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Freddie Performance Worse
Freddie Mac reported first-quarter purchases and issuances of $134 billion. Volume was lower than in the fourth quarter 2007 and the first quarter 2007. Delinquency increased by 3 basis points on a monthly basis.
Weak Activity at Fannie
New business acquisitions at Fannie Mae totaled $192 billion during the first quarter, a monthly performance summary indicated. Volume fell from the prior quarter but was higher than a year earlier. Residential delinquency increased 4 basis points during the most recent month reported.
New Breed of Wholesalers
Charter Bank reported its residential hard-money programs with up to 60 percent loan-to-value allow borrowers to utilize funds for foreclosure and bankruptcy bailouts. First Beacon Financial is touting hard-money no-documentation commercial mortgages up to $100 million. Broker Capital Funding Inc. issued marketing materials indicating it will finance properties listed for sale just one day after they come off a multiple listing service.
Technology Alliances and Enhancements
An announced alliance between SearchMyLoan.com and Strategic Information Resources will integrate credit report data with SearchMyLoan.com’s search and pricing engine. A new partnership announced between Financial Crossing Inc. and mortgage outsourcer Lydian Data Services LLC will enable mutual customers of the companies to analyze thousands of lending options from financial institutions and recommend deal structures that benefit their borrowers and match their needs, time horizon and risk appetite, an announcement last week said. DataGlyphs has been added to Xerox Mortgage Services’ BlitzDocs Collaboration Suite, a spokesman told MortgageDaily.com.
Alt-A, 2nd Lien Ratings Hammered
Higher-than-anticipated rates of delinquency, foreclosure, and REO in the underlying collateral relative to credit enhancement levels prompted Moody’s to downgrade hundreds of classes on dozens of Alt-A transactions issued from 2005 through 2007. Standard & Poor’s Ratings Services announced yesterday that it lowered ratings on 184 classes for around $13.1 billion from 27 RMBS transactions backed by closed-end second-lien mortgage collateral and issued in 2007. The ratings agency also downgraded five classes from four deals because of downgrades to respective bond insurers.
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