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Inside Nonconforming Markets

March 11, 2011

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Jumbo Originations Increase in 4Q10; Redwood Calls on Banks to Issue MBS

Originations of non-agency jumbo mortgages increased by 36.4 percent in the fourth quarter of 2010 compared with the previous quarter, according to a new ranking and analysis by Inside Nonconforming Markets. Meanwhile, officials at Redwood Trust have urged banks to ... [includes one graph and one chart]. Read More

Geithner Defends Proposed Loan Limit Reduction

Treasury Department Secretary Timothy Geithner argued strongly last week for a reduction in the conforming loan limit to at least $625,500, with the possibility of further reductions. The conforming loan limit was one of the only issues he was willing to take a firm stand on regarding reform of the government-sponsored enterprises... Read More

Borrower Demand Seen for Low-Income Mortgages

Community advocates and federal regulators are encouraging lenders to make more mortgages to low- and moderate-income borrowers while warning that new rules and regulations will discourage such loans. Tighter downpayment and credit score requirements have limited lending to LMI borrowers in recent years... Read More

BofA Details New Non-Prime Mortgage Strategies

Bank of America is implementing a number of new strategies to deal with its $1.0 trillion legacy portfolio of mostly non-prime mortgages. Officials at the bank this week said the emphasis in the next three years will be on loss mitigation and representation and warranty claims... Read More

GSEs Preferred Plain Vanilla Products in 2010

Once major supporters of alternative mortgages, Fannie Mae and Freddie Mac now proudly tout their preference for plan vanilla mortgages. Michael Williams, Fannie’s president and CEO, said the GSE is setting new standards for credit quality in the mortgage industry with the shift in acquisition activity... [includes one chart] Read More

HAMP Repeal Unlikely to Move Beyond House

The House has approved legislation that would end the Home Affordable Modification Program, though the legislation is unlikely to progress beyond the House. The Senate has introduced companion legislation, but is unlikely to pass such a bill... [includes one chart] Read More

Subprime Servicer Seeks Performing Loans

Walter Investment Management is focusing on acquiring performing mortgages even after its recent acquisition of high-touch servicer Marix Servicing. Officials at Walter said there are enough performing mortgages for sale in the market to avoid acquisitions of distressed mortgages... Read More

Subprime-Related Investigations Increasing

Investigations into subprime servicing and lending practices have increased recently, according to three major non-prime companies. Ocwen Financial, Citi and HSBC all reported new investigations by federal and state regulators in their recently filed annual reports... Read More