Refinance Free Credit

Keeping up with the downgrades on various subprime RMBS deals here at HW is turning into a full time job. (And one that requires plenty of coffee.) Here’s a list of the downgrades issued tonight by Fitch alone — remember, these are the downgrades issued just in one night at one rating agency.

Total downgraded dollar value: $5.3 billion.

• $9.53 million downgraded from a 2002 Centex RMBS deal — 17.90 percent of loans 60+ days delinquent.
• $148.5 million downgraded from two 2005 Long Beach Mortgage subprime deals — first deal has a 60+ day delinquency rate of 34.68 percent; second deal is at 30.89 percent.
• $8.8 million downgraded on three different UBS subprime transactions tied to mortgages originated or acquired by Fremont Investment & Loan, Option One Mortgage Company, and WMC Mortgage — 60+ day delinquencies ranging from 17.85 percent to 20.77 percent.
• $44 million downgraded from three C-BASS 2005 subprime deals –60+ day delinquency rate ranging from 16.65 percent to 23.17 percent, primary originators include First NLC and Wilmington Finance.
• $41.1 million downgraded on two Citigroup 2005 subprime deals — 60+ day delinquencies at roughly 14.5 percent for both deals, primary originators include New Century and Ameriquest.
• $783.2 million downgraded from just one WaMu 2007 subprime deal — includes AAA downgrades, mortgages originated entirely by WaMu, 60+ day delinquencies at 9.17 percent. Stunning.
• $157.3 million downgraded from four J.P. Morgan 2005 subprime deals — 60+ day delinquencies range from 15.11 percent to 28.83 percent, originators include WMC Mortgage, Option One and Fieldstone.
• $9.8 million downgraded from three First Franklin 2005 subprime transactions — all First Franklin originated, 60+ day delinquencies at 18.79 percent to 24.14 percent.
• $120.3 million downgraded from 13 Morgan Stanley subprime deals — issue dates range from 2002 - 2004, 60+ day delinquencies range from 8.07 percent to 49.58 percent.
• $873.1 million downgraded on 5 SAIL 2005 subprime securitizations — 60+ day delinquencies range from 23.43 percent to 33.76 percent, originators include Finance America, Ameriquest, Ownit and BNC Mortgage.
• $38.5 million downgraded from four SASCO 2005 subprime deals — 60+ day delinquencies ranging from 15.78 percent to 34.02 percent, originators include Wells Fargo and WMC Mortgage.
• $185.8 million downgraded from three CMLTI Subprime Transactions –60+ day delinquencies range from 27.32 percent to 32.07 percent.
• $156.5 million downgraded from one New Century second lien deal — includes AAA downgrades, 60+ day delinquency rate at 26.94 percent.
• $775.2 million downgraded from nine Ameriquest 2005 subprime deals –60+ day delinquencies range from 11.31 percent to 24.61 percent, originated by Ameriquest and/or Argent.
• $51.62 million downgraded from eight RMBS classes from 3 Aegis securitizations — 60+ day delinquencies range from 20.28 percent to 33.69 percent.
• $191.5 million downgraded from three Novastar subprime deals — 60+ day delinquencies at 15.20 percent to 17.51 percent.
• $189.9 million downgraded in one SAIL 2004 subprime deal — 60+ day delinquencies at 19.43 percent.
• $1.3 million downgraded from two Citi deals, one in 2005 and the other in 2006 — these are prime mortgages, 60+ day delinquences at just 0.63 percent.
• $5.3 million downgraded from three 2006 Citi prime, adjustable-rate deals — 60+ day delinquences at 1.82 percent.
• $200.5 million downgraded from 3 Bear Stearns 2005 subprime deals — 60+ day delinquencies at 23.48 percent to 29.93 percent, originators primarily include ResMae.
• $310.0 million downgraded from two Fremont 2005 subprime deals — 60+ delinquency rates at 28.72 and 29.66 percent.
• $184.9 million downgraded from two Option One 2005 subprime deals — 60+ day delinquencies at 23.50 percent and 30 percent.
• $481.4 million downgraded from five Soundview subprime home equity deals — 60+ day delinquencies at 18.52 percent to 33.80 percent, originators include Finance America, New Century, Centex.
• $169.2 million downgraded from two SABR 2005 subprime deals — 60+ day delinquencies at 32.17 and 37.7 percent, originators include Fremont, New Century and WMC Mortgage.
• $62.1 million downgraded from two 2005 Merrill Lynch deals — 60+ day delinquencies at 30.97 percent and 33.05 percent, originators include ComUnity, New Century and Ameriquest.
• $61.7 million downgraded from two 2005 Terwin Mortgage Trust subprime deals — 60+ day delinquencies at19.50 and 21.78 percent.

Probably an understatement if you read this entire post, but that’s a whole lot of slash and burn.

Hi Everyone -

I just wanted to take a few minutes to say Happy Holidays to all of our Blown Mortgage readers.  While I celebrate Christmas, I hope you have an enjoyable season no matter what your faith.  I am extremely blessed to have the good fortune of your loyalty and readership; it is an amazing compliment and something that is very humbling.  Thank you for reading and participating and giving a damn.

2007 was a wild year in our industry; and 2008 will be interesting as well.  We’ll be here blogging about it; trying to provide our small perspective on a massive problem.

I’ll be taking a breather over the next few days as wave after wave of family will be washing in to our new home.  I hope that you are able to spend the holidays reflecting on all of the good things we have in our lives, and all of the positive things that happened over the year.  Regardless of the mortgage market I am a blessed person because I have family and friends that love and care for me.  I wish that same simple and profound blessing for you.

Thank you for an incredible ride in 2007; and thank you in advance for 2008.  You all make the experience worth it and memorable.

– Morgan

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Fannie Mae saw its mortgage portfolio decline at an annualized 15.6 percent rate during November to $722 billion — its smallest in six months — the GSE said Friday in a statement.

The portfolio decrease was offset at least in part by the highest level of Fannie-backed MBS issuances this year, at $62.5 billion in November. As a result, the GSE’s total book of business grew at a 15.4 percent rate to $2.83 trillion.

Fannie Mae reported a $1.39 billion loss for the third quarter in November as it said mortgage conditions had rapidly deteriorated, amid warnings for continued poor performance throughout 2008 and into 2009. One month later, it said it would raise $6 billion in capital through a preferred stock placement.

Delinquencies continued to increase, jumping 5 additional basis points in October (the most recent period reported) to 0.83 percent of total loans outstanding; the number of serious delinquences in Fannie’s portfolio has been increasing steadily since May, and is 21 basis points higher than one year ago.

For more information, visit http://www.fanniemae.com.