Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-63884 Thu, 19 Apr 2018 15:09:09 GMT Manhattan Residential Property Listing Prices Plummet By 10.9% http://implode-explode.com/viewnews/2018-04-19_ManhattanResidentialPropertyListingPricesPlummetBy109.html iehi-feed-63877 Wed, 18 Apr 2018 16:11:54 GMT Apparent Quicken Loans Fraud Costs Single Dad With 4 Kids His Home http://implode-explode.com/viewnews/2018-04-18_ApparentQuickenLoansFraudCostsSingleDadWith4KidsHisHome.html iehi-feed-63874 Mon, 16 Apr 2018 18:54:09 GMT Former Soup Nazi CFO Sentenced To 9 Months In Prison http://implode-explode.com/viewnews/2018-04-16_FormerSoupNaziCFOSentencedTo9MonthsInPrison.html iehi-feed-63869 Sun, 15 Apr 2018 23:16:23 GMT Premier Miami Pimp Dennis Zarudny Pleads Guilty To Tax Fraud http://implode-explode.com/viewnews/2018-04-15_PremierMiamiPimpDennisZarudnyPleadsGuiltyToTaxFraud.html iehi-feed-63867 Sun, 15 Apr 2018 14:09:12 GMT Doctor Dad Of Actress Chloe Moretz Financially Ruined His Family http://implode-explode.com/viewnews/2018-04-15_DoctorDadOfActressChloeMoretzFinanciallyRuinedHisFamily.html iehi-feed-63863 Sun, 15 Apr 2018 13:22:27 GMT Subprime mortgages morph into 'non-prime' loans--and demand soars http://implode-explode.com/viewnews/2018-04-15_Subprimemortgagesmorphintononprimeloansanddemandsoars.html Carrington is not alone in the space. Angel Oak began offering and securitizing nonprime mortgages two years ago and has done six nonprime securitizations so far. It recently finalized its biggest securitization yet -- $329 million, comprising 905 mortgages with an average amount of about $363,000. Just more than 80 percent of the loans are nonprime.

Investors in Angel Oak's nonprime securitizations are, "a who's who of Wall Street," according to company representatives, citing hedge funds and insurance companies. Angel Oak's securitizations now total $1.3 billion in mortgage debt.

Angel Oak, along with Caliber Home Loans, have been the main players in the space, securitizing relatively few loans. That is clearly about to change in a big way, as demand is rising.

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Big banks are also getting in the game, both investing in the securities and funding the lenders, according to Sharga.

"It's large financial institutions. A lot of people with private capital sitting on the sidelines, who are very interested in this market and believe that as long as the risks are managed well, and companies like ours are particularly good at managing credit risk, that it's a good investment opportunity," he said.

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Last summer, Fannie Mae announced it would relax its lending standards for prime loans, allowing borrowers with higher debt and lower credit scores to obtain loans without additional risk overlays, such as large down payments and a year's worth of cash reserves.

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As a result, demand from buyers with higher debt exceeded all expectations. The share of high DTI loans jumped from 6 percent in January 2017 to nearly 20 percent by the end of February 2018, according to a study by the Urban Institute.

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The mortgage industry expectation was that Fannie Mae would mitigate the additional risk with other factors, like a higher necessary credit score, but that was not added. The mortgage insurers balked, since they would be on the hook for the risk, so last month Fannie Mae "recalibrated" its risk assessment criteria again.

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iehi-feed-63861 Fri, 13 Apr 2018 17:29:04 GMT Pervert Landlords Beware! HUD Is Coming For You! http://implode-explode.com/viewnews/2018-04-13_PervertLandlordsBewareHUDIsComingForYou.html iehi-feed-63857 Thu, 12 Apr 2018 21:06:46 GMT Federal judges indicate they could remove Mulvaney as acting CFPB chief http://implode-explode.com/viewnews/2018-04-12_FederaljudgesindicatetheycouldremoveMulvaneyasactingCFPBchief.html ... two of the three judges from the U.S. Court of Appeals for the D.C. Circuit indicated they had a problem with the person Trump selected to take the position, Mick Mulvaney, because he also heads the White House Office of Management and Budget. The 2010 law that created the bureau as an independent federal agency specifically said OMB should not have oversight or jurisdiction over it.

