Affecting Owners of Mortgages: Late Payers, Refis and Duration, SBIC Mezz Funds, Annaly and CreXus, AIG Wants Jumbos, Adam Levitin on BofA vs. MBIA


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Late-payment rate on mortgages declined in 3Q – By Alex Veiga – (AP) — U.S. homeowners are doing a better job of keeping up with their mortgage payments, aided by an improving housing market and low interest rates that are making it easier to refinance. The percentage of mortgage holders at least two months behind on their payments fell in the third quarter to 5.41 percent, the lowest point in more than three years, credit reporting agency TransUnion said Tuesday. – Bloomberg Businessweek
Freddie Mac: Most refis don’t shorten mortgage duration – Posted by cmlynski – Housingwire 
(gov’t leverage opportunity) SBIC mezz funds use cheap government loans to juice up returnsSober Look Blog 
In Annaly’s CreXus Bid, Citi Sees Broader Capital Shift out of Agencies – By Michael Aneiro – Barrons Blogs  
AIG CEO Reveals Plans to Expand Mortgage Business – BY: TORY BARRINGER – Housingwire 
AIG keen to sell bank, expand mortgages: CEO – By Clare Baldwin – (Reuters) – American International Group Inc is planning to sell its savings and loan business … But even without a banking business, AIG is now looking more aggressively at making and purchasing mortgages as investment vehicles, Chief Executive Officer Bob Benmosche said … by buying mortgages directly, which is why he said AIG is talking to big banks about buying their non-agency mortgage debt. …
(quite interesting) BofA v. MBIA and the Future of Private Label Securitization – posted by Adam Levitin – There’s a fascinating and absolutely cut-throat fight going on between BofA and MBIA. – Credit Slips 


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