August 2016 Remittance - Day #1 Observations and a whole bunch more
Lots of interesting material in today’s Commentary. The Statute of Limitation cases going on in the Brooklyn courts are fascinating. We provide excerpts from the Complaints and Responses. We also discuss a loan in detail that was redeemed after foreclosure yet investors in SARM 2008-1 still have not received the payoff proceeds. Topics in today’s Commentary:
· JPMorgan, FDIC & Deutsche Bank finalize settlement in WAMU lawsuit
o We have included as a supplemental spreadsheet the list of 99 deals with all performance statistics and estimated allocation (although the allocation methodology has not yet been finalized).
· Called Deals – August 2016 Remittance
· Similar Deals that potentially will be called - August 2016 Remittance
· Performance Statistics – August 2016 Remittance
· Largest Losses – August 2016 Remittance
· Largest New REOs – August 2016 Remittance
· Largest New REOs – August 2016 Remittance - Top 3
· Subsequent Recoveries – August 2016 Remittance
· OOPS – Borrower Redeemed the Property after Foreclosure yet Investors have NOT received the payoff proceeds – SARM 2008-1
· State Laws Regarding the Statutory Right of Redemption after Foreclosure
· Statute of Limitations – Demand to cancel and discharge the mortgage - Cases Filed in Kings County New York
o Mortgages Cancelled
o Sample Complaint File against the Trustee: CARR 2007-FRE1
o Sample Complaint File against the Trustee: ACE 2006-NC1
· 6+ Years Delinquent Loans by Region
o Top 10 Counties
o Bottom 10 Counties
o Largest Counties
· Severity at Liquidation by Region
o Top 10 Counties
o Bottom 10 Counties
o Largest Counties
· Why is Severity holding steady to slightly rising in Non-Agency RMBS if we are witnessing decreasing severities in major U.S. counties?
o Non-Agency RMBS – Judicial vs Non-Judicial: Percentage of all Liquidations & WA Loss Severity
o Non-Agency RMBS – The Serious Delinquent Pipeline vs. Liquidations Past Year
o Non-Agency RMBS – Loss Severity Trends – past 6 years
o Non-Agency RMBS – Loss Severity Trends – past 6 years – various Counties
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