MBA forecasts negative economic growth through first half of 2009 – NMP Skip to main content

MBA forecasts negative economic growth through first half of 2009

National Mortgage Professional
Oct 21, 2008

MBA applauds SEC and FASB for FAS 157 clarification MortgagePress.comMBA, SEC, Securities and Exchange Commission, Financial Accounting Standards Board, FAS 157 The Mortgage Bankers Association has hailed the announcement by the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB) permitting the use of discounted cash flow fair value measurements under FAS 157 when no active market for a security exists. "We want to thank the SEC and FASB for this clarification," said John A. Courson, Chief Operating Officer of MBA. "FAS 157 was never test driven in a market where the only transactions occurring are distressed sales. In such an environment, FAS 157 was only exacerbating the market illiquidity. This announcement should have an immediate impact allowing companies to reflect the true value of their mortgage assets and increasing capital and liquidity in today's stalled credit markets." According to MBA, many financial institutions have been marking down their holdings of various credit instruments to values derived from sales by distressed institutions who are selling to meet collateral calls or risk-based capital requirements. In such a market, intrinsic value and observable market prices have diverged. The clarification announced by the SEC and FASB will enable financial institutions to value their assets based on a realistic calculated present value of future cash flows. As a consequence, the clarification should allow firms to write affected assets back up to their intrinsic values." The SEC's release can be found here. For more information, visit www.mortgagebankers.org.
Published
Oct 21, 2008
KBRA Assigns Preliminary Ratings To CSMC 2022-NQM1 Trust

Kroll Bond Rating Agency assigned preliminary ratings to CSMC 2022-NQM1, a $553.7 million non-prime RMBS transaction sponsored by DLJ Mortgage Capital, Inc.

Non-QM
Jan 25, 2022
Hunt Mortgage Appoints Chief Operating Officer

Bindiya Jain previously has served as a vice president at South Shore Bank and at UniBank for Saving. 

Industry News
Jan 25, 2022
Guild Mortgage Names VP Of Marketplace Diversity Strategy

Guild Mortgage named Victoria Garcia DeLuca as the company's vice president of marketplace diversity strategy, which is aimed at increasing homeownership among minorities and underserved markets.

Industry News
Jan 25, 2022
Deephaven Introduces Jumbo-Prime Loans

Non-agency/non-QM Deephaven Mortgage announced a new jumbo-prime loan product, as it looks to help mortgage banks and brokers compete for high-net-worth borrowers.

Jumbo
Jan 25, 2022
Rocket Mortgage Brokers Now Backed By A Crew Of Experts

Every broker partner with the company will have direct access to a small, dedicated team of mortgage experts to answer their loan questions.

Industry News
Jan 24, 2022
Atlanta Real Estate Agent Sentenced For Running Multi-Year Mortgage Fraud Scheme

So far, up to 11 people have plead guilty in Federal Court to the multi-year mortgage fraud scheme, which netted more than $21 million in fraudulent mortgage loans.

Industry News
Jan 24, 2022