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Senators Still Parleying on GSE, FHA Bills
May 15, 2008
Senate Banking Committee leaders were still negotiating late Thursday afternoon on GSE regulatory reform and Federal Housing Administration refinancing bills after furious negotiations Thursday morning had prompted some to predict that an agreement was near.
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Correction
May 15, 2008
In a recent item, MortgageWire overstated the mortgage impairment charges for HSBC North America Holdings. According to a spokeswoman for the company, its U.S. subprime division, HSBC Finance Corp., had impairment charges of approximately $2.2 billion in the first quarter, reflecting charges on subprime mortgages, unsecured consumer loans, and automobile notes. The company would not provide a specific impairment figure for subprime mortgages for the quarter. The entire company (HSBC NA) booked total loan impairment charges of $3.2 billion in the quarter, the figure that MortgageWire reported. This figure also includes credit-card-related charges, the spokeswoman said.
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Bear Scratch-&-Dent Classes Downgraded
May 15, 2008
Ninety-two classes from 30 scratch-and-dent mortgage-backed securities transactions issued by Bear Stearns Asset Backed Securities have been downgraded by Fitch Ratings.
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Moody's Expands Analytics for Subprime Deals
May 15, 2008
Moody's Wall Street Analytics has announced an expansion of its cash flow analytics platform to offer an extensive library of cash flow waterfalls and loan-level data on U.S. subprime securitizations.
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FSA Takes $422M Mortgage-Related Loss
May 15, 2008
Financial Security Assurance Holdings Ltd., a New York-based bond insurer, has reported a $422 million net loss in the first quarter that reflects "unrealized negative fair-value adjustments and provisions" for home equity lines of credit and closed-end second-lien mortgage-backed securities.
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RAMP Scratch-&-Dent Classes Downgraded
May 14, 2008
Thirty-seven classes from 10 scratch-and-dent mortgage-backed securities transactions issued by Residential Asset Mortgage Products have been downgraded by Fitch Ratings.
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Fannie Prices $2B of Preferred Stock
May 14, 2008
Fannie Mae has announced the pricing of 80 million shares of series T noncumulative, nonconvertible, perpetual fixed-rate preferred stock.
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Doral Reports Much-Reduced Loss
May 14, 2008
Doral Financial Inc., a San Juan, Puerto Rico-based mortgage lender, has reported a net loss of $2.3 million for the first quarter, a substantial improvement from the net loss of $37.3 million recorded in the first quarter of 2007.
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Core Mortgage Risk Index Rises
May 14, 2008
The second-quarter Core Mortgage Risk Index stands 16% higher than the level of a year ago, reflecting rising delinquency and foreclosure rates, flat or declining price appreciation, and slower job growth, according to First American CoreLogic, Sacramento, Calif.
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RealtyTrac: Foreclosure Filings Rise Again
May 14, 2008
New foreclosure filings rose 4% in April and were nearly 65% higher than the level recorded a year earlier, according to RealtyTrac, an online foreclosure marketplace based in Irvine, Calif.
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Headlines from the Current Issue of Managing REO
- Push for Foreclosure Prevention Act
Lawmakers are urging Congress to provide comprehensive reform designed to halt the downward spiral in the housing market and stabilize home prices and financial markets.
- Municipal Violations
Asset manager Matt Hudson discusses how code violations are affecting the downturn in the REO market and creating costly fines for lenders.
- States Take Action
States like Ohio, Michigan and Pennsylvania, which have been hardest hit by the foreclosure crisis, are taking steps to help current homeowners avoid foreclosure.
www.managingreo.com
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