With a faltering supply of subprime and Alt A deals, new production of non-agency MBS declined by 7.0 percent in the third quarter, according a new analysis based on the Inside Mortgage Finance MBS Database. A total of $281.51 billion of non-agency MBS were issued...
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Countrywide Financial maintained its comfortable lead over the rest of the non-agency MBS market as the most active issuer of new securities through the first nine months of 2006, according to a new Inside MBS & ABS ranking. The California-based mortgage company issued some...
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Wall Street’s foray into the subprime origination market continued in earnest this week as Bear Stearns announced plans to purchase the wholesale origination unit of ECC Capital Corp., a beleaguered California-based real estate investment trust. “The acquisition of ECC Capital’s origination unit will...
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Standard & Poor’s has assigned a higher foreclosure risk to mortgages with extended amortization in response to growing use of the products. The rating service will rate the loans as up to 15 per-cent more likely for foreclosure compared to traditional mortgages.Effective in November, S&P will...
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New accounting rules for certain hybrid financial instruments could dampen investor appetite for plan vanilla MBS pass-throughs, according to the Mortgage Bankers Association. The new Financial Accounting Standard 155 that took effect last month could mean that...
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Fitch Ratings has unveiled new rating criteria and a new loan default model, dubbed “ResiLogic,” for U.S. mortgage-backed securities, based on three major predicators it has identified for mortgage loan defaults: FICO scores, credit sector and combined loan-to-value ratios...
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