Greg Medcraft, the American Securitization Forum’s outgoing chair, urged the organization to build on the momentum of the loan modification plan it brokered last week. “We proved ourselves as basically self-regulating,” he said at a forum on the future of...
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Freddie Mac Chairman and CEO Dick Syron told investors this week that the government-sponsored enterprise’s results for the fourth quarter aren’t going to be any better than they were in the third quarter – when Freddie reported a record $2.0 billion loss. The...
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Securitization of subprime mortgages has slowed to the point that the industry’s leaders at the end of the nine-month mark – Merrill Lynch and Morgan Stanley – are likely to end up on top when the final tally is made for 2007. Merrill Lynch... [Includes two charts]
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Countrywide Financial remained the top issuer of Alt A mortgage securities through the nine-month mark in 2007, although its production fell sharply as the credit crunch led to a huge decline in issuance during the third quarter... [Includes two charts]
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The Internal Revenue Service issued guidance last week for excluding thousands of securitized adjustable-rate mortgages from any tax challenge as a result of modification under a foreclosure-prevention plan brokered by the Bush administration. The IRS clarified that...
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Federal banking regulators, securitization industry participants and even consumer advocates agree that legislation recently introduced in the House is the wrong way to deal with possible litigation over loan modifications. H.R. 4178, “The Emergency Mortgage Loan...
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The House Judiciary Committee this week approved what it billed as “compromise” legislation, which would give bankruptcy judges the authority to restructure home mortgage debt of Chapter 13 filers facing foreclosure. Committee Chairman John Conyers, D-MI, announced...
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Freddie Mac revised its delinquent loan guidelines last week in order to keep more seriously delinquent loans in its MBS pools.Currently, Freddie purchases loans from its MBS once they are delinquent for 120 days. But going forward, the GSE is expanding...
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