Kroll Bond Rating Agency late this week released proposed criteria for rating non-QMs, making it the second rating service to formally seek comments on such criteria.
In other subprime news, industry veteran Jon Daurio was recently in New York talking to potential investors about his new nonbank venture, Nikkael Capital Corp.
The civil action entails the alleged taking from WJB of some 5,000 loan files. It should be noted that these aren’t just any LOs – the group in question ranks among the top producers in the nation.
At a Senate Banking Committee hearing, Sen. Robert Menendez, D-NJ, criticized FHFA Acting Director Ed DeMarco for his plan to reduce both the conforming loan limit and the high-cost limit.
Tom Popik, research director of Campbell Surveys, said buyers have a number of incentives to pay with cash. “You get about a 10 percent discount on the purchase price,” he noted.
The purchase mortgage share of originations is expected to increase significantly, from 30 percent in 2012 to 79 percent in 2015, according to Freddie Mac.