LIBOR Sinks, Refis Soar
Subprime borrowers need only look to the market for a modification in their interest rates -- as a widely used index for subprime adjustable-rate mortgages sank. Fixed rates were also lower as refinance applications soared.
Down 5 basis points from last week, the 30-year fixed-rate mortgage averaged 5.14%, Freddie Mac reported in its Primary Mortgage Market Survey for the week ending Dec. 24.
A year earlier, the 30-year average was 6.17%.
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American Home Servicer Ratings Upgraded
American Home Mortgage Servicing Inc. saw its nonprime servicer ratings upgraded.
Junior Lien RMBS Downgraded
Concerns over performance and financial guarantors led to recent downgrades on securitizations backed by home-equity lines-of-credit, home-improvement loans and second liens.
BoA Shifts Staff to Manage Activity Surge
The biggest U.S. mortgage lender is shifting some of employees from home-equity lending to handle a surge in residential mortgage activity.
Subprime Lawsuits Increase
Lawsuits tied to the subprime meltdown continued to increase. The heightened activity reflected a surge in investors lawsuits and contract disputes.
Nationstar Subprime Rating Downgraded
Nationstar Mortgage LLC's residential subprime servicer rating has been lowered as a result of its financial condition.
FHA Originations Explode at MO Firm
A Missouri-based mortgage banking firm reported that its government business has soared and is on pace to reach $20 billion annually. But nonprime business has virtually disappeared.
Best HELOC Servicers
The best servicer of home-equity loans and home-equity lines-of-credit is a troubled institution that is in the process of being acquired.
More ResCap Downgrades
Residential Capital LLC's nonprime servicer ratings were downgraded again.
Specialized Ratings Upgraded
Specialized Loan Servicing LLC saw its servicer ratings upgraded.
