Within the span of a year, institutional investors with large portfolios of single-family properties have tapped the securitization market with nine deals, creating an alternative form of exposure to the housing market.
Foreclosure dispositions shouldn't be grounds for investment-grade SFR ratings, Fitch's Dan Chambers said.
A regulatory mechanism designed to support unsolicited ratings includes obligations that complicate its use. Post-crisis single-family securitization sectors like the new rental market are instead drawing "unsolicited comments."
New rules are illuminating a once-shadowy market where servicers can be quick to modify loans and may have few qualms about principal reduction. Discounts or equity make such flexibility possible.
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Investors are moving their focus into California's less expensive, more rural areas, according to a California Association of Realtors survey.
Class action lawsuits have led to reforms to force-placed insurance practices, said Adam Moskowitz, a partner at Miami law firm Kozyak Tropin & Throckmorton.
The Federal Housing Finance Agency banned banks and mortgage servicers from accepting commissions on force-placed insurance policies issued by affiliated companies. At least one mortgage servicer, Ocwen Financial, has found a way around the ban.
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Just when you thought the exotic issues regarding residential default had all been discovered, discussed and litigated, here comes the so-called zombie foreclosure.
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