Alt-A

RECENT NEWS
Penny Stock DD  Mar 29  Comment 
Moody's Investors Service downgraded most of a $4.1 billion batch of Alt-A residential-mortgage backed securities issued by Countrywide Financial, as the agency continues to lower its expectations on underlying loans. The firm has downgraded...
Healdsburg Housing Bubble  Jun 1  Comment 
The Press Democrat published three articles on the mortgage crisis on the front-page of Sunday's paper authored by Michail Coit. Head over and give them all a read: Ticking time bomb for borrowers in pay-option loans Alt-A loans: Second wave of...
The Swamp Report  Mar 11  Comment 
From an article at Seeking Alpha.  The definition the administration uses for hope: "the fall back position when there is no option and no money even if we had an option". I remember a preacher said, "you never know how much you need God...
George Washington's Blog  Feb 13  Comment 
The government is considering buying up millions of the mortgages itself, and then allowing the homeowners to refinance on better terms. Given that the coming tidal wave of Alt-A mortgage defaults could be devastating to our already-depressed...
George Washington's Blog  Dec 16  Comment 
Rating service Fitch is backpedaling on its previous optimistic projections of Alt-A mortgages, and is now calling for a higher percentage of defaults. Fitch forecasts a default rate of up to 15% in some cases. 15% default rate doesn't sound...
Stock Market Analysis, Trading, And Financial Commentary - Rebel Traders  Dec 16  Comment 
Housing Wire reports: Citing “a rapid deterioration of U.S. Alt-A RMBS performance,” Fitch Ratings again took the hatchet to its previous assumptions for Alt-A mortgages on Monday morning, revising its surveillance methodology and updating...
Owner Earnings  Aug 6  Comment 
How many borrowers out there had a FICO score high enough to qualify as "Alt-A," but were in reality "Subprime?" The answer: A lot, which is enough to conclude that most companies are still over valued. How many borrowers that had FICO scores...
Credit Writedowns  Jul 24  Comment 
Consumer credit quality is weakening across the US, especially in the former housing boom states. While over $450 billion in credit writedowns have already been taken by the global financial sector, most of these losses ave been concentrated in...
Credit Writedowns  May 29  Comment 
The bloggers over at Calculated Risk have reported on a story making the rounds in the Internet. This story involves S&P's downgrade of Alt-A Residential Mortgage Backed Securities (RMBSs). The crux of the matter is that S&P misjudged how much...
Hedge Fund Blogs From HedgeCo.Net  Mar 6  Comment 
CNNMoney.com- UBS may have sold a portfolio of Alt-A securities worth 25 billion Swiss francs ($24.1 billion), according to an analyst at J.P. Morgan. UBS was "highly likely" to have sold the securities in a fire sale, according to J.P. Morgan...




 

Alt-A - Alt-A is a type of mortgage product. Alt-A loans are generally higher in credit quality than subprime loans but have characteristics that would disqualify the borrower from a traditional prime loan. Alt-A lending characteristics may include one or more of the following: (i) limited documentation; (ii) high combined-loan-to-value (“CLTV”) ratio; (iii) loans secured by non-owner occupied properties; or (iv) debt-to-income ratio above normal limits. Perhaps the most important characteristic is limited documentation. A substantial proportion of traditional Alt-A loans are those where a borrower does not provide complete documentation of his or her assets or the amount or source of his or her income.

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