The talk all seems to be about the secondary mortgage market. But one article stands out:
Wall Street wants to get its arms around rising subprime loan defaults as fast as possible so it can move forward with the least disruption to the markets...In other words, Wall Street wants to staunch the spread of a liquidity crisis to other sectors of the economy.
NovaStar Cans 17% of Its Staff
Struggling subprime funder NovaStar Financial trimmed its work force by 17% -- 350 positions -- on Friday, citing the changing landscape of the mortgage industry. Click here for more...
People's Choice Financial Corp. -- which recently pulled a key registration statement with securities regulators -- is contemplating significant layoffs and has not funded a loan in more than a week, according to industry sources. Click here for more...
Accredited Home Lenders, San Diego, has been notified by the NASDAQ stock exchange that it will be delisted because it did not file its annual 10-K report by March 15. Click here for more...
Credit-Based Asset Servicing and Securitization LLC will pay 28% less for Fieldstone Investment Corp., Columbia, Md., under an amended purchase agreement disclosed March 16. Click here for more...
Senate Banking Committee Chairman Christopher J. Dodd, D-Conn., says he is looking for ways to prevent millions of subprime borrowers from losing their homes and will be pressing regulators and industry representative for solutions at a March 22 committee hearing. Click here for more...
The recently proposed federal subprime lending guidance reminds lenders that they should help consumers make informed choices and not steer them into 2/28 adjustable-rate mortgages when they might qualify for another product, according to Office of Thrift Supervision Director John Reich. Click here for more...
Servicers should not start foreclosure proceedings until a borrower has missed three monthly payments of principal and interest, according to a Federal Trade Commission attorney. Click here for more...
Wall Street wants to get its arms around rising subprime loan defaults as fast as possible so it can move forward with the least disruption to the markets, according to a loss mitigation firm hired to get a fix on polls of nonperforming mortgages. Click here for more...
A study by First American CoreLogic predicts that 1.1 million of the 8.37 million adjustable-rate mortgage loans originated between 2004 and 2006 will end up in foreclosure over a six- to seven-year period. Click here for more...
Citibank NA has purchased from Fannie Mae a portfolio of investments representing approximately $676 million in federal Low Income Housing Tax Credits, according to the two companies. Click here for more...
Fannie Mae has announced a dividend rate adjustment for its series K variable-rate noncumulative preferred stock. Click here for more...
Fitch: Subprime Exposure Drops for ABCP
Subprime-related mortgage exposure for U.S. asset-backed commercial paper programs fell sharply in the fourth quarter, though it remained high by historical standards, according to Fitch Ratings. Click here for more...
Twenty-seven classes from 15 Morgan Stanley subprime mortgage-backed securities have been downgraded by Fitch Ratings. Click here for more...
Six certificates from three GSAMP Trust deals issued in 2006 have been downgraded by Moody's Investors Service. Click here for more...
Three tranches from two deals issued by MASTR Second Lien Trust have been downgraded by Moody's Investors Service, and one tranche has been placed under review for possible downgrade. Click here for more...
Class B-3 of SACO I Trust 2004-3 has been downgraded from B3 to Caa2 by Moody's Investors Service, and nine other certificates from various SACO I deals have been placed on review for possible downgrade. Click here for more...
Five certificates from New Century Home Equity Loan Trust series 2006-S1 have been placed on review for possible downgrade by Moody's Investors Service. Click here for more...
The ratings of five classes from three Terwin Mortgage Trust securitizations have been placed on review for possible downgrade by Moody's Investors Service. Click here for more...
Four certificates from Fremont Home Loan Trust series 2006-B have been placed on review for possible downgrade by Moody's Investors Service. Click here for more...
Four certificates from Ace Securities Corp. Home Equity Loan Trust have been placed on review for possible downgrade by Moody's Investors Service. Click here for more...
Classes M-7, B-1, and B-2 from Long Beach Mortgage Loan Trust series 2006-A have been placed on review for possible downgrade by Moody's Investors Service. Click here for more...
Two subordinated certificates from Merrill Lynch Mortgage Investors Trust series 2004-SL1 and 2004-SL2 have been placed on review for possible downgrade by Moody's Investors Service.
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