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Lots of Observations, Performance Stats & Thoughts

23-page commentary today. Good reading if you are snowed in this weekend. Better reading if you are laying on a beach far from the Northeast. Enjoy.

Sections in today’s commentary

  • Where do we stand? Performance Statistics comparing year ends 2012, 2013, 2014 and 2015. Interesting to see where we stand right now and where have we been.

  • Non-Agency RMBS tracked by LoanPerformance

  • by Product

  • by Product-Vintage

  • Changes in Delinquency Stats – December 2014 vs. December 2015

  • Losses Made Whole

  • January 2016 Remittance (on deals that pay on the 19th only)

  • Called/Terminated Deals

  • List of deals from the past 2 months

  • List of potential RALI QS deals to be called in 2016

  • Largest Modifications (by Loss to Trust)

  • December 2015 Remittance

  • Full Year 2015. What was Chase thinking when they modified a First Pay Default from 2006 which immediately failed?

  • Why HAMP Principal Forgiveness Modifications without any form of shared appreciation for investors was such a bad idea

  • Typical HAMP Modification Agreement with Principal Forgiveness

  • How to make a 190% Annualized Total Return over 8 years

  • More Borrowers winning Big at the expense of investors

  • Home Price Valuation Graphs

  • Highlighting home price appreciation since January 2012

  • How much home price appreciation was given away?

  • Charts by Modification Effective Date, State, Servicer and Deal

  • 2 SPS REOs with some massive losses lurking inside

  • CWALT 2006-OA21

  • HVMLT 2006-12 Group 2

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