Forensic Mortgage Auditors Expands Audit Focus to Include “Option Arms” and Reverse Mortgages. Serving Borrowers and Law Firms Nationwide – … With one in four US borrowers underwater, this company can provide the compliance review needed to determine if a residential mortgage was originated in compliance with the applicable federal laws. Improperly originated mortgages may be subject to modification or recission. … – Press Release at PR Web
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Mortgage Modification Applications Decline in November – Posted by Larry Doyle – … The Obama administration’s attempt to stabilize the housing market has been an abysmal failure. … Homeowners will not gain the benefits of a mortgage modification without processing an application. … What would be the heavy artillery? Principal reduction via mortgage cram-downs. … has link to 24 page B of A research report – Sense on Cents
Failed Deals on Wall Street – Posted by Larry Doyle – … Let’s review a recent story from American Banker, Ellington Mortgage Bond Pool’s IPO Fails: … I view these failed transactions as a precursor to what may occur in our markets as the Fed withdraws stimulus and support for housing specifically and the markets in general in 2010. … – Sense on Cents
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Property Values: Four More Years To Fall – Michael David White – New
Observatrions.net
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Investment Funds Find Profits by Reducing Mortgage Balances – Reverse Mortgage Daily
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securitization interview starts 40% down the page – The Institutional Risk Analyst: Fixing Securitization: Interview with Michael Krimminger – In this issue of The Institutionl Risk Analyst, we feature a discussion with Mike Krimminger of the FDIC about the new draft regulations governing bank securitizations that the agency will shortly be issuing for public comment. – The Institutional Risk Analyst
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FDIC proposes rules on securitization sales – By Jody Shenn and Theo Francis – … In its “sample” rule, the FDIC suggests, among other things, blocking for home-loan bonds any more than 80 percent of the compensation for lenders, securitization sponsors, credit raters and bond underwriters from being paid upfront, with the rest due over five years and based on asset performance. – Risk Retention – It also proposes requiring sponsors to retain 5 percent of credit risk of all securitizations, as well as barring from securities any home loans less than a year old, or that don’t rely on documented borrower income. … – Bloomberg
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4 Big Mortgage Backers Swim in Ocean of Debt – By MARY WILLIAMS WALSH – … And the total risk they (4) pose to the taxpayer far exceeds that of the big banks. … – NY Times
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House Committee Gauges Covered-Bond Interest – BY JOHN CLAPP – Expert witnesses testifying before the House Financial Services Committee this week suggested that covered bonds, long-standing debt instruments in European markets for more than two centuries, should have a home in the U.S. – MortgageOrb
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Housing Won’t Collapse in 2010, says Radar Logic – By JON PRIOR – The US housing market could be in for some serious trouble in 2010, but predictions of a second collapse are “exaggerated,” according to a report from Radar Logic, a real estate data and analytics company. – HousingWire
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Default Risk to Linger in 2010 – Maturities may be stretched out, but many companies are still saddled with too much debt. – High-yield bond defaults in the United States fell in the second half of 2009, according to a report released this week by Fitch Ratings, and are projected to decline substantially by the end of 2010. But there’s still plenty of risk that many noninvestment-grade firms will default on debt next year and the year after, especially if the U.S. economy does not make a strong recovery, Fitch says. – CFO.com