Mortgage brokers have provided most of the muscle – such as it is – for the subprime market this year, a new snapshot of the business reveals. But brokers are clearly feeling some heat as the year comes to a close because the regulatory spotlight continues...
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Wells Fargo put its stamp on the subprime mortgage universe during the first nine months of the year, leading both the retail and wholesale origination channels, a new Inside B&C Lending analysis reveals. On the retail side, Wells generated... [Includes a two charts and a graph]
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The largest market for subprime credit is rife with disparities among racial and ethnic groups, with minorities paying significantly more for their credit, on average, than white borrowers. That was one of the key findings of a...
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Subprime MBS trustees got an early – and potentially important – holiday present this week when North Carolina’s top court ruled that they can’t be sued in state court for alleged predatory lending law violations. “We hold that the North Carolina courts lack...
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There’s a saying in Washington that if everyone is unhappy with a policy, it must be a good one. If that’s the case, then bank and thrift regulators may be on to something: both consumer groups and lender representatives are warning that proposed disclosure language for...
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Federal bank and thrift regulators say they are still trying to decide whether recently-issued guidance on nontraditional mortgage products should be expanded to cover subprime ARMs with short reset periods. But industry and consumer groups have wasted little...
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Is the subprime mortgage market heading for a major foreclosure crisis? Some community advocates think so. But the industry seems a lot less sure. Clearly, performance problems in the subprime market are increasing. That’s evident in the number of...
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The combination of highly leveraged borrowers and a pending tsunami of rate adjustments will provide a major jolt to the U.S. subprime sector next year, so say the latest conclusions by Fitch Ratings.“Borrowers who took on more debt to keep up with home prices are...
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Issuers of securities backed by subprime mortgages could find it harder to sell their bonds to Fannie Mae and Freddie Mac. A recent order from their regulator appears likely to force the firms to align their mortgage purchase guidelines with recent guidance on...
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