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Inside Nonconforming Markets

January 28, 2011

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Lower GSE Loan Limits Seen as Key To Restoring Non-Agency Market

Prominent Republicans are increasingly calling for the reduction of the conforming loan limit as part of the process of winding down the government-sponsored enterprises. However, the Mortgage Bankers Association this week suggested... [includes one graph] Read More

Little Progress Made on Non-Agency Buybacks

The big four banks continue to remain firm in their fight against non-agency mortgage-backed security repurchase requests, even after some reached settlements with the government-sponsored enterprises. The lack of success thus far for non-agency investors is largely tied to... Read More

Regulators Call for Non-Agency Servicing Changes

Federal and state regulators are looking to make major changes to the ways non-agency mortgage servicers deal with borrowers. The changes could come via federal regulations for risk retention, a settlement with major mortgage servicers and... Read More

HAMP Activity Deemed Remarkably Dispiriting

The low number of mods completed via the Home Affordable Modification Program is “remarkably dispiriting,” according to Neil Barofsky, the special inspector general for the Troubled Asset Relief Program... [includes one chart] Read More

Non-Agency Profits Decrease for Most PPIP Funds

Profits declined for the first time at the end of 2010 for most of the funds participating in the Public-Private Investment Program. The majority of the funds’ investments are in non-agency mortgage-backed securities... [includes one chart] Read More

MBS Issuers Required to Disclose Due Diligence

Issuers of non-agency mortgage-backed securities will be required to meet minimum standards to review assets in non-agency MBS issued beginning in 2012. The Securities and Exchange Commission finalized the rule last week, stating that due diligence practices had “eroded significantly.”... Read More

MountainView Looking to Buy Agency Rejects

Tough underwriting guidelines from mortgage conduits have created a quasi non-agency market for investors awaiting the revival of origination activity outside of the government-sponsored enterprises. Since 2008, MountainView Capital Holdings has... Read More

SEC Requires Rep/Warrant Disclosure for MBS

The Securities and Exchange Commission last week finalized rules for the disclosure of representation and warranty claims on mortgage-backed securities. The required historical look-back period was shortened, a victory for the securitization industry.... Read More

News Briefs

Mortgage analytics firm 1010data reported evidence this week that occupancy status was incorrect for a large amount of mortgages in non-agency mortgage-backed securities... A U.S. bankruptcy judge this week temporarily blocked bankrupt subprime lender Mortgage Lenders Network from destroying 18,000 boxes containing original loan files... Read More

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