Five financial organizations -- American Securitization Forum, Financial Services Roundtable, HPC, Mortgage Bankers Association, and Securities Industry and Financial Markets Association -- sent a letter to Senate Banking Committee Chair Christopher Dodd, House Financial Services Committee Chair Barney Frank and ranking members Spencer Bachus and Richard Shelby outlining their collective review on market and regulatory responses in addressing subprime mortgage lending issues. The letter stated that the interests of the mortgage market are aligned with borrowers. The organizations believe that policy changes should be made to balance consumer protection with the preservation of mortgage credit to qualified borrowers. The letter shows the organizations' support of clearer consumer disclosure, education and counseling and notes the restrictions on loan products and mandated loan modifications, and also mentions that assignee liability could result in reduced availability of mortgage credit. The organizations want to ensure that borrowers understand their mortgage loans and financing options to keep them in their homes.
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Known for subprime financing, the sponsor has been making inroads lending to near-prime customers in the last couple of years.
3h ago -
Spreads ranging from 16-18 basis points over the three-month, interpolated yield curve on the P1 (Moody's) and F1+ (Fitch) notes, to 160 to 170 over the benchmark on the class D notes.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
April 24 -
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
April 24 -
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
April 24