Cart

Inside Nonconforming Markets

November 24, 2010

View Archived Issues

Subprime Delinquencies and Mortgages Dwindle as Criticism of Servicers Increases

Subprime servicers are facing increased scrutiny regarding alleged predatory servicing practices, improper foreclosures and inadequate loss mitigation while the volume of subprime mortgages outstanding and delinquencies declines... [includes one chart and one graph] Read More

Numerous Factors Limiting Non-Agency Jumbos

The official extension last week of temporarily elevated conforming loan limits is just one of many obstacles hindering originations of non-agency jumbo mortgages. And market participants do not expect the sector to recover anytime soon... Read More

MBS Investors, Issuers Differ on QRM Standards

Mortgage-backed security investors are seeking more stringent requirements for qualified residential mortgage regulations than MBS issuers, according to the American Securitization Forum. The secondary market participants differ on standards for income verification, IOs downpayments, debt-to-income ratios and streamlined refinances... Read More

MBS Investors, Servicers Dispute Mod Denials

Servicers and non-agency mortgage-backed security investors disagree on whether modification activity has been constrained by non-agency MBS pooling and servicing agreements. Meanwhile, consumer advocates continue to criticize servicers and accuse them of violations of Home Affordable Modification Program guidelines... [includes one chart] Read More

Non-Agency MBS Chain of Title a Legal Concern

Non-agency mortgage-backed security investors could see their secured interest evaporate, according to novel claims made by consumer advocates. Industry attorneys dismiss the claims, noting longstanding securitization practices regarding chain of title... Read More

SEC’s Disclosure Proposals Seen as Overreaching

Participants in the non-agency market largely view proposals by the Securities and Exchange Commission for increased disclosures as overreaching. In October, the SEC proposed greater transparency for representations and warranties as well as repurchase history for all mortgage-backed securities outstanding and MBS issuance going forward... Read More

Stringent Underwriting Hindering CRA Lending

Tightened underwriting has significantly reduced the volume of Community Reinvestment Act-eligible community development originations in recent years. Mortgage lenders and consumer advocates seem to agree on the cause of the decline, while a potential solution remains more contentious... Read More

Majority of Abandoned Foreclosures are Non-Prime

Non-prime mortgages accounted for 67 percent of incomplete foreclosure proceedings on vacant properties, according to a study released last week by the Government Accountability Office. The GAO recommended increased disclosures and extra verifications by servicers in an effort to reduce the harm caused to neighborhoods by so-called abandoned foreclosures... Read More

News Brief

Walter Investment Management Corp. announced last week that it will price a $135 million non-agency mortgage securitization expected to be sold in a private placement by Nov. 30... Read More

Latest Imf News

More Imf News

Featured Data

More Featured Data

Featured Reports

More Latest Reports

Featured Poll

As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?

View Results