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Analysis: Option ARM Update |
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Written by Paul Jacob
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Monday, 01 March 2010 10:55 |
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The Pay-Option ARM sector continues to be at the intersection of all the troubling trends in residential mortgage credit: rising total delinquencies; a substantial backlog of troubled loans without resolution; severely underwater borrowers; concentrated geographic exposure to boom-and-bust areas. Risk / reward in this sector going forward will largely be driven by three factors: (1) when and how the backlog of troubled loans is cleaned up; and (2) whether new delinquencies deteriorate further (from strategic defaults and unemployment) or improve (from credit burnout); and (3) whether loss severities can remain stable despite the enormous number of homes facing liquidation and the troubling age of delinquencies. |
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Last Updated on Monday, 01 March 2010 14:36 |
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The Complex New World of RMBS Shortfalls |
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Written by Other (See Below)
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Friday, 29 January 2010 08:42 |
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by Matthew Tomiak and William Berliner Originally published in American Securitization Journal, Winter/Spring 2010 How to restructure the overwhelming number of troubled loans backing mortgage bonds remains one of the major challenges of the credit crisis. It’s not just that virtually no private-label residential mortgage-backed securities (RMBS) were structured with subordination levels sufficient to absorb current losses on their loan collateral, making even senior and super-senior securities subject to potential downgrades and writedowns. |
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Last Updated on Friday, 29 January 2010 08:48 |
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Why Servicers Foreclose When They Should Modify and Other Puzzles of Servicer Behavior |
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Written by Other (See Below)
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Wednesday, 21 October 2009 15:27 |
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by Diane E. Tompson, National Consumer Law Center (c) National Consumer Law Center. All rights reserved. The country is in the midst of a foreclosure crisis of unprecedented proportions. Millions of families have lost their homes and millions more are expected to lose their homes in the next few years. With home values plummeting and layoffs common, homeowners are crumbling under the weight of mortgages that were often only marginally affordable when made. One commonsense solution to the foreclosure crisis is to modify the loan terms. Lenders routinely lament their losses in foreclosure. Foreclosures cost everyone—the homeowner, the lender, the community—money. Yet foreclosures continue to outstrip loan modifications. Why? |
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Last Updated on Wednesday, 21 October 2009 15:33 |
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HAMP FAQs, Released 10/28/09 |
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Written by Other (See Below)
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Friday, 30 October 2009 07:08 |
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These frequently asked questions clarify the Supplemental Directives issued in connection with the Home Affordable Modification Program (HAMP). The questions and answers below should be reviewed by each servicer that has entered into a Servicer Participation Agreement (SPA) to participate in the HAMP. |
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Last Updated on Friday, 30 October 2009 07:14 |
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U.S. RMBS Servicers’ LossMitigation and Modification Efforts Update |
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Written by Other (See Below)
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Wednesday, 21 October 2009 06:52 |
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by Diane Pendley, Mary Lelsch, and Thomas Crowe, FitchRatings (c) 2009 Fitch Ratings. All rights reserved. Loss mitigation and modifications continue to change to meet the current market conditions and government guidelines. Based on information submitted by Fitch’s rated servicers, as well as performance data on private securitizations, RMBS servicers have continued to increase the overall number of loss mitigation (loss mit) resolutions or workouts, including significantly increasing the number of loan modifications (mods). As of September 2009, approximately 10% of all RMBS loans, including 25% of RMBS subprime loans, have received at least one modification, up from 3% and 7%, respectively, in September 2008. |
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