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Inside Nonconforming Markets

May 23, 2008

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Servicers Deal with Borrowers as Subprime Debt Outstanding Falls

With the subprime mortgage market a shell of its former self, subprime mortgage debt outstanding has gone into free fall.According to Inside B&C Lending, the dollar volume of mortgages serviced by subprime servicers... [Includes one chart] Read More

GSE Subprime Activity In Run-Off Mode

Fannie Mae and Freddie Mac continued to wind down their subprime-related activities in the first quarter of 2008. According to an Inside B&C Lending analysis of the government-sponsored enterprises’ subprime activity, their total subprime... [Includes one chart] Read More

Banks’ Subprime Losses Nearing an End

Banks are nearly finished taking losses on subprime mortgage holdings, according to analysts at Fitch Ratings, and corporate rating downgrades due to subprime exposure are expected to be minimal going forward. The rating service estimates total market... Read More

Senate Panel Approves FHA Refi Program

Legislation aimed at refinancing troubled borrowers is one step closer to reality after passage by the Senate Banking, Housing and Urban Affairs Committee this week. “The Federal Housing Finance Regulatory Reform Act of 2008” passed on a surprisingly... Read More

Proposed Subprime Lending Law in New York a Concern

New York State is close to passing unprecedented laws aimed at subprime lending, which the Mortgage Bankers Association has warned could cause lenders to abandon the state. The MBA’s concerns focus on two pieces of pending legislation. The state Senate is... Read More

Subprime Aid Legislation Moves Through Congress

The House continues to work on legislation described by Republicans as a bailout of lenders, investors and speculators. The bill, introduced by Rep. Maxine Waters, D-CA, would authorize loans and grants totaling $15 billion to states and cities for... Read More

Schumer Attacks Subprime Servicers’ Practices

A top Senate lawmaker is on a mission to punish “greedy lenders that preyed on borrowers with subprime loans.” Sen. Charles Schumer, D-NY is targeting lenders who he says subjected borrowers in bankruptcy to “death by a thousand fees.” Schumer, chairman of... Read More

Subprime Loss Severities to Increase Due to Home Prices

Home prices are nowhere near the bottom of their downward spiral, which suggests subprime loss severities will continue to rise, according to Standard & Poor’s. The rating service estimates that loss severities on 2006 vintage subprime mortgage-backed... Read More

B&C News Briefs

Last week, Chase stopped offering subprime and... Executives from bankrupt subprime lender Delta Financial... The Internal Revenue Service and the American Securitization forum... Federal regulators this week issued final illustrations to... Read More

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