November 2008 - Blown Mortgage

November 2008

Can the TALF Return Demand to the Markets?

We can now enter a new acronym into our lexicon: TALF. And what is TALF? The Federal Reserve and the Treasury announced on November 25th that a Term Asset-backed securities Loan Facility will be created to provide liquidity for purchasers of ABS?s (Asset-Backed Securities, which include mortgage-backed securities). Asset-backed securities also include student loans and [...]

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Don’t Forget The Pets

People are not the only ones left homeless by foreclosure. Nearly three-quarts of all American households include a family pet, according to No Paws Left Behind and when families face tough economic times, it is often the animals who fare the worst. It is believed that as many as 4 million Americans and 1.25 million [...]

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Ratings Services Release RMBS Rules

Fitch Ratings and Standar & Poors (S&P) Ratings services both published their methodology and assumptions for evaluating residential mortgage-backed securities (RMBS) in November. Look for both services to issue updated ratings over the next few weeks. Fitch Ratings has revised its surveillance methodology for U.S. sub-prime RMBS to reflect increased emphasis on ResiLogic, their loan-level [...]

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The Depression 2008 vs. the Depression 1929

Another guest post from MG Dungan who went from Wharton to Wall St. to real estate to Blown Mortgage. The first Great Depression started with the October crash of 1929, but the market didn?t hit bottom until 1932. So far in 2008, the market hasn?t crashed; however, this year, similarly, will mark the end of [...]

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In a recent story published on BusinessWeek's website, the subprime mortgage industry is taken under the microscope and picked apart, bit by scandalous bit. The article, entitled ?Sex, Lies, and Subprime Lending,? presents many of the familiar excesses of subprime lending (pressure from investment banks and mortgage-backed securities brokers, data manipulation by loan officers) with [...]

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