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| Volume 2008 - Number 10 | May 16, 2008 | | | |
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Freddie Mac Increases Alt A Purchase/Guarantees
The government-sponsored enterprises took divergent tactics regarding Alt A mortgages in the first quarter of 2008. While Fannie Mae reduced its holdings of the collateral, Freddie Mac dramatically increased its Alt A purchases and guarantees...
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Investors Concerned About Alt A MBS Recovery
At the same time that investors are starting to breath a sign of relief that the problems in the subprime market may finally be peaking, the outlook for the Alt A market continues to remain somewhat glum. And despite the... [Includes one chart and one graph]
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IndyMac Does Not Expect to Turn a Profit in 2008
IndyMac took a $184.2 million loss in the first quarter of 2008 and the lender warned that it will not reach profitability this year. However, Michael Perry, IndyMac’s chairman and CEO, stressed that the lender’s losses are decreasing. IndyMac’s loss in...
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FHASecure Expansion Excludes IOs, Option ARMs
The Department of Housing and Urban Development last week formalized its plans to expand the FHASecure program, issuing a mortgagee letter detailing the new guidelines. And while HUD did loosen eligibility requirements for the program, the changes...
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Conforming Jumbo Roll-Out Called into Question
With legislators starting to complain about the lack of production of so-called conforming jumbo mortgages, Fannie Mae last week took steps to improve the market for the loans. However, critics suggest Fannie’s action was more ceremonial than...
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Ginnie Issues Second HECM-Backed MBS
Ginnie Mae recently issued another security backed by home-equity conversion mortgages, further establishing the FHA’s dominance of the reverse mortgage market. Ginnie touts itself as issuing “the only MBS that enjoys the full faith and credit of the...
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California and Option ARMs Aren’t a Good Mix
Downey Financial’s focus on originating payment option adjustable-rate mortgages has led to significantly poorer performance of the lender’s loans compared with the rest of the industry. While some have suggested that deposit-taking lenders had tighter...
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