The rapid disintegration in the subprime mortgage securities market spread quickly to the Alt A business and took down a big chunk of the jumbo sector as well during the third quarter of 2007, according to a new ranking and analysis by... [Includes five charts]
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The cost of securitizing subprime and Alt A mortgages became significantly more expensive as the liquidity squeeze tightened during the third quarter of 2007. According to a new analysis by Inside MBS & ABS, credit enhancement levels... [Includes one chart]
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Legislation that would allow bankruptcy judges to modify the terms of a home loan in a Chapter 13 proceeding could create turmoil in the mortgage securities market and worsen the credit crunch, say mortgage industry lobbyists working to convince Congress not to...
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Ginnie Mae will soon announce how it plans to securitize FHA’s new refinance product aimed at helping troubled borrowers with adjustable-rate mortgages, according to Ginnie officials. A decision is expected today or Monday. Industry observers suggest Ginnie will...
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The default rate on subprime MBS issued this year continues to worsen as there appears to be little difference in the underwriting quality of loans originated in 2007. The performance of the subprime MBS issued in this year “deteriorated sharply” in...
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There is growing political momentum backing a proposal that the 12 Federal Home Loan Banks be allowed to increase their holdings of mortgage-backed securities. The FHLBanks are currently allowed to own MBS in amounts equal to three times their level of...
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Standard & Poor’s this week released guidelines that spell out how the company weighs the risk of loan modifications in non-agency MBS and the adjustments it will make for loan modifications. Under its revised guidelines, the rating service tries to balance both the...
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