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Inside Nonconforming Markets

November 12, 2010

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MBA Seeks Protections for Alt Mortgages; CMBP and MIs Call for Stronger QRM Rules

The Mortgage Bankers Association this week urged federal regulators to allow for the origination of certain alternative mortgages after implementation of the Dodd-Frank Act. The Community Mortgage Banking Project and mortgage insurers, meanwhile, called on federal regulators to establish more stringent standards than those sought by the MBA...[includes one graphic] Read More

BlackRock to Fund Non-Agency Jumbo Mortgages

The BlackRock Mortgage Investors Fund will begin funding jumbo mortgage originations this month with plans to issue non-agency mortgage-backed securities, the firm announced last week. Analysts suggest that the fund confirms that there is a growing demand from investors for new non-agency MBS... Read More

Redwood’s Next Non-Agency Issuance Delayed

Officials at Redwood Trust are “hopeful” that the real estate investment trust will issue a jumbo non-agency mortgage-backed security in the first quarter of 2011. In August, Redwood said it would issue a jumbo MBS as soon as in the fourth quarter of 2010, depending on market conditions... Read More

Fannie, Freddie Increase Alt A Refinance Activity

While Fannie Mae and Freddie Mac have largely avoided acquiring Alt A mortgages since 2008 due to major losses caused by the loans, the government-sponsored enterprises have not completely abandoned the sector...[includes one chart] Read More

Jumbo Lending Heavily Concentrated in 2009

Two banks and one state accounted for a disproportionate share of jumbo lending in 2009, according to an Inside Nonconforming Markets analysis of Home Mortgage Disclosure Act data compiled by ComplianceTech/Lending Patterns...[includes two charts] Read More

Non-Agency Buybacks Still Difficult to Enforce

The difficulties non-agency mortgage-backed security investors are facing trying to enforce buybacks are nothing new, according to officials at Redwood Trust. Meanwhile, analysts at Barclays Capital recently detailed which mortgages are most likely to be subject to successful repurchase requests... Read More

Ocwen Puts Emphasis on Principal-Reduction Mods

Ocwen Financial is beginning to focus on principal reduction loan modifications for borrowers with negative equity. Ocwen Chairman William Erbey said the non-prime servicer is duplicating the principal reduction option recently added to the Home Affordable Modification Program... Read More

PennyMac Looks Beyond Distressed Asset Investing

PennyMac Mortgage Investment Trust has seen success with distressed asset investing, but the company is adjusting strategies in preparation for a normalized mortgage market... Read More

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