read More

Proposed Federal Ability To Repay Standards Vary

Ability-to-repay standards under discussion by lawmakers and regulators would differ significantly in their effect on subprime lenders, a new legal analysis reveals. Lawyers at K&L Gates suggest that regardless of what regulatory regime is placed on... Read More

Subprime MBS Downgraded, Still More Action Expected

Another batch of subprime mortgage-backed securities were downgraded last week and the rating services warn that more downgrades are on the way. Even once infallible AAA-rated securities have been hit. The rating services last week also increased their... Read More

Distressed Subprime Assets Appealing to Some Investors

Some investors are betting that now is the right time to scoop up distressed subprime assets. But at the American Securitization Forum’s 2008 conference last week in Las Vegas, a significant number suggested that they will continue to avoid the sector for the... Read More

GSEs Implored to do More For Subprime Market

Sen. Chris Dodd, D-CT, last week threatened to force Fannie Mae and Freddie Mac to do more to help troubled subprime borrowers. At a hearing by the Senate Committee on Banking, Housing, and Urban Affairs, the heads of the government-sponsored enterprises... Read More

B&C News Briefs

On Jan. 31, the Massachusetts Division of Banks issued guidelines implementing Chapter 206 of the Acts of 2007, legislation that... Accredited Home Lenders is touting its recent subprime originations, including a continued offering of stated-income... Read More

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