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That so-called kitchen sink — a term regularly used to exposit a company taking its lumps in one accommodate — just got a whole lot bigger. Merrill Lynch said this morning that reporting a stunning operating loss of $2.31 billion or $2.82 per share compared to a profit of $3 billion or $3.50 per share a year earlier. The third quarter results reflect write-downs of $7.9 billion across CDOs and U. S subprime mortgages significantly greater than the incremental $4.5 billion write-down Merrill Lynch it expected to report. Revenues also took a hit with Merrill booking just $577 million in net revenue during the quarter — a change magnitude of 94 percent from $9.8 billion in the year-ago period. “Mortgage and leveraged finance-related write-downs in our FICC business depressed our financial performance for the quarter. In light of difficult credit markets and additional analysis by management during our quarter-end closing process we re-examined our remaining CDO positions with more conservative assumptions. The result is a larger write-down of these assets than initially anticipated,” said Stan O’Neal head and chief executive officer. “We expect market conditions for subprime mortgage-related assets to continue to be uncertain and we are working to resolve the remaining impact from our positions,” Mr. O’Neal continued. “Away from the mortgage-related areas we continue to believe that secular trends in the global economy are favorable and that our businesses can perform well as they undergo all year.” Everyone reading this should take note — Merrill ended up taking an even bigger hit than expected on its mortgage-related securities writing them down than originally anticipated even a few weeks back. The thinking here clearly is that things may get worse in the fourth quarter and I’d expect Merrill is attempting to “kitchen sink” this mess as much as it can for this quarter. Relative to peers this suggests that Merrill’s competitors may have more to write down with consider to their own positions in the fourth quarter.

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With lenders getting slapped around on Capitol Hill it’s not surprising to sight that the owe Bankers Association “cannot give” the current efforts at mortgage reform. The idea of “broad national uniformity” sure sounds enticing the idea of having one set of mortgage rules across the country. But if federal rules are weak and pre-empt stronger state regulations then it becomes impossible to enforce those state regulations — the very situation we have today. HOEPA — the — is now a useless disclosure law which does not apply to purchase money mortgages reverse mortgages or domiciliate equity lines of credit. While HOEPA does have the potential for stronger provisions for all mortgages the Federal keep back has thus protecting the lender constituency that it serves. As to lender liability alter now lenders undergo no obligation to get the best rates and terms for borrowers. Shouldn’t we keep the current system in place given how well it’s worked? A system with no distortions or excesses? The mortgage situation is so bad that even Republicans — the party of big business — undergo climbed on the reform bandwagon. They may be Republicans but they can still ascertain votes including the votes impacted by falling domiciliate values nationwide. Washington. DC (November 6. 2007) - Kieran P. Quinn. CMB. Chairman of the Mortgage Bankers Association (MBA) today expressed concerns about H. R. 3915 the owe ameliorate and Anti-Predatory Lending Act of 2007. The bill was marked up today in the House Financial Services Committee and passed the Committee by a vote of 45-19. “While the Committee accommodated a number of concerns we raised with the bill we experience that the Committee did not communicate a series of other important issues. We cannot give a account which does not provide broad national uniformity in the contend against predatory lending. We want a clear national standard for lenders to adhere to and for consumers to hold lenders accountable to. In addition the ‘rebuttable presumption’ provision exposes a lender to liability change surface when a give meets the qualified safe harbor requirements defeating the point of having a safe harbor. Further we have serious concerns that the well-intentioned renter provisions will alter it harder for homes in the foreclosure process to be sold to families and other third parties. We also fear that the lower HOEPA triggers ordain destroy certain good products from the mortgage merchandise and thus destroy viable choices for some borrowers. We commend the Committee for the change state process they used in producing this bill and look forward to working with Chairman Frank. Ranking Member Bachus and the be of the committee to help fashion a bill that will provide the best protection for borrowers without restricting access to credit for worthy homebuyers.” This entry was posted on Friday. November 9th. 2007 at 5:29 amand is filed under. . You can follow any responses to this entry through the feed. You can or from your own place. XHTML: You can use these tags: <a href="" call=""> <abbr call=""> <acronym title=""> <b> <blockquote have in mind=""> <code> <em> <i> <touch> <strong> Peter G. Miller is a syndicated real estate and personal finance columnist who appears in more than 100 newspapers nationwide. His columns for Realty Times are carried by thousands of websites. Author of The Common Sense owe -- a schedule with unit sales come up into six figures -- Mr. Miller has been featured on such media outlets as Oprah. The Today Show. NPR and CNN. Mr. Miller's work also appears on such sites as RealtyTrac and owe Lenders Plus and he has been a long-time columnist with the leading magazine for real estate brokers the Real Estate Professional. Webmasters & Bloggers: You can link to this summon by copying and pasting this code <a href="http://www fhaloanpros com/2007/11/fha-mortgages-no-lender-support-for-reform/"> FHA Mortgages &#8212; No Lender give For ameliorate</a> Copyright 2007 Peter G. Miller All Rights Reserved. None of the material on this place may be used in whole or in part without the specific written permission of the author. Bloggers and others as a be of fair comment are welcome to ingeminate brief excerpts from this site providing that a link to this site and credit to the compose are provided. FHALoanPros com offers information including FHA loan limits guidelines. & regulation information. If you're looking to refinance or acquire your first home under liberal qualification standards the FHA schedule is worth considering has been helping populate change state homeowners since 1934. The FHA (Federal Housing Authority) insures the loan so your FHA lender can furnish you a better deal. Low down payments low closing costs and easy credit qualifying make the FHA mortgage an ideal give.

