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Mortgage sector facing further credit tightening

By David Wighton, Saskia Scholtes and Michael Mackenzie in New,York =

Published: August 8 2007 03:00 | Last updated: August 8 2007 = 03:00

Large parts of the stricken US mortgage market are facing further = tightening=20 in the supply of credit following the collapse of dozens of lenders and = a=20 buyers' strike by investors in mortgage-backed securities.

Falling Treasury yields in recent weeks have led to lower interest = rates on=20 standard mortgages. But for larger and less creditworthy new borrowers = loans=20 have become more expensive and harder to obtain.

Some types of borrowers can no longer get a loan from a mainstream = lender at=20 any price and the prospect of rate cuts by the Federal Reserve may bring = little=20 respite.

Rates on standard fixed-rate mortgages have steadily declined in the = past two=20 months with the national average rate on a 30-year loan falling from = 6.27 per=20 cent a week ago to 6.22 per cent yesterday, Bankrate.com says.

But the picture is very different for mortgages that the lender = cannot sell=20 on to Fannie Mae and Freddie Mac, the government-sponsored mortgage = giants.=20 Rates on mortgages above Fannie and Freddie's cap of $417,000 have = soared.=20 According to Bankrate.com, the rate on a 30-year "jumbo" was 6.8 per = cent, up=20 from 6.6 per cent a week ago. Three months ago it was 6.1 per cent.

Lenders' ability to sell mortgage securities on to other investors = has been=20 dramatically reduced in recent weeks amid severe credit market = turbulence and=20 reduced investor appetite for risk.

Investment banks sold $46.16bn of new mortgage-backed securities in = July,=20 down more than65 per cent since the $135.26bn sold the previous month. = "Several=20 of the arteries are blocked in the lending market," said Richard = Gilhooly,=20 senior fixed-income strategist at BNP Paribas.

A rate cut from the Federal Reserve would help alleviate problems in = the=20 mortgage market, he said, as it would produce lower short term rates and = thus=20 enable banks to take advantage of lending money at higher longer term = rates. "A=20 steeper yield curve will encourage the lending process."

However, rate cuts are unlikely to bring quick relief to the riskier = parts of=20 the market.

Soaring deliquencies insubprime loans to borrowers with weaker credit = histories have prompted lenders to tighten their policies, partly in = response to=20 the demands of the regulators.

The slump in the supply ofsubprime loans has been followed by a sharp = contraction in the provision of so-called Alt-A mortgages, which are = deemed to=20 fall between subprime and prime in terms of credit quality.

A large number of lenders specialising in weaker borrowers have gone = out of=20 business with the latest casualty, American Home Mortgage, filing for = bankruptcy=20 on Monday.

Impac Mortgage Holdings, a top 10 provider last year, said yesterday = it had=20 stopped funding all Alt-A loans. The company's shares fell by a = third.

Other big lenders, such as Wells Fargo and Wachovia, have cut back on = supply=20 of Alt-A loans through brokers and last week JPMorgan Chase increased = its Alt-A=20 rates by 125 basis points.

Countrywide, the largest US home lender, yesterday bought some = branches from=20 HomeBanc Corp, which said on Monday it would stop funding new = loans.

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