Maybe the immediate future of the industry doesn't look so gruesome after all. As we went to press, the yieldon the 10-year Treasury (which mortgages are pegged to) was 4.42% and there was hope in the market that the FederalReserve's string of interest rate hikes might be coming to an end. In other words, we're headed for a recession,which means the Fed is going to start cutting short-term rates again. Of course, predicting where rates are headedis like picking the ponies
Well, it's official, according to exclusive survey figures culled from National Mortgage News'new 3Q Quarterly Data Report, subprime lenders funded a record $222 billion in the third quarter, or 24%of all home loans originated during the period. For complete subprime rankings order the QDR by contacting
According to a survey conducted by Radian Guaranty, 66% of Americans own their homes and nearly half(47%) have a home mortgage. Radian also found that 52% of homeowners said they were "not at all" or "onlysomewhat knowledgeable" about the mortgage options available to them when they purchased their homes
Here's Greenwich Capital's take on the current MBS market: "The IO market continues to get shellackedwith dealers trying to cover sales of discount collateral POs to the servicers. Perhaps another excess servicingdeal is in the works"
Citigroup has initiated coverage on Washington Mutual calling it a "hold." Meanwhile,a Citigroup analyst is working on a research note on PHH Corp
And you thought Stephen King was prolific. Buried in a press release about Countrywide hiring OhioSavings chief Jess Lederman is the news that he is the author of "more than 40 books on the globalfinancial market." Mr. Lederman's title at Countrywide is executive vice president of credit and secondarymarketing
In mid-November, subprime lender NovaStar Financial disclosed in an SEC filing that it has entered intoindemnification agreements with the following officers and directors: W. Lance Anderson, Scott F. Hartman,Gregory S. Metz, David A. Pazgan, Michael L. Bamburg, Jeffrey D. Ayers, Rodney Schwatken,Gregory T. Barmore, Art N. Burtscher and Edward W. Mehrer. The agreements require NovaStarto indemnify and hold the group "harmless to the maximum extent permitted by Maryland law for liabilitiesarising out of" their service to the company. It also requires the lender to "use its reasonable bestefforts to obtain directors and officers liability insurance on terms and conditions deemed appropriate" byits directors
DATA NOTICE: NMN's new "Loan Officer Compensation and Production Report" is nowready. It has key contact info on the nation's top 1,000 loan officers. For more information, e-mail
