One million securitized subprime mortgage loans were 90 days or more past due, in foreclosure, or real estate owned as of Oct. 31, according to the latest credit performance report by Friedman Billings Ramsey Investment Management. Subprime defaults have jumped from 9.1% in October 2006 to 19.4% in the space of 12 months -- raising the number of subprime foreclosures to 417,800. The foreclosure rate was 7.8% in October. FBRIM managing director Michael Youngblood said he expects the default rate to go higher as resets on adjustable-rate subprime mortgages kick in this year. So far, defaults have been driven by lax underwriting standards and, more recently, by declining house prices and weakening labor markets. FBRIM researchers used a database of 5.18 million subprime loans in compiling the October credit performance report on nonagency securitized mortgages.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25