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| Volume 2008 - Number 9 | May 2, 2008 | | | |
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Sales of 40-Year Mortgages to GSEs Decline in ’08
After steadily increasing in the first three quarters of 2007, sales of 40-year mortgages to the government-sponsored enterprises are falling. Such loans account for a small fraction of total mortgage production but have been... [Includes one chart and one graph]
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Lenders Drop Option ARM Originations in a Hurry
The soon-to-be combined Countrywide Financial and Bank of America are the latest lenders to scale back originations of adjustable-rate mortgages with payment options. The loans often allow for negative amortization and with home prices falling...
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IndyMac Looks to GSEs and Jumbo Mortgages
With issuance of Alt A mortgage-backed securities nearly nonexistent in the first quarter of 2008, lenders have been forced to focus on production eligible for sale to Fannie Mae and Freddie Mac. IndyMac is leading the charge and has managed to attract some...
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Refinance.com Offers Equity-Sharing Program
With FHA refusing to loosen its loan-to-value ratio guidelines and instead prodding lenders to come up with equity-sharing solutions for borrowers with negative equity, at least one lender has responded. Refinance.com recently updated its proposed...
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Alt A Borrowers’ Home Equity Deteriorating
While low interest rates have made home-equity loans attractive to some borrowers, making such loans as home prices continue to decline can be risky. Analysts suggest an increasing number of Alt A borrowers are losing their home equity, with many hitting...
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Home Prices and More Causing Alt A Problems
The Alt A default rate hit a record high in February with no decrease in sight. While declining home values have caused some of the poor performance, analysts note that other factors are also in play. The default rate on Alt A loans rose to 9.29 percent in...
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Fed Might Spare Alt A Loans from Subprime Rules
The Alt A market could receive a reprieve from new regulations meant for the subprime market. The Federal Reserve may be willing to narrow the definition of mortgages subject to tighter rules under its proposed revision of the Home Ownership and Equity...
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