Servicing/Default
Last Updated: November 6, 2009 5:42 pm CST
PMI’s Mortgage Insurance Operations Lose $2.7bn Q309
The PMI Group (PMI: 2.34 +4.93%) reported an $87.9m net loss, or $1.06 per share, in Q309, compared to a loss of $149.3m for the same period last year. In PMI’s US Mortgage Insurance Operations segment, losses increased by $134m to $2.7bn in Q309. The losses were primarily due to additional defaults and a higher average rate of claims, offset by a lower average in primary claim sizes and the continued effect from rescission activity. Consolidated net premiums written in Q309 totaled $167.4m, compared to $176.5m in the year-ago... more»
BarCap Sees ‘Limited Use’ of Fannie’s Deed-for-Lease Program
Although a new foreclosure alternative program announced Thursday by Fannie Mae (FNM: 1.04 -7.14%) presents a new step in mitigating foreclosure risk among distressed borrowers, it looks to have only a “marginal” effect on prepayments within Fannie residential mortgage-backed securities (RMBS), according to market commentary by Barclays Capital (BarCap). The Deed-for-Lease (D4L) program allows qualified borrowers to voluntarily deed the property back to Fannie and remain in the home on lease for up to 12 months. It... more»
recent Servicing/Default stories
PMI’s Mortgage Insurance Operations Lose $2.7bn Q309
The PMI Group (PMI: 2.34 +4.93%) reported an $87.9m net loss, or $1.06 per share, in Q309, compared to a loss of $149.3m for the same period last year. In PMI’s US Mortgage... more»
BarCap Sees ‘Limited Use’ of Fannie’s Deed-for-Lease Program
Although a new foreclosure alternative program announced Thursday by Fannie Mae (FNM: 1.04 -7.14%) presents a new step in mitigating foreclosure risk among distressed borrowers,... more»
Higher Unemployment Means Many More Distressed Properties to Come
A panel meeting today at the Safeguard Properties National Property Preservation Conference in Washington DC shifted gears to address the “unexpected” jump in unemployment rates. Unemployment... more»
IBM To Launch HAMP Mod Software in 2010
In January 2010, the global IT services giant IBM (IBM: 123.49 +0.77%) plans to launch a new loan modification software package that will give borrowers more on-hands control... more»
Calif. Commercial Delinquency Rate Drops to 0.23%: CMBA
The delinquency rate for commercial loans in California slipped 3bps from 0.26% to 0.23% in Q309, according to a survey conducted by the California Mortgage Bankers Association (CMBA). The survey spans... more»
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- Obama Signs First-Time Homebuyer Tax Credit Extension
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- Ginnie's Single-Family Delinquency Rate Drops to 3.48%
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- BarCap Sees 'Limited Use' of Fannie's Deed-for-Lease Program
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2009 Dec 09 -- 2009 Dec 10
RMBS: Assessing Value and Risk
This two-day course in New York City will equip market participants with the knowledge and skills to evaluate prime, Alt-A and subprime RMBS portfolios in order to assess their value and understand inherent risks. For more information, visit www.fitchratings.com.
2010 Jan 13 -- 2010 Jan 14
2010 Collection Technology Summit
The Collection Technology Summit is the first industry event to focus solely on collections and its associated technologies and continues to draw top executives from the nation's most prominent institutions. The Collection Technology Summit, where innovation happens. For more information, visit www.collectiontechnology.net
