twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
Mortgage Backed Securities | MBS News | MBS Statistics
News about commercial and residential mortgage-backed securities. Stories about ratings actions and changes to servicer ratings. Studies and reports about the performance of securitizations and problem vintages and classes. Subprime, Alt-A, home equity and j u m b o analysis.


Subprime Lates Rise, $100 Billion Downgraded

Recent RMBS ratings activity

July 9, 2010

By MortgageDaily.com staff


As subprime delinquency took a turn for the worse, more than $100 billion in subprime residential mortgage-backed securities have been downgraded during the past three months.

Standard & Poor's issued a report in May indicating that total delinquency declined in March for subprime RMBS issued between 2004 and 2007. And although cumulative losses rose -- serious delinquency, new foreclosures and REO filings all fell.

Fitch Solutions reported yesterday that subprime performance showed positive signs during March, April and May. Delinquency of between 30 and 60 days either stabilized or improved.

But that all changed in June.

"There are several signals emerging that may now possibly prefigure a slowdown," Fitch Senior Director Alexander Reyngold warned in the report.

Fitch Director Kwang Lim explained that borrowers with higher quality credit are leaving the assets pools and dragging down aggregate pool quality in the process.

"Also of note are the dramatic jumps in 30-day delinquency levels across all vintages in June," Lim said.

Even as performance has deteriorated, the U.S. Subprime Price Index improved 3.9 percent between May and June to 9.74, Fitch Solutions said. The improvements, which reflect the market for subprime RMBS, followed a 7.6 percent improvement the prior month.

Fitch Ratings recently said it took actions on 713 pre-2005 subprime RMBS. The rating agency noted a modest increase in expected pool losses.

Moody's Investors Service made the following downgrades as a result of continued deterioration in subprime performance on vintages issued between 2005 and 2007. Also a factor were conditions in employment and the real estate market.

Amount Issue # Tranches # Transactions
$30.00 billion CWABS 441 74
$9.40 billion Structured Asset Securities Corporation Trust 155 30
$8.80 billion Ace Securities Corp. 160 40
$8.00 billion Soundview Home Loan Trust 111 27
$6.80 billion GSAMP Trust and GSAA Home Equity Trust 136 32
$6.60 billion Bear Stearns 201 40
$6.50 billion Structured Asset Investment Loan Trust 77 21
$4.90 billion Argent 38 10
$4.30 billion New Century 56 9
$4.00 billion Securitized Asset Backed Receivables 53 20
$3.90 billion C-BASS 95 19
$3.40 billion Ameriquest 67 14
$2.66 billion SURF 54 18
$2.30 billion ABFC 49 9
$1.90 billion Citicorp Residential Mortgage Trust 66 5
$1.60 billion Accredited 24 6
$1.50 billion Wells Fargo 37 8
$0.52 billion Aames 18 4
$0.16 billion Lehman ABS Mortgage Loan Trust 3 1

next story

back to current headlines

Nonprime and Subprime News | Subprime Statistics
Stories about non-QM products. Coverage of subprime, Alt-A and
hard money lending. Home-equity loans and home-equity lines of credit.


Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders