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Inside Nonconforming Markets

June 6, 2008

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Subprime Mortgage Performance Continues to Worsen in 2008

Default rates and foreclosure inventories in the subprime mortgage market continued to deteriorate in the first quarter of 2008, although some say the rate of decline is beginning to slow. The Mortgage Bankers Association this week reported that 18.79 percent... Read More

Accredited May Be Closing Its Wholesale Division

One of the few subprime lenders offering wholesale loans might be on the verge of closing its wholesale division. This week, Accredited Home Lenders announced it was closing its operations centers in Orange, CA; Beaverton, OR; St. Petersburg, FL; and Woodcliff Lake... Read More

Option One Hit with Civil Rights Lawsuit

The Massachusetts attorney general continued her crusade against subprime lending this week, filing a lawsuit against Option One Mortgage alleging that the lender broke civil rights laws and engaged in deceptive lending practices. The complaint alleges that... Read More

Moody’s Allows RFC’s Subprime MBS Mods

Moody’s Investors Service last week allowed loans in subprime mortgage-backed securities to be modified beyond the limits of the MBS’ pooling and servicing agreement, a move that could set a precedent for increased loan modifications. While MBS PSAs vary... Read More

Final HOEPA Rule Expected From the Fed in July

The Federal Reserve Board is working toward issuing stricter final underwriting rules for high-cost mortgages under the Home Ownership and Equity Protection Act in July, according to a top agency official. In remarks to the Banco Central do Brasil’s annual... Read More

Cook County Database Rises From Dead, Shifts Form

A controversial subprime-tracking program in Cook County, IL, is set to begin again a year and a half after it was halted and blamed for worsening deterioration in the local housing market. The revised program, which has been expanded in some ways... Read More

Subprime Lawsuits Stretch Far and Wide in 2008

A massive wave of subprime lawsuits bigger than what was seen in 2007 hit mortgage lenders and the secondary mortgage market in the first quarter, adding to the woes of an industry already under pres-sure by the credit and housing crises. The lawsuits... Read More

Policymakers Maneuver to Help Subprime Borrowers

While a comprehensive housing relief package winds its way through the halls of Congress, representatives of the Bush administration, other top policymakers and advocates are keeping up their efforts to bring aid to subprime borrowers on multiple... Read More

Minnesota’s Subprime Foreclosure-Stay Vetoed

Minnesota last week avoided the scorn of the secondary market as Tim Pawlenty, the state’s Republican governor, vetoed a bill that would have delayed subprime foreclosures for up to a year. Pawlenty said that granting foreclosed borrowers a statutory... Read More

B&C News Briefs

Fremont Investment and Loan this week completed the sale of its remaining mortgage servicing rights to Litton Loan Servicing, an affiliate of Goldman, Sachs & Co. The sale ends Fremont’s participation in the subprime market.

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