The loan buyback scourge that's been sweeping through the nonconforming mortgage sector is only about half over, according to one veteran subprime executive.Speaking on a recent conference call, Accredited Home Lenders executive vice president Stuart Marvin estimated that "we're probably in the middle of the repurchase activity lifecycle." He said there is now an increased focus and scrutiny on stated-income loans, credit scores, and mortgages with high loan-to-value ratios. A top-15-ranked subprime funder based in San Diego, Accredited saw its loan buybacks jump to $38.6 million in the second quarter, a 145% increase from the level recorded a year earlier. Mr. Marvin said the problem is "clearly manageable" for Accredited. "It's under focus and being dealt with on a daily basis," he said. The conference call he spoke on was hosted by investment banker Friedman, Billings, Ramsey. FBR recently closed its asset-backed securities underwriting unit.

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