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Inside Nonconforming Markets

October 29, 2010

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Lenders Prepared to Fight Loan-by-Loan as Non-Agency MBS Buyback Requests Increase

Non-agency mortgage-backed security investors initiated major buyback requests this month which could take years to sort out as lenders are prepared to challenge repurchase requests loan-by-loan. Read More

PPIP Funds Profit, Treasury Delays Disclosures

The funds participating in the Public-Private Investment Program have turned impressive profits investing in non-agency mortgage-backed securities, but the Treasury Department is blocking disclosure of just how the funds have made their money... [includes one chart and one graphic] Read More

Non-Prime HAMP Mods Trail Overall Efforts

The non-prime servicing sector’s Home Affordable Modification Program activity started to fall behind the industry’s average HAMP efforts for the first time in September. The decreased activity comes as the Treasury Department and HAMP servicers face increased criticism regarding the modification program... [includes one chart] Read More

High-Cost Mortgage Appraisal Rules Due by 2013

In addition to upcoming risk retention and ability-to-repay provisions, federal regulators must issue new appraisal rules for “higher-risk” mortgages by 2013. The rules are required by the Dodd-Frank Wall Street Reform and Consumer Protection Act... Read More

Foreclosure Doc Issues Seen as Temporary

Foreclosure documentation issues will likely cause minimal delays and manageable losses on non-agency mortgage-backed securities, according to industry analysts. Meanwhile, federal regulators are investigating the issues and consumer advocates are calling for mandatory loss mitigation... Read More

Clayton Defends Non-Agency MBS Due Diligence

Clayton Holdings is on the defensive regarding non-agency mortgage-backed security due diligence practices due to scrutiny from the Financial Crisis Inquiry Commission. The FCIC recently published some of Clayton’s due diligence reports, which the firm claims have been misinterpreted by industry analysts... Read More

FICO Touts New Non-Prime Capabilities, Savings

A new credit scoring system released this week by FICO will benefit non-prime lenders and servicers, according to the credit score provider. The FICO 8 Mortgage Score assesses several variables from consumer credit files not considered by the traditional FICO credit score in an effort to predict mortgage repayment risk... Read More

Lenders Seek Expansion of Jumbo Escrow Proposal

Lenders used the Federal Reserve’s proposal to loosen escrow requirements for jumbo mortgages as a platform to call for further guideline revisions. The proposal would distinguish between conforming and jumbo mortgages regarding mandatory escrow account requirements... Read More

News Briefs

The Securities and Exchange Commission’s claims that former Countrywide Financial executives mislead investors regarding non-prime mortgages ended with a record settlement earlier this month. The National Credit Union Administration will securitize cash flows from “legacy assets,” which are mostly impaired mortgage-backed securities from five corporate credit unions that are in conservatorship or have been converted to asset management estates... Read More

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