Lots of Observations, Performance Stats & Thoughts

23-page commentary today. Good reading if you are snowed in this weekend. Better reading if you are laying on a beach far from the Northeast. Enjoy.

Sections in today’s commentary

Where do we stand? Performance Statistics comparing year ends 2012, 2013, 2014 and 2015. Interesting to see where we stand right now and where have we been.
Non-Agency RMBS tracked by LoanPerformance
by Product
by Product-Vintage
Changes in Delinquency Stats – December 2014 vs. December 2015
Losses Made Whole
January 2016 Remittance (on deals that pay on the 19th only)
Called/Terminated Deals
List of deals from the past 2 months
List of potential RALI QS deals to be called in 2016
Largest Modifications (by Loss to Trust)
December 2015 Remittance
Full Year 2015. What was Chase thinking when they modified a First Pay Default from 2006 which immediately failed?
Why HAMP Principal Forgiveness Modifications without any form of shared appreciation for investors was such a bad idea
Typical HAMP Modification Agreement with Principal Forgiveness
How to make a 190% Annualized Total Return over 8 years
More Borrowers winning Big at the expense of investors
Home Price Valuation Graphs
Highlighting home price appreciation since January 2012
How much home price appreciation was given away?
Charts by Modification Effective Date, State, Servicer and Deal
2 SPS REOs with some massive losses lurking inside
CWALT 2006-OA21
HVMLT 2006-12 Group 2