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Tag Archives: Moody’s

TRID Could Mean Trouble for GSE Risk Transfers

Per the direction of their conservator and regulator, the FHFA, Fannie Mae and Freddie Mac were instructed not to conduct loan-level reviews for technical compliance with TRID when conducting their credit-risk transfer transactions.

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Moody’s Upgrades $1 Billion Worth of Fannie Mae and Freddie Mac RMBS

The note holders for these transactions are not entitled to receive cash from the mortgage loans in the reference pools, unlike typical RMBS transactions. Rather, the performance of the mortgage loans in the reference pool determines the timing and amount of principal and interest the GSEs are obligated to pay on the notes.

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Ocwen Reacts to Recent Actions By Credit Ratings Agencies

Ocwen Financial Corp. reacted to the recent developments in the last week that included a ratings upgrade from Moody's and being placed Standard & Poor's CreditWatch list for a downgrade, with a press release on Friday in which the company's president and CEO praised the company's progress and said he was "surprised" by S&P's move.

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Slow Household Formation Cyclical Like All Things Real Estate: Moody’s

Though the slow rate of household formation among millenials--those born after 1980--has been cause for alarm among some economists, analysts at Moody's Investors Service say reports of a lost generation of homebuyers are overblown. The Census Bureau released its homeownership rate report for the third quarter in early November, revealing homeownership in the 35 and younger age group is growing at a sluggish pace, with 31.6 percent still living with their parents.

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Should Servicers Report Principal Forbearance Losses Now or Later?

Principal forbearance, a loan modification practice in which a loan servicer allows a borrower to delay payment on his/her loan for a specified period of time, apparently poses an accounting conundrum. While some servicers report forborne principal as a loss at the time of the loan modification, others wait until the time of liquidation. Ocwen, Bank of America, Wells Fargo, and One West all report forbearance amounts as losses at the time of the loan modification.

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Rising Prices, Shrinking Delinquencies Reduce Future RMBS Losses

As home values improve and servicers continue to ramp up efforts to reduce delinquent pipelines through short sales and loan modifications, the composition of RMBS loan pools outstanding should also improve, according to Moody's most recent ResiLandscape. According to analysts from Moody's, rising home prices motivate current borrowers to avoid default, and they increase the proportion of current loans with loan-to-value (LTV) ratios below 100, which are the loans that are the least likely to go incur losses.

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