Although Countrywide Financial and Bank of America are both major issuers of non-agency MBS, their pending merger could lead to less securitization volume, rather than more. Countrywide repeated as the top mortgage securities producer in... [Includes one chart]
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Credit card securitizers posted a record year in 2007 but the sector’s strength was not enough to offset declines in other major categories as non-mortgage asset securitization volume dropped 3.1 percent from the previous year. A new... [Includes four charts]
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Securities issuers and trustees and other securitization participants have been targeted by probes and lawsuits in three states for losses suffered by borrowers and investors as a result of mounting subprime defaults and foreclosures. In Connecticut...
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The subprime-induced bloodletting in the mortgage market continued this week, as Citigroup was forced to take a writedown of $18.1 billion from its subprime exposure that led to the biggest quarterly loss in the firm’s 196-year history. “Our financial results this...
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While the ratings companies provide mortgage servicer evaluations, some investors have taken the due diligence process into their own hands. Trust Company of the West closely monitors the servicers that handle its MBS investments and uses the information to make...
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Get ready for another tough year. A securities industry group says fixed-income, asset-backed and mortgage-backed securities issuance will drop in 2008, while a capital markets analyst predicts the default rates for prime, Alt A and subprime loans will all rise...
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The Financial Accounting Standards Board has asked the Mortgage Bankers Association to further clarify its request to use Statement of Financial Accounting Standard 5, Accounting for Contingencies, rather than FAS 114’s loan impairment measurement guidance, to...
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