Two subprime mortgage-related Bear Stearns funds that had seen their market value reduced to virtually nothing have filed for bankruptcy protection, according to AP/Yahoo Finance.A Bear Stearns spokesman had not confirmed this at deadline time, but did confirm a New York Post report that Bear has reportedly not been immune to the credit crunch that growing subprime concerns have spurred in the overall market, and has suspended withdrawals on one mortgage-related fund with a relatively small exposure to the subprime sector as a result. A Bear Stearns representative confirmed that the company suspended the withdrawals because it did not believe it was "prudent to sell assets in this current market environment."
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18