U.S. Mortgage Banking Outlook 2007: Navigating Through Correcting Housing Markets Nov 06
Standard & Poors, November 2006
Abstract
The U.S. mortgage banking business remains extremely competitive and innovative and has become more integral to retail banking strategies. The mortgage markets today hold much greater credit and interest rate risk than ever before. Lenders, consumers, and investors are accepting higher-risk Alt-A and subprime loans in greater numbers because of looser underwriting standards and broader FICO-scale distribution of nontraditional adjustable rate mortgage (ARM) products. This layering of credit risk in mortgage lending practices has generated loans whose performance has not been tested in a weak housing and economic cycle. During the next year, U.S. financial institutions will be operating in a slower housing market and with historically high levels of residential mortgage loans. Some market experts are characterizing the recent...
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