1st Mtg Delinquency Up, 2nd Mtg Rate Tumbles
Despite a small month-over-month up tick in the rate of serious delinquency on first mortgages, loan performance on junior liens was much improved.
HEL, HELOC Delinquency Improve
The quarterly rate of delinquency on home-equity loans that are owned by banks tumbled. Also dropping was the rate on home-secured credit lines.
Over $300 Million in HELOCs Sold
A whole-loan transaction has been executed on the sale of more than $300 million in seasoned home-equity lines of credit.
Bank Mortgage Delinquency, Foreclosures Fall
Quarterly delinquency on residential loans serviced by banks moved lower, as did the number of foreclosures that were initiated and completed.
2nd Mortgage Delinquency Tumbles
Serious delinquency on second-lien mortgages tumbled 10 basis points on a month-over-month basis, while first-mortgage performance was unchanged.
New Penn Chief Launches HEL Lender
The chief executive officer of New Penn Financial LLC has co-founded a retail lender that will capitalize on home-equity loan products.
Mortgage Delinquency Forecasted to Fall
Mortgage delinquency has been falling and is forecasted to continue the decline, though the rate of improvement is expected to slow.
Rule Requires GSEs to Support Underserved Markets
A final rule has been issued that requires the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. to support home financing in underserved markets.
Credit Standards to Ease Due to Rising Rates
Credit standards for loans included in residential mortgage-backed securities are expected to loosen next year as interest rates rise.
Subprime RMBS Settlement at Ally
Ally Financial Inc. has agreed to settle allegations of misleading marketing on the sale of subprime residential mortgage-backed securities.