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Inside Nonconforming Markets

September 3, 2010

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Nonconforming Share of Total Originations Up Slightly in Second Quarter of 2010

An estimated $18 billion in jumbo mortgages were originated in the second quarter of 2010, up from $15 billion in the first quarter of 2010. Through two quarters in 2009, $52 billion in jumbos had been originated, which led to some of the lowest yearly jumbo originations on record. An increase in jumbo refinances is possible going... [Includes one graph] Read More

Few Subprime Servicers Increase Portfolios in 2Q10

The amount of subprime mortgages outstanding fell by 4.0 percent in the second quarter of 2010 compared with the previous quarter, according to a new ranking and analysis by Inside Nonconforming Markets. Subprime delinquencies, meanwhile, showed some positive and negative developments during the period. The amount of subprime mortgages outstanding decreased to an estimated... [Includes one data chart] Read More

Non-Agency Rep/Warrant Claims Likely to Increase

Loan originators and underwriters of non-agency mortgage-backed securities face increasing repurchase requests due to widespread breaches of representations and warranties, according to industry analysts. While the claims will likely rise, the eventual impact on the non-agency mortgage market remains... Read More

Recent Subprime Mods Performing Relatively Well

Subprime servicers have significantly reduced re-default rates since 2008, according to a report released last week by the State Foreclosure Prevention Working Group. Subprime mortgages modified in 2009 by nine non-bank subprime servicers are 40 percent to 50 percent less likely to be... Read More

Non-Prime HAMP Mods Outpace Overall Market

Non-prime servicers increased their Home Affordable Modification Program activity in July compared with the previous month at a higher rate than all HAMP servicers, according to a new ranking and analysis by Inside Nonconforming Markets. Meanwhile, analysts predict that... [Includes one data chart] Read More

Jumbo Mortgages Show Mixed Performance

Delinquencies on jumbo mortgages continue to increase but may be peaking, according to Fitch Ratings. Meanwhile, strategic defaults on $1 million-plus mortgages are no greater than strategic defaults on mortgages overall, according to Moody’s Investors Service. Delinquencies on jumbo mortgage-backed securities have... Read More

Non-Agency Participants Face ‘Toxic Title’ Issues

Non-agency mortgage servicers and investors are increasingly liable for property-related obligations of defaulted borrowers, according to new research by CoreLogic. Some servicers have suspended the foreclosure process in areas with high foreclosure rates, low property values, and aging housing stock where delinquent borrowers... Read More

Impac Touts Non-Mortgage Debt Resolution

Debt resolution services for credit card and other non-secured debt can help borrowers continue to make payments on non-agency mortgages, according to Impac Mortgage Holdings. Officials at the former Alt A lender suggest that many larger servicers have mistakenly overlooked borrowers’ non-mortgage debts. Joseph Tomkinson, Impac’s chairman and CEO, said... Read More

Defaults Tied to Negative Equity, Recourse Laws

Strategic defaults on non-agency mortgages are much more likely to occur on mortgages with negative equity in non-recourse states, according to new research conducted by the Federal Reserve Bank of Richmond. The researchers found that defaults are tied to... Read More

News Briefs

Higher-priced mortgages – defined as mortgages with interest rates of 150 basis points or more above the applicable prime offer rate – are excluded from the housing goals established for Fannie Mae and Freddie Mac this week by the Federal Housing Finance Agency. The FHFA said the exclusion is aimed at... [Includes one data chart] Read More

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