That raised the possibility that the legal battle over the future of the watchdog agency could end with Mulvaney's removal as acting director -- a move that would be cheered by Democrats and consumer advocates who have complained about his public opposition to the bureau's existence.

But Mulvaney would not be supplanted as they want by Deputy Director Leandra English, who brought the suit to remove him after his appointment by Trump last fall. Under such a ruling, English might be elevated to acting director for at best a day or so until Trump simply named another person to serve as acting director, pending appointment of a permanent director needing Senate confirmation. Or the administration might appeal such a ruling to the full appeals court.''

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iehi-feed-63856 Thu, 12 Apr 2018 14:54:46 GMT Israeli Loan Modification Scam Operators Plead Guilty http://implode-explode.com/viewnews/2018-04-12_IsraeliLoanModificationScamOperatorsPleadGuilty.html iehi-feed-63855 Wed, 11 Apr 2018 23:30:58 GMT New York Landlord Demanded Sexual Favors From Female Tenants http://implode-explode.com/viewnews/2018-04-11_NewYorkLandlordDemandedSexualFavorsFromFemaleTenants.html iehi-feed-63853 Wed, 11 Apr 2018 22:43:41 GMT The Housing ATM is back: Cash-out share of all refis hits pre-crisis levels http://implode-explode.com/viewnews/2018-04-11_TheHousingATMisbackCashoutshareofallrefishitsprecrisislevels.html iehi-feed-63851 Wed, 11 Apr 2018 21:12:11 GMT Nationstar AKA Mr Cooper Settles With NYDFS For $17 Million http://implode-explode.com/viewnews/2018-04-11_NationstarAKAMrCooperSettlesWithNYDFSFor17Million.html iehi-feed-63850 Wed, 11 Apr 2018 16:57:19 GMT Is CFPB Director Mick Mulvaney Sleeping On The Job? http://implode-explode.com/viewnews/2018-04-11_IsCFPBDirectorMickMulvaneySleepingOnTheJob.html iehi-feed-63847 Tue, 10 Apr 2018 19:46:14 GMT Wells Fargo Bank Facing Record $1 Billion Fine From The CFPB http://implode-explode.com/viewnews/2018-04-10_WellsFargoBankFacingRecord1BillionFineFromTheCFPB.html iehi-feed-63846 Mon, 09 Apr 2018 15:13:34 GMT Long Island Veteran Wins Foreclosure Case Against Wells Fargo http://implode-explode.com/viewnews/2018-04-09_LongIslandVeteranWinsForeclosureCaseAgainstWellsFargo.html iehi-feed-63845 Sun, 08 Apr 2018 21:50:08 GMT Catholic Deacon Accused Of Stealing From Detroit Mafia Church http://implode-explode.com/viewnews/2018-04-08_CatholicDeaconAccusedOfStealingFromDetroitMafiaChurch.html iehi-feed-63843 Sun, 08 Apr 2018 13:45:16 GMT Top 10 Wealthiest Neighborhoods In Florida http://implode-explode.com/viewnews/2018-04-08_Top10WealthiestNeighborhoodsInFlorida.html iehi-feed-63842 Sat, 07 Apr 2018 12:43:12 GMT Ginnie Mae Gives 2 Lenders The Boot For VA Loan Churning http://implode-explode.com/viewnews/2018-04-07_GinnieMaeGives2LendersTheBootForVALoanChurning.html iehi-feed-63841 Fri, 06 Apr 2018 21:48:43 GMT San Francisco Median Home Prices Have Over Doubled Since 2012 (Now $1,610,000) http://implode-explode.com/viewnews/2018-04-06_SanFranciscoMedianHomePricesHaveOverDoubledSince2012Now1610000.html iehi-feed-63837 Thu, 05 Apr 2018 12:59:05 GMT Lackey For Doctor Who Doppelganger Tom Rosicki Tries To Bully MFI-Miami http://implode-explode.com/viewnews/2018-04-05_LackeyForDoctorWhoDoppelgangerTomRosickiTriesToBullyMFIMiami.html