An advisory panel this week urged the Federal Deposit Insurance Corp. to limit prepayment penalties on subprime mortgages and raised questions about the difficulties some borrowers are having in trying to get loan modifications. Members of the FDIC’s Advisory...
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Issuance of non-mortgage ABS increased by 8.4 percent during the second quarter, putting the market on pace to top the $300 billion mark for only the second time ever by the end of the year. A total of $78.66 billion of non-mortgage ABS was... [Includes four charts]
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Analyst and investor concern about the subprime contagion spilling into the Alt A market is growing as Moody’s Investment Services put 66 tranches from 33 MBS on review for possible downgrades this week. The reviews follow a rapid increase in Alt A delinquency rates...
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As regulators work to clean up the practices of subprime lenders, mortgage fraud is still a concern for MBS issuers and investors.At a seminar this week sponsored by the American Securitization Forum, Karen Gelernt, a partner at Cadwalader, Wickersham...
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Treating modified loans as delinquent and counting them toward a delinquency trigger could result in anomalous classifications and an inaccurate opinion of loan performance, according to the Mortgage Bankers Association. The comment was just one of several concerns...
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The primary regulator of Fannie Mae and Freddie Mac is pushing the government-sponsored enterprises to make sure their MBS guaranty programs and non-agency MBS investments comply with new primary market guidelines on nontraditional mortgages and subprime loans...
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Ginnie Mae recently released program specifications for issuers of MBS backed by home-equity conversion mortgages, or HECMs, the reverse mortgage program insured by the FHA. Some $3.72 billion of FHA HECMs were securitized during the first half of 2007 in...
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Standard & Poor’s downgraded the majority of the subprime MBS it put on CreditWatch last week but spared a fair amount of the classes as well, although analysts expect more downgrades ahead. Of the 612 subprime MBS classes originated from the fourth quarter of 2005...
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