April 2008 - Blown Mortgage

April 2008

Reader Paul (big hat tip to him) pulled a key comment out of the B of A press release issued earlier this week that addressed Bank of America's efforts to help homeowners keep their home. The comment, burried at the bottom of the release was: "We will continue to work with distressed borrowers to match [...]

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Fed cuts rates to 2%

Note to readers: I'm traveling today and tomorrow so the updates will be slow. Back in the saddle Saturday. The Federal Reserve cut the key lending rate to 2% primarily due to concern over continuing woes in the housing and credit markets and the economy's flirtation with recession, but hinted that they may be done [...]

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Subprime loan performance stabilizes

Subprime loan delinquencies have stabilized after their torrid run-up in late payments according to the latest remittance reports. This is obviously a positive sign for the housing market as fewer 60-day delinquencies mean fewer eventual 90-day delinquencies and NOD's. While analysts caution against over-reaching in the importance of the improvement they do note that it [...]

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BofA to modify 265,000 Countrywide loans

Bank of America announced that it plans to work-out approximately $40 billion of loans in trouble at Countrywide as part of it's acquisition of the failed mortgage lender. BofA estimates that the $40 billion will result in a little over a quarter-million homeowners keeping their homes instead of losing them to foreclosure. From the Pacific [...]

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The rating agency downgraded $247 million in Countrywide subprime loan transactions as the transactions experienced 60-day delinquency rates of ranging from 7-40%. In the process the ratings agency affirmed the ratings of $2 billion of the subprime-based transactions. Here's the breakdown - check out the delinquency numbers on these things! CWABS 2003-BC3 60+ day Delinquency: [...]

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