How far can lenders push the credit box?

How far can lenders push the credit box?

Watt announcement helps, but risk keeps standards tight

Warren calls for GAO investigation of nonbank servicers

Asks GAO to review “unprecedented” growth of nonbank servicers

Freddie Mac CEO: We will help increase mortgage lending

Competition among two is still competition
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Items Tagged with 'subprime'

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$1 billion in subprime mortgage bonds just exchanged hands

Package featured bonds from Countrywide, Bear Stearns, others
Ben Lane
Per Interactive Data, $885 million of the $998 million in available debt was subprime mortgages issed by Countrywide and others. The remaining debt was made up of $73 million in bonds backed Alt-A fixed-rate mortgages and $40 million in Alt-A adjustable-rate mortgages.
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Bank of America finds buyer for Countrywide subprime MSRs

RMBS ratings unaffected
Ben Lane
It looks as though Bank of America is ready to push past Benjamin Lawsky’s supposed freeze of the legacy MSR market with a transfer of legacy MSRs to Select Portfolio Servicing, according to a note from Moody’s Investors Service.
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$478 million in subprime-boom bonds to hit market

Part of $727 million package scheduled to trade Tuesday
Ben Lane
Now, $477.8 million more in subprime debt is available, and at least two of the biggest names in subprime are represented. According to Interactive Data, bonds from both Countrywide and Bear Stearns are part of this package.
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$366 million in subprime-boom bonds coming to market

Big names scheduled to trade Tuesday
Ben Lane
Of note in the breakdown of the bond pool are some notorious names from the subprime lending boom, including: Ameriquest Mortgage, Countrywide Financial, Bear Stearns, Goldman Sachs, JPMorgan, and Citigroup.
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$640 million in subprime-boom bonds coming to market

Two lists of “major” non-agency RMBS to bid separately
Ben Lane
"My sense is that this is related to general risk reduction ahead of Wednesday’s FOMC announcement, Friday’s non-farm payroll report, and month end," David Varano of Interactive Data said. "Additionally, this could also be driven by certain investors looking to test the market after it appeared to easily absorb those two massive bid lists last week in order to gauge current demand levels."
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Morgan Stanley finally pays $275 million for subprime RMBS fraud

SEC charged company with misrepresenting loans
Ben Lane
The SEC had charged Morgan Stanley with misrepresenting the delinquency status of mortgage loans underlying two subprime RMBSs at the height of the financial crisis. They were the last subprime RMBSs that Morgan Stanley sponsored, issued, and underwrote.
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Here’s exactly how ditech is coming back into the market

Correspondent lending is a big part of the company's new plan
Ben Lane
The company, which was once of the leaders in subprime lending, has released details on just how it plans to build a base in one of its new areas of focus: correspondent lending.
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ditech returning to the mortgage market in a big way

Second act for former subprime lender leverages brand awareness
Trey Garrison
ditech, a company that was once a poster child for pre-crash subprime lending, is getting its second act, and hoping to leverage its high-profile brand name and get back into the national mortgage market as a major player.
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HSBC gets the go ahead to sue Deutsche Bank over reps and warrants

Judge denies motion to dismiss case from pre-crisis RMBS deals
Trey Garrison
A New York judge denied Deutsche Bank’s bid to dismiss four lawsuits that would force it to either pay damages or buy back subprime mortgages packaged into RMBS back before the start of the 2008 financial crisis.
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Bank of America close to beating DOJ $850M RMBS fraud suit

Justice Dept. hasn't proven allegations in FIRREA case
Trey Garrison
A U.S. magistrate is recommending dismissal of a federal case against Bank of America for fraud against investors regarding the quality of $850 million in loans bundled into mortgage-backed securities.
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