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Inside Nonconforming Markets

March 14, 2008

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Democrats Propose $15+ Billion Bailout via FHA Refinancing

Legislation proposed this week by Rep. Barney Frank, D-MA, chairman of the House Committee on Financial Services, could bail out subprime lenders and kick-start subprime lending. However, analysts are skeptical that enough Republicans will be swayed to back the... Read More

HUD Acknowledges Inability To Help Many Borrowers

The Department of Housing and Urban Development has acknowledged that FHASecure, a much touted refinancing mechanism for getting distressed borrowers out of bad loans, is not helping many delinquent borrowers. There are just too many borrowers... Read More

GSEs Ramp up Subprime Purchase/Guarantees in 2007

It was a horrible year for the subprime market, but Fannie Mae and Freddie Mac significantly increased their subprime mortgage purchase and guarantee business in 2007. The government-sponsored enterprises’ appetite for subprime... [Includes one chart] Read More

Investment Banks Slash their Subprime Originations

Merrill Lynch last week ended its $1.3 billion foray into the subprime mortgage origination sector by closing First Franklin, the subsidiary the investment bank purchased from National City just over a year ago. Merrill is also looking to sell the... Read More

Subprime Wholesale Lending Still Tops Retail in 2007

In what could be the final year of its reign, wholesale lending continued to account for the majority of subprime originations in 2007. According to Inside B&C Lending, broker and correspondent lending accounted for an estimated 58.7... [Includes two charts] Read More

Subprime ARMs Continue To Enter Foreclosure

Subprime adjustable-rate mortgages continued to perform poorly in the fourth quarter of 2007, as foreclosure starts on the loans increased 57 basis points from the previous quarter to 5.29 percent, according to the Mortgage Bankers Association... Read More

Subprime Rebound Unlikely Until 2009

“The only light at the end of the tunnel is the oncoming train, I’m afraid,” Nouriel Roubini, a professor of economics at New York University, said this week, summing up the current state of the subprime market. His fellow panelists at a talk sponsored by... Read More

Pomp, Little Substance at ‘Subprime’ CEO Pay Hearing

Rep. Henry Waxman, D-CA, chairman of the House Committee on Oversight and Government Re-form, hauled three CEOs in for a hearing last week on the relationship between their compensation and the income their companies extracted from the subprime market. Not... Read More

B&C News Briefs

The vast majority of the AAA-rated subprime mortgage-backed securities that comprise the ABX index have not been downgraded but should have been. An analysis by Bloomberg found that Standard & Poor’s and Moody’s Investors Service have failed... Read More

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