Secondary Marketing Report

New York Mortgage Trust Inc. announced the sale of $599 million in mortgage-backed securities backed by agency adjustable-rate mortgages. The sale resulted in a $15 million loss.

IndyMac Bank reported that it traded $335 million in prime jumbo and Alt-A hybrid ARMs in a private label securitization that was expected to settle on April 15. Loans backing the securities a weighted average FICO score of 728, a weighted average loan-to-value of 72 percent and a full-documentation ratio of 44 percent. IndyMac took an 0.3 percent discount on the trade.

IndyMac said it sold $235 million in MBS at LIBOR plus 165 basis points and retained the remaining $100 million in bonds.

Fremont General Corp. reported last month that subsidiary Fremont Investment & Loan agreed to sell $1.9 billion in mortgage servicing rights to Carrington Mortgage Services LLC on April 1.

DebtX announced last month it is brokering for sale more than $380 million in performing, sub-performing and non-performing commercial mortgages. Properties backing the loans are land and commercial and residential development projects located in the Southeast. Bidding on the first of four offerings was done on April 15 and the remaining offerings will undertake bidding every three weeks through mid June.

Boston-based DebtX announced on April 7 that more than $218 million in residential and commercial real estate loans is being offered on behalf of a specialty finance company. The sale includes $117 million in non-performing residential loans and $101 million in performing and non-performing commercial mortgages. The residential bids were taken this week and the commercial bids are scheduled for May 8.

Strategic Asset Solutions said last week it was guaranteeing disposition of bulk REO pools in some Southern California counties for preferred clients. In addition to marketing bulk pools to multiple buyers, the program will offer the seller a guaranteed bid.

“During these turbulent times, the market has been seeking a program such as this to help move non-performing assets quickly and efficiently while not sacrificing value,” Strategic Asset Director Edna Juarez said in the statement.

A proposal has been submitted to the Office of Management and Budget about information needed from prospective bidders on loans being sold by the Department of Housing and Urban Development. The proposed required information includes the name of the purchaser, corporation entity, address, tax ID, business type, net worth and equity size. Comments are being accepted until May 16.

Freddie Mac said Thursday it has agreed to acquire loans from Wells Fargo Home Mortgage, Chase, CitiMortgage and Washington Mutual under the higher limits established by the emergency Economic Stimulus Act. The legislation lifted the conforming limit to $729,750 from $417,000 until Dec. 31.

Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com.

e-mail: mtgsam@aol.com