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CreditSights: Too Early to Declare Victory for 'Exotic' Products.
New York -- Analysts at CreditSights say that while "exotic" mortgage products haven't been a problem for Countrywide Financial Corp. to date, it is "too early to declare victory in credit performance."
In a recent investor presentation, Countrywide executives reiterated their plan to continue gaining market share, even as the industry faces challenges from overcapacity and weaker fundamentals. Countrywide is already the nation's largest mortgage originator and servicer.
CreditSights noted that Countrywide continues to defend alternative mortgage products such as payment-option products, interest-only mortgages and 40-year amortization home loans. And so far, the credit performance has been good.
"That said, we continue to question whether these products have yet been effectively tested across interest rate cycles, especially considering the more sizable volumes of origination for what were once very selective niche products," CreditSights analysts David Hendler, Baylor Lancaster and Richard Hofmann said in a report.
Countrywide noted that conforming loan products no longer dominate origination market share. In 2001, loans that conformed to Fannie Mae and Freddie Mac standards accounted for about three-quarters of ...
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Source: HighBeam Research, CreditSights: Too Early to Declare Victory for 'Exotic' Products.