Wells Sees 60-70% Loss Severity in Option-ARMs

The slipping performance was pronounced in pay-option adjustable-rate mortgages (option ARMs), pushing revised loan loss severities in this sector higher than that of subprime.

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If 61% of the $750 billion in Option ARMs default, and with a 50% loss severity, the losses to lenders will be about $225 billion – far less than for subprime, but still a huge problem. The key problem with Option ARMs is that they were used as affordability products, mostly in California and Florida, because buyers couldn’t qualify for fixed.

Wells Sees 60-70% Loss Severity in Option-ARMs The Norris Group Real Estate News Roundup 10/9/09 – A new wells fargo report projects big losses due to ALT-A and Option arm recasts. congress doubts that Treasury Department’s $50 billion loan-modification program will help 3-4 million foreclosures.

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Wells Fargo researchers expect cumulative losses on prime ARMs to range from 2% among ’04 vintages to 6% among ’07 vintages. Cumulative losses should range between 6% and 11% among Alt-A/B ARMs.

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60 70 80 S GSE Delinquency Rates FREDDIE MAC (60+ DAY). excluding REOs) for periods prior to 3Q17, Wells Fargo CMBS research for 4Q17-1Q19 CMBS delinquency rates. Delinquency rates for Fannie Mae, Fixed severity loss in a credit event will be based on UPB of the related mortgage loan.

The third-quarter credit-loss provision soared 60% from a year earlier, to $130 million, and its chargeoffs rose tenfold, to $97.6 million. In its filing Monday, Downey blamed "an increase in loss severity from the continuing decline in housing values that provide the underlying collateral for our loans."