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Inside Nonconforming Markets

January 14, 2011

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Total Volume of Mortgages Held in Bank/Thrift Portfolios Stagnant

A lack of activity in the non-agency market has done little to boost portfolio lending. The dollar volume of residential mortgages held in portfolio by banks and thrifts remained relatively unchanged in recent years, according to the Inside Mortgage Finance Bank Mortgage Database... [includes one chart and one graph] Read More

GSE Settlements Change Little for Non-Agency

Recent buyback settlements between the government-sponsored enterprises and Bank of America and Ally Financial will not have much of an effect on non-agency buyback efforts, according to analysts... Read More

MA Court Ruling Prompts Divergent Reactions

A ruling last week by the Massachusetts Supreme Judicial Court regarding foreclosures on mortgages in non-agency mortgage-backed securities heightened the debate on chain of title issues... Read More

Lenders Fight QRM Downpayment

With federal regulators expected to propose qualified residential mortgage regulations this month, recent debate has centered on minimum downpayments, with most of the mortgage industry fighting for a broad definition of QRMs... Read More

Federal Regulators Send Mixed Messages on HELs

Federal banking regulators disagree on the potential problems posed by home-equity loans. The Federal Deposit Insurance Corp. is looking to alter how servicers handle HELs while the Office of the Comptroller of the Currency and Office of Thrift Supervision recently endorsed servicers’ treatment of such loans... Read More

Bank of Internet Makes Jumbo Correspondent Pact

Bank of Internet announced a correspondent partnership this week for proprietary jumbo mortgages with Capital Markets Cooperative members. The strategic alliance allows CMC members to sell jumbos to BofI, which will hold the loans in portfolio... Read More

Outlook Mixed for Non-Agency MBS Performance

Upcoming resets on ARMs in non-agency mortgage-backed securities should be manageable, though analysts warn that performance will continue to decline. Re-default rates remain elevated and home price declines could cause further delinquencies... Read More

Portfolio Mods Out-Perform Non-Agency MBS

Modifications on mortgages held in portfolio continue to perform significantly better than mods on mortgages in non-agency mortgage-backed securities. Principal forgiveness plays a major factor in limiting re-defaults, according to new data from the Office of the Comptroller of the Currency and the Office of Thrift Supervision... Read More

News Briefs

At the end of December, the Treasury Department loosened non-agency guidelines for the short sale and deed-in-lieu of foreclosure portion of the Home Affordable Modification Program... Bank of America this week agreed to a $4.25 million settlement with the New York State Common Retirement Fund regarding subprime mortgage investments made by Merrill Lynch... Read More

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