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Inside Nonconforming Markets

June 5, 2009

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Non- Agency Mortgages Account for a Paltry 5.6 Percent of First Quarter 2009 Originations

Lenders heavily favored plain-vanilla mortgages during the first three months of 2009, according to a new ranking and market analysis by Inside B&C Lending. Fixed-rate conforming agency mortgages dominated originations during the period. The non-prime sector is... Read More

Countrywide Charged with Option ARM Fraud

Countrywide Financial failed to adequately disclose to investors the risks associated with its non-prime originations, according to a lawsuit filed this week by the Securities and Exchange Commission. The SEC’s claims hinge on public disclosure versus internal communications... Read More

Mod Re-Defaults Increase Subprime Delinquencies

The seriously delinquent rate on subprime mortgages hit 24.88 percent at the end of the first quarter of 2009, according to the Mortgage Bankers Association. That was a 177 basis point increase from the previous quarter and at least partially fueled by defaults on modified... Read More

FTC Considers Increasing Regulation of Servicers

Prodded by the further deterioration in the performance of borrowers and an expanding industry claiming to help such borrowers, the Federal Trade Commission is accepting comments on how to increase regulation of the servicing industry. The federal regulator is considering new rules... Read More

FHA Improves Manufactured Housing Program

Recent and impending changes to the FHA’s manufactured housing program will significantly modernize financing for the sector, according to the Manufactured Housing Institute. The FHA is implementing changes required by the Housing and Economic Recovery Act of 2008, which became law on... Read More

Purchase Share of Subprime Mortgages Fell in 2008

Refinance and home improvement mortgages accounted for a growing share of so-called rate-spread mortgages last year, based on a preliminary analysis of Home Mortgage Disclosure Act reports by LendingPatterns, an online tool developed by ComplianceTech. The Federal Reserve tracks... Read More

Mixed Outcomes for Subprime-Related Lawsuits

Subprime lenders had mixed results fighting pending lawsuits in recent weeks, with a nuisance-related suit dismissed while separate litigation against Wells Fargo and Countrywide Financial proceeded. In May, the U.S. District Court for the Northern District of Ohio granted a... Read More

Jumbos Unlikely to Factor in GSE Housing Goals

The Federal Housing Finance Agency will soon revise the affordable housing goals for Fannie Mae and Freddie Mac. While the government-sponsored enterprises received authority to purchase mortgages above the conforming loan limit, such conforming jumbos are... Read More

News Briefs

The Federal Deposit Insurance Corp. this week postponed a planned pilot sale by banks of “legacy loans.” Instead, the FDIC will test the funding mechanism contemplated by the Legacy Loans Program in a sale of receivership assets this summer. "Banks have been able to raise... Read More

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