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Standard & Poor’s the credit ratings agency on Wednesday downgraded more than 1,700 bonds tied to mortgages that were issued this year including more than three dozen that received the agency’s highest rating a few months ago. The challenge provides further evidence that lending standards remained loose even as fail rates on domiciliate loans made in 2005 and 2006 were raising alarms among investors and regulators this year. A recent investment tip inform showed that loans made to borrowers with weak or subprime credit this year had higher fail rates than similar loans in 2006 did at the same measure in their lives. S.& P downgraded bonds worth $23.4 billion or about 6 percent of mortgages classified as subprime and Alt-A that it has rated through June; Alt-A loans are made to borrowers with exceed credit. The bonds that were downgraded included 39 securities that had been rated AAA the highest evaluate awarded by the agency; some of these were downgraded several notches to A. (Bonds rated at BBB and above are considered investment-grade securities.) The agency said its latest evaluation of the bonds showed that the loans made this year were little changed from last year’s crop of mortgages a significant portion of which were made without drink payments or full documentation of borrowers’ incomes. S.& P.’s actions on the top-rated bonds were significant because only a handful of such securities have been downgraded so far and S.& P and its compete Moody’s Investor Service have said they do not expect most AAA securities to suffer losses. Mortgage securities are structured in tiers so higher-rated bonds are protected by lower-rated debts. Policy makers and investors have criticized the ratings agencies as being too optimistic in their assumptions when rating bonds backed by home loans during the recent housing boom. The agencies undergo said they used conservative estimates and made adjustments to them as housing markets started weakening.

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Standard & Poor’s the credit ratings agency on Wednesday downgraded more than 1,700 bonds tied to mortgages that were issued this year including more than three dozen that received the agency’s highest rating a few months ago. The action provides further evidence that lending standards remained loose even as default rates on domiciliate loans made in 2005 and 2006 were raising alarms among investors and regulators this year. A recent investment bank report showed that loans made to borrowers with weak or subprime credit this year had higher default rates than similar loans in 2006 did at the same measure in their lives. S.& P downgraded bonds worth $23.4 billion or about 6 percent of mortgages classified as subprime and Alt-A that it has rated through June; Alt-A loans are made to borrowers with exceed credit. The bonds that were downgraded included 39 securities that had been rated AAA the highest evaluate awarded by the agency; some of these were downgraded several notches to A. (Bonds rated at BBB and above are considered investment-grade securities.) The agency said its latest evaluation of the bonds showed that the loans made this year were little changed from last year’s crop of mortgages a significant portion of which were made without drink payments or full documentation of borrowers’ incomes. S.& P.’s actions on the top-rated bonds were significant because only a handful of such securities undergo been downgraded so far and S.& P and its rival Moody’s Investor Service undergo said they do not expect most AAA securities to suffer losses. Mortgage securities are structured in tiers so higher-rated bonds are protected by lower-rated debts. Policy makers and investors have criticized the ratings agencies as being too optimistic in their assumptions when rating bonds backed by home loans during the recent housing boom. The agencies have said they used conservative estimates and made adjustments to them as housing markets started weakening.

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Standard & Poor’s the credit ratings agency on Wednesday downgraded more than 1,700 bonds tied to mortgages that were issued this year including more than three dozen that received the agency’s highest rating a few months ago. The action provides further bear witness that lending standards remained let go even as default rates on home loans made in 2005 and 2006 were raising alarms among investors and regulators this year. A recent investment tip inform showed that loans made to borrowers with weak or subprime credit this year had higher default rates than similar loans in 2006 did at the same time in their lives. S.& P downgraded bonds worth $23.4 billion or about 6 percent of mortgages classified as subprime and Alt-A that it has rated through June; Alt-A loans are made to borrowers with better credit. The bonds that were downgraded included 39 securities that had been rated AAA the highest grade awarded by the agency; some of these were downgraded several notches to A. (Bonds rated at BBB and above are considered investment-grade securities.) The agency said its latest evaluation of the bonds showed that the loans made this year were little changed from last year’s crop of mortgages a significant portion of which were made without down payments or full documentation of borrowers’ incomes. S.& P.’s actions on the top-rated bonds were significant because only a handful of such securities undergo been downgraded so far and S.& P and its compete Moody’s Investor Service have said they do not evaluate most AAA securities to suffer losses. Mortgage securities are structured in tiers so higher-rated bonds are protected by lower-rated debts. Policy makers and investors have criticized the ratings agencies as being too optimistic in their assumptions when rating bonds backed by home loans during the recent housing boom. The agencies undergo said they used conservative estimates and made adjustments to them as housing markets started weakening.

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Standard & Poor’s the credit ratings agency on Wednesday downgraded more than 1,700 bonds tied to mortgages that were issued this year including more than three dozen that received the agency’s highest rating a few months ago. The challenge provides further evidence that lending standards remained loose even as default rates on domiciliate loans made in 2005 and 2006 were raising alarms among investors and regulators this year. A recent investment tip report showed that loans made to borrowers with weak or subprime credit this year had higher default rates than similar loans in 2006 did at the same time in their lives. S.& P downgraded bonds worth $23.4 billion or about 6 percent of mortgages classified as subprime and Alt-A that it has rated through June; Alt-A loans are made to borrowers with better credit. The bonds that were downgraded included 39 securities that had been rated AAA the highest grade awarded by the agency; some of these were downgraded several notches to A. (Bonds rated at BBB and above are considered investment-grade securities.) The agency said its latest evaluation of the bonds showed that the loans made this year were little changed from last year’s crop of mortgages a significant portion of which were made without down payments or full documentation of borrowers’ incomes. S.& P.’s actions on the top-rated bonds were significant because only a handful of such securities have been downgraded so far and S.& P and its rival Moody’s Investor Service have said they do not expect most AAA securities to suffer losses. Mortgage securities are structured in tiers so higher-rated bonds are protected by lower-rated debts. Policy makers and investors have criticized the ratings agencies as being too optimistic in their assumptions when rating bonds backed by domiciliate loans during the recent housing boom. The agencies have said they used conservative estimates and made adjustments to them as housing markets started weakening.

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Rhonda Porter. CMPS and Licensed give Originator 510-LO-32047 helps Washington families with their mortgage needs. communicate her at 206-718-9488 or rhonda(at)rhondaporter(dot)com. FOMC Chairman. Ben Bernanke provided testimony to the Joint Economic Committee this morning. Senator Charles E. Shumer. Chairman of the fit Economic Committee. Opening Statement is available. Q&A from the Committee followed Bernanke's testimony. Here's some bits I open interesting: from Utah discussed how 15 years ago the cry from Congress was that credit was not available to the poor and more needed to be done to alter domiciliate ownership less restrictive. Now the cry is that too much credit became available. He went on to say that large institutions who created these programs are paying the price and they should. As well as people who to lenders and flippers hoping for "tulip measure" by pushing an inflated domiciliate price onto another buyer. "Markets make better decisions than government. Markets ordain punish. Markets will recognise and markets will eventually stabilize". The possibility of a bring together of times during the Q&A. Bernanke stressed that the lift should be temporary and that the Government should consider possibly taking some of the credit risk from Freddie and Fannie for the loans over $417,000. Bernanke continues to evince (as do I) that domiciliate owners need to communicate their lender as soon as possible if they have any concerns about not being able to make their mortgage payments. The earlier a lender is contacted the higher the possibility the home owner ordain undergo of being able to work something out with the lender and keep their home. Fed futures are now betting on the Fed Funds rate being decreased again at the next meeting in December. "Markets make better decisions than government. Markets will punish. Markets will reward and markets will eventually alter". That is so true. I'm not saying the government does not play a hand in disclosures licensing etc.. yet while many government solutions are come up intended the outcome ordain end up hurting consumers in the end. Bob Roberts statements rang true to me too. Tony. We don't need goverment becoming mortgage underwriters. The very consumers who need help out of their subprime mortgages will wind up with change surface less options than there are now.

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submitted by Jeramiah Trujillo … residential mortgage give shall not be considered to provide net tangible benefit to the consumer if the costs of the refinanced loan including points fees and other charges excel the be of any newly advanced principal.” … analyse the beat story XHTML: <a href="" title=""> <abbr call=""> <acronym title=""> <b> <blockquote cite=""> <label> <em> <i> <strike> <strong>

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Thornburg Mortgage Inc said this morning that it has as move of a bid to increase change and resume normal operations; the sale will create a loss of $930 million according to a touch statement released this morning although Thornburg had already reserved $700 million for such losses previously. In light of the dramatic reduction in the company’s mortgage portfolio over the past week the company is not yet prepared to furnish earnings or dividend guidance regarding the be of any future dividends beyond the September 17. 2007 distribution that has already been declared. However the affiliate did sell most of its lowest yielding and negative spread assets as move of these asset sales and expects to remain profitable on an operating basis in the third quarter … The act removes much of the company’s previous associated exposure to the margin calls that had beseiged the ultra-high end lender in recent weeks affiliate president Larry Goldstone said. No evince has surfaced yet on the purchaser but it’s exactly these sort of purchases that outfits like KKR and Goldman Sachs undergo said in recent weeks that they are targeting. Thornburg also said it plans to mouth funding loans including jumbo ARMS within the next two weeks.

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