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Inside Nonconforming Markets

August 28, 2009

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Outstanding Subprime Mortgages Fall to $700 Billion in 2Q09 with Few Originations

The amount of subprime mortgages outstanding continues to decline as most lenders avoid subprime originations. An estimated $700 billion in subprime mortgages remained outstanding in the second quarter of 2009, according to a new ranking and analysis by Inside B&C Lending.Subprime servicers’ main focus is loss mitigation as only an estimated $2.0 billion in... [Includes one chart] Read More

Jumbos Somewhat Resurgent in First Half of 2009

The two-pronged jumbo sector showed signs of life in the first half of 2009 as lenders began to offer mortgages to borrowers with significant income. Originations of mortgages greater than the $729,750 conforming loan limit increased 22 percent during the second quarter compared with the first three months of the year, according to affiliated publication... [Includes one graph] Read More

New Rules Due for Frozen Subprime Market

Fears that the Federal Reserve’s impending rules for the subprime market could limit lending in the sector seem to have been overblown. The subprime market shut down long before the rules will be implemented. Most of the Fed’s rules for “higher-priced” mortgages are effective Oct. 1, 2009. Requirements for taxes and insurance escrows for higher-priced mortgages take effect on April... Read More

‘Investor-Focused’ Servicer Offers New Options

Last year, Kevin Kanouff resigned as president of specialty servicer Clayton Fixed Income Services and sought to build a new servicing operation, without any legacy costs. “There has to be a better mousetrap,” he said. Along with Clayton colleague David McDonnell, he formed Statebridge. Kanouff and McDonnell started Statebridge with their own money, and the servicing firm recently... Read More

Investors Concerned About HAMP Forbearance

Servicers’ handling of forbearance in the Home Affordable Mortgage Program should be relatively straightforward, according to guidelines issued by the Treasury Department months ago. However, a recent survey of servicers found that a number of the companies do not plan to follow the forbearance accounting guidelines, or at least have not yet decided how to treat forbearance... Read More

Alt A Lender Looking to Resume Originations

Impac Mortgage Holdings, once a leading Alt A lender, is looking to resume retail originations by focusing on documented mortgages, yet another sign that the market for alternative mortgages is long gone.At Impac’s annual meeting in late July, Joseph Tomkinson, chairman and CEO of the company, said that Impac was ready to resume lending. “Next month I hope we will... Read More

Investor Challenge to Countrywide Mods Continues

A lawsuit aimed in part at the federal modification safe-harbor will continue in state court, but celebration by the mortgage-backed security investors that brought the lawsuit looks to be premature.Earlier this month, the U.S. District Court for the Southern District of New York held that class-action lawsuit filed by MBS investors against Countrywide Financial is not within federal... Read More

News Briefs

The Federal Reserve and the Treasury Department do not currently anticipate any further additions to the types of collateral that are eligible... Servicers warned the Treasury Department that adding requirements to the Home Affordable Mortgage Program could impede efforts to offer more... Read More

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