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| Volume 13 - Number 10 | May 9, 2008 | | | |
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Subprime Originations Plummet 89% to $10 Billion in 1Q08
Subprime loans are still being made, but not many. Even lenders anxious to make the loans have been forced to scale back production in this subprime-averse market environment. In the first quarter of this year, an... [Includes one chart]
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Subprime MBS Rebound Expected in 2010, Maybe
While subprime originations are currently at record lows, almost everybody agrees that production of the mortgages will bounce back at some point. Whether mortgage-backed security investors will be interested in purchasing subprime securities is a lot less certain...
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Subprime Losses Near Peak, Enticing Investors
The U.S. mortgage crisis started with the collapse of the subprime sector, and most of the blame for the ongoing worldwide credit crunch has been directed at subprime lending. But now there are hints that subprime mortgage problems may be peaking, and that...
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House Approves FHA Borrower Rescue Program
Legislation that would allow the FHA to help more troubled borrowers avoid foreclosure passed the House this week on a 266-to-154 vote. The Senate is expected to consider similar legislation later this month and President Bush has threatened to veto the package...
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Participation a Concern for FDIC’s Proposed Bailout
A proposal to help troubled borrowers avoid foreclosure that was released last week by the Federal Deposit Insurance Corp. was met with skepticism by analysts. The Home Ownership Preservation loan plan would require the holders of troubled mortgages to accept...
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Option One Sale Tops Busy Period for Subprime Servicers
H&R Block last week completed a sale of Option One Mortgage, its servicing platform and former subprime lender, after trying for a year to unload the unit. Meanwhile, Fremont Investment and Loan announced a sale of its subprime portfolio and a Massachusetts...
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FTC Could Receive Increased Subprime Oversight Powers
The mortgage industry warned at a hearing last week that a proposal to greatly expand the Federal Trade Commission’s ability to regulate subprime lenders would increase costs for subprime borrowers and could reduce already shaky investor confidence...
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AAA Subprime MBS Could Hit Credit Enhancement
The AAA tranches on a number of subprime mortgage-backed securities are in danger of burning through their credit enhancement, according to analysts at Barclays Capital. While this has yet to happen for any of the outstanding bonds, it is only a matter of time...
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B&C News Briefs
The Hope Now Alliance recently released detailed data on its servicers’ practices in the first quarter of 2008. In the period, loan modifications represented 44 percent of all subprime loan workouts, double the rate in 2007...
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