IP RECOVERY, INC. PRESENTS AN EXTRAORDINARY DATA TOOL FOR VALUING MORTGAGE-BACKED SECURITIES, REVISING CREDIT, PRICING AND DEFAULT MODELS, AND INITIATING AND DEFENDING AