Clayton Holdings has been approved by DBRS as a third-party due diligence firm for residential mortgage-backed securities (RMBS) securitizations.
Based in New York, DBRS is a provider of credit rating opinions that offer insight and transparency across a broad range of financial institutions, corporate entities, government bodies, and various structured finance product groups.
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The ratings agency DBRS says mortgage servicers are going to continue to see "much needed reform" in 2012 as the industry moves to standardize the servicing business. The first go at such standardization will center around implementing the directives of regulators' consent orders, according to DBRS. The agency does expect the U.S. government to institute some of the REO programs currently being vetted, but doesn't foresee any tangible benefits in terms of loss recoveries until 2013.
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The ratings agency DBRS made principal reductions the focus of a research note released Monday. The firm's analysts stressed that as a modification technique, debt forgiveness has long been regarded as controversial in the mortgage industry due to its moral hazard risk and the potential impact it could have on the performance of securitized mortgages. As such, it's been utilized on a very limited basis. Based on first-quarter data, DBRS found that principal reduction modifications accounted for 2.80 percent of the total mods performed.
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The research firm and ratings agency DBRS says it has learned from various servicers that although Congress never authorized bankruptcy judges to modify mortgages on primary residences, these "cram-downs," as they have been termed, are currently being performed in some courts.
The agency's analysts say the amount of the cram-down varies by state, property value, and borrower situation but usually includes a reduction in the principal amount of the loan to fair market value.
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DBRS, a provider of credit rating opinions across a range of financial institutions, corporate entities, government bodies, and various structured finance product groups, has hired Richard Carlson as an SVP within the commercial mortgage-backed securities (CMBS) group. Carlson will focus on operational risk reviews for CMBS ratings, including servicer evaluations and originator reviews globally.
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The unemployment rate, while still languishing at a discouraging 9.4 percent, has seen improvement in recent months that is encouraging for many sectors of the industry. The rating agency DBRS says layoffs and discharges in the private job sector have stayed down, helping to reduce early delinquencies in consumer and mortgage credit. This, coupled with government-sponsored programs aiming to help homeowners out of work, paints a tentatively positive picture for the recovery.
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Three major mortgage lenders have halted foreclosures in states where the process is handled through the court system after suspicions surfaced that employees did not follow legal procedures in preparing the required documentation. These paperwork problems are widely expected to draw out the already devastating foreclosure crisis in the affected areas. We've dug a little deeper to provide a list of the states where judicial foreclosures are the standard and that are most likely impacted by the foreclosure suspensions announced.
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