Wells Sees 60-70% Loss Severity in Option-ARMs

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If 61% of the $750 billion in option arms default, and with a 50% loss severity, the losses to lenders will be about $225 billion – far less than for subprime, but still a huge problem. The key problem with Option ARMs is that they were used as affordability products, mostly in California and Florida, because buyers couldn’t qualify for fixed rate mortgages or even regular ARMs.

United Wholesale Mortgage to offer Freddie Mac 97% LTV loans They now allow for cash-out refinances up to 85% on Freddie Mac. wholesale lender of non-QM loans, is actively recruiting account executives, operations, and credit staff to its Orange County.

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 · Summer is here, and for many that means getting back on the bicycle and enjoying the outdoors. For ER doctors, it means seeing more patients injuring themselves on those bicycles. Emergency room physician Dr. Troy Madsen talks about the most common bike injuries he sees during this time of year and share tips on how to keep out of the ER.

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Ginnie Mae Setting Historic Pace in August Wells Sees 60-70% Loss Severity in Option-ARMs. GMAC Suspends All Foreclosures Nationwide – Shadowproof – GMAC, the struggling financing arm of General Motors, whose mortgage arm holds $26 billion of mortgages, just suspended foreclosures in 23 states in a harried, chaotic policy shift. Ally Financial.