Record Lates to Head Higher
Home loan delinquency increased from a record high and is expected to set more records. Subprime delinquency rose. When a real estate recovery does eventually arrive -- it won't necessarily start in hard-hit markets.
Residential delinquency of at least 30 days, including foreclosures, shot up to 14.41 percent in the Mortgage Bankers Association's third-quarter National Delinquency Survey.
It was "the highest ever recorded" based on MBA data back to 1972.
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Second Lien Underworld
A legion of second liens lurking among home loans threaten to undermine the secondary mortgage market, according to a new study.
Residential Recovery Contrasts Commercial Contraction
Demand for residential loans increased for the third quarter in a row, while demand for commercial mortgages tumbled, according to a quarterly bank survey. Faced with few refinancing options, many banks are giving commercial mortgage borrowers extensions.
BoA Expands Use of Voluntary Disclosure
Bank of America Home Loans has expanded the use of a voluntary one-page disclosure beyond just first mortgage transactions to home-equity products.
Nonprime Servicer Upgrades at Wells Fargo
The junior lien servicing division of Wells Fargo Bank, N.A., saw its rating upgraded.
Over $2 Trillion in GSE Subprime Purchases
During the decade that ended in 2007, Fannie Mae and Freddie Mac made more than $2 trillion in subprime investments, according to information presented to a U.S. senator.
Over 5k Subprime RMBS Downgrades
More that 5,000 ratings on subprime residential mortgage-backed securities have been cut during the past two months.
BoA Selling Servicing Unit
The mortgage subsidiary of International Business Machines has negotiated a deal to acquire a nonprime servicing subsidiary of Bank of America Corp.
New Foreclosures Fall But Delinquency Higher
A big decline in new foreclosures started on prime mortgages during August appeared to be supported by a large increase in prime workouts. Subprime and home-equity delinquency, however, was worse -- though mobile home delinquency improved.
Servicer Rating Upgraded at Hedge Fund Unit
The servicing subsidiary of a Connecticut hedge fund saw its subprime servicer rating upgraded for the second time in less than a year.
