Housing shouldn’t look at any color but the color of money

Housing shouldn’t look at any color but the color of money

People with bad credit and bad habits should be squeezed out of housing

Who is Nat Hardwick?

Former LandCastle Title CEO owns NASCAR team, rubs elbows with PGA pros

Lawsuit alleges former LandCastle Title CEO embezzled $30 million

Nat Hardwick allegedly used funds for private jets, gambling
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Friday Night, Lights Out -- Fitch Downgrades $5.3 Billion in RMBS

Keeping up with the downgrades on various subprime RMBS deals here at HW is turning into a full time job. (And one that requires plenty of coffee.) Here's a list of the downgrades issued tonight by Fitch alone -- remember, these are the downgrades issued just in one night at one rating agency. Total downgraded dollar value: $5.3 billion.
  • $9.53 million downgraded from a 2002 Centex RMBS deal -- 17.90 percent of loans 60+ days delinquent.
  • $148.5 million downgraded from two 2005 Long Beach Mortgage subprime deals -- first deal has a 60+ day delinquency rate of 34.68 percent; second deal is at 30.89 percent.
  • $8.8 million downgraded on three different UBS subprime transactions tied to mortgages originated or acquired by Fremont Investment & Loan, Option One Mortgage Company, and WMC Mortgage -- 60+ day delinquencies ranging from 17.85 percent to 20.77 percent.
  • $44 million downgraded from three C-BASS 2005 subprime deals --60+ day delinquency rate ranging from 16.65 percent to 23.17 percent, primary originators include First NLC and Wilmington Finance.
  • $41.1 million downgraded on two Citigroup 2005 subprime deals -- 60+ day delinquencies at roughly 14.5 percent for both deals, primary originators include New Century and Ameriquest.
  • $783.2 million downgraded from just one WaMu 2007 subprime deal -- includes AAA downgrades, mortgages originated entirely by WaMu, 60+ day delinquencies at 9.17 percent. Stunning.
  • $157.3 million downgraded from four J.P. Morgan 2005 subprime deals -- 60+ day delinquencies range from 15.11 percent to 28.83 percent, originators include WMC Mortgage, Option One and Fieldstone.
  • $9.8 million downgraded from three First Franklin 2005 subprime transactions -- all First Franklin originated, 60+ day delinquencies at 18.79 percent to 24.14 percent.
  • $120.3 million downgraded from 13 Morgan Stanley subprime deals -- issue dates range from 2002 - 2004, 60+ day delinquencies range from 8.07 percent to 49.58 percent.
  • $873.1 million downgraded on 5 SAIL 2005 subprime securitizations -- 60+ day delinquencies range from 23.43 percent to 33.76 percent, originators include Finance America, Ameriquest, Ownit and BNC Mortgage.
  • $38.5 million downgraded from four SASCO 2005 subprime deals -- 60+ day delinquencies ranging from 15.78 percent to 34.02 percent, originators include Wells Fargo and WMC Mortgage.
  • $185.8 million downgraded from three CMLTI Subprime Transactions --60+ day delinquencies range from 27.32 percent to 32.07 percent.
  • $156.5 million downgraded from one New Century second lien deal -- includes AAA downgrades, 60+ day delinquency rate at 26.94 percent.
  • $775.2 million downgraded from nine Ameriquest 2005 subprime deals --60+ day delinquencies range from 11.31 percent to 24.61 percent, originated by Ameriquest and/or Argent.
  • $51.62 million downgraded from eight RMBS classes from 3 Aegis securitizations -- 60+ day delinquencies range from 20.28 percent to 33.69 percent.
  • $191.5 million downgraded from three Novastar subprime deals -- 60+ day delinquencies at 15.20 percent to 17.51 percent.
  • $189.9 million downgraded in one SAIL 2004 subprime deal -- 60+ day delinquencies at 19.43 percent.
  • $1.3 million downgraded from two Citi deals, one in 2005 and the other in 2006 -- these are prime mortgages, 60+ day delinquences at just 0.63 percent.
  • $5.3 million downgraded from three 2006 Citi prime, adjustable-rate deals -- 60+ day delinquences at 1.82 percent.
  • $200.5 million downgraded from 3 Bear Stearns 2005 subprime deals -- 60+ day delinquencies at 23.48 percent to 29.93 percent, originators primarily include ResMae.
  • $310.0 million downgraded from two Fremont 2005 subprime deals -- 60+ delinquency rates at 28.72 and 29.66 percent.
  • $184.9 million downgraded from two Option One 2005 subprime deals -- 60+ day delinquencies at 23.50 percent and 30 percent.
  • $481.4 million downgraded from five Soundview subprime home equity deals -- 60+ day delinquencies at 18.52 percent to 33.80 percent, originators include Finance America, New Century, Centex.
  • $169.2 million downgraded from two SABR 2005 subprime deals -- 60+ day delinquencies at 32.17 and 37.7 percent, originators include Fremont, New Century and WMC Mortgage.
  • $62.1 million downgraded from two 2005 Merrill Lynch deals -- 60+ day delinquencies at 30.97 percent and 33.05 percent, originators include ComUnity, New Century and Ameriquest.
  • $61.7 million downgraded from two 2005 Terwin Mortgage Trust subprime deals -- 60+ day delinquencies at19.50 and 21.78 percent.
Probably an understatement if you read this entire post, but that's a whole lot of slash and burn.

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