Today's Fresh Blogs...

• Countrywide's Mozilo sees recession as likely

  Published: August 23, 2007, 2:51 pm

  Tags: Mortgage News Insight, Angelo Mozilo, Arm Resets, Countrywide, Housing Market, Recession

  analysts regarding ARM resets:

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• Bernanke calls for new mortgage products to ease crunch

  Published: August 29, 2007, 5:25 pm

  Tags: Mortgage News Insight, 228 Arms, Arm Resets, Bernanke, Housing Bail Out, Subprime Mortgage

  Ben Bernanke, in a letter addresses to Senator Schumer outlined some high-level thoughts that the Fed Chairman has to help alleviate the pending ARM-reset foreclosure wave. Bernanke calls for innovative mortgage products and more buying capacity for Freddie and Fannie to help subprime borrowers trapped in exploding ARMs. From Market Watch: The

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• Ready, Set, Reset

  Published: September 12, 2007, 9:30 am

  Tags: Arm Resets

  another media piece on ARM resets this morning. The last time we posted on ARM resets, there came to pass some confusion about the differences among the various published numbers. My very simple purpose today is to help everyone understand why you can, legitimately, get very differing numbers, and what questions you should ask of any data so

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• Mozilo: Resets' Not the Problem

  Published: September 14, 2007, 12:46 pm

  Tags: Countrywide Financial, Mortgage Defaults, Mortgage Delinquencies, Resets, Mozilo, Delinquencies, Blown, Exacerbated, Stressed, Countrywide

  rate mortgage “resets” but by a combination of job losses exacerbated by falling home values, particularly in California. In an interview with National Mortgage News, Mr. Mozilo said news media reports that resets are causing delinquencies are being blown out of proportion. “Resets are not the reason for delinquencies

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• Late Mortgage Payments Continue to Climb

  Published: September 20, 2007, 10:36 am

  Tags: Foreclosure, Arm Resets

  From the WSJ: Late Mortgage Payments Continue to Climb Mortgage delinquencies jumped again in August, according to new data from Equifax and Moody's Economy.com. ... Nationwide, 3.56% of mortgages were at least 30 days past due last month, up 0.31 percentage points from July. The delinquency rate has increased about 1.5 points since bottoming

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• FHA Could Aid 240K Facing Resets With FHA Secure Refinancing

  Published: September 21, 2007, 5:10 pm

  Tags: Fhasecure, Housing Urban Development, Resets, Secretary, Estimate, Homeowners, Alphonso, Facing, Passes, Foreclose

  240,000 homeowners facing resets on their adjustable rate mortgages avoid foreclosure. “Of the 2 million loans expected to reset by the end of 2008, we estimate about 500,000 will actually foreclose,” HUD Secretary Alphonso Jackson told the House Financial Services Committee. “Through FHA, we estimate that we can help about

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• LIBOR or SLIMBOR?

  Published: September 26, 2007, 8:27 am

  Tags: Pricing, Arm Resets

  Well, you know what's in your cornflakes--I hope. Do you know what's in your ARM index? According to the Financial Times, the London Interbank Offered Rate may well mean Selected London Inter-Marginal Bank Offered Rate: The Libor rates are a bit of a fiction. The number on the screen doesn't always match what we see now, complains the

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• Modification Update

  Published: September 26, 2007, 11:19 am

  Tags: Mortgage, Arm Resets

  Many of our commenters have expressed concern over the possibility that servicers offering workout modifications will lead to "freeloading" by borrowers who could make their payment, but who wish to tell the servicer a sob story and get a rate break. I thought you might find the following from American Banker (subscription only) interesting:In an

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• ARM Pain: Updated BofA Reset Chart

  Published: September 26, 2007, 10:26 am

  Tags: Arm Resets

  Mathew Padilla at the O.C. Register has an updated ARM reset chart from Bank of America analyst Robert Lacoursiere. Click on graph for larger image. See Mathew's blog for more discussion and a comparison to the previous chart. Some readers have noted that the BofA numbers are higher than the Credit Suisse and UBS reset numbers. CS and

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• Proposals to Stop Foreclosure

  Published: October 4, 2007, 4:34 pm

  Tags: Arm Resets, Regulatory, Fdic

  From Bloomberg: Subprime Borrowers' Payments Should Be Fixed, FDIC's Bair Says (hat tip Brian) Federal Deposit Insurance Corp. Chairman Sheila Bair called for payments on most subprime mortgages to be fixed at current levels. Lenders should extend "teaser" rates on all subprime adjustable-rate mortgages if the borrowers haven't missed any

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• Blown Mortgage : Carnival of Real Estate; Fish : _________

  Published: October 9, 2007, 9:25 pm

  Tags: Weblogs, Consumer Mortgage Tips, Adjustable Rate Mortgages, Arm Resets, Carnival Of Real Estate

  The Carnival of Real Estate was hosted by the vFlyer Blog and Blown Mortgage was representing again. The entry selected was the “5 Things to do Right Now if Your ARM is Going to Reset Soon” post. I admit, not my most elegant title selection; but the content is worthwhile for homeowners in adjustable rate mortgages that are set to

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• Fed President Rosengren calls for banks to support subprime lending

  Published: October 10, 2007, 1:59 pm

  Tags: Mortgage News Insight, Federal Reserve, Fremont, Subprime Arm Resets, Subprime Arms, Subprime Lending, Subprime Mortgage

  The new President of the Federal Reserve of Boston called on banks to support subprime lending as mortgage rates reset to higher levels following the binge of the first part of this decade. Selections from Market Watch: Banks must step up and provide loans during times of financial market distress and also help homeowners who find themselves

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• IMF: Mortgage Reset Chart

  Published: October 22, 2007, 11:05 am

  Tags: Arm Resets

  IMF shows the heavy subprime resets in 2008, plus it shows the reset problems with Alt-A and Option ARM loans in later years. Although many of the homeowners in the 2009 to 2011 reset periods will refinance (if they can), this shows that the problems in

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• BKUNA Neg Am Portfolio

  Published: October 23, 2007, 9:19 am

  Tags: Confessional, Mortgage, Arm Resets

  Thanks to Anonymous, our attention is directed to BankUnited's visit to the confessional. Somehow loan loss reserves went from $8-10MM in pre-release to $19.1MM in the official release. It's the sort of thing that can happen to anyone, you know. Because we were talking about Option ARMs yesterday, I thought I'd share this bit:As of Sept. 30,

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• Countrywide Launches $16 Billion Refi or Modify Campaign for Subprime Borrowers

  Published: October 23, 2007, 5:35 pm

  Tags: Mortgage News Insight, 228 Arms, Arm Resets, Countrywide, Loan Modifications, Refiancing, Subprime Mortgages

  The big news today is Countrywide’s newly announced initiative to refinance or modify some $16 billion worth of subprime mortgages in to prime or government (FHA, VA) loans. The loans targeted in this initiative are subprime adjustable rate mortgages set to adjust by the end of 2008. Countrywide anticipates that the move could potentially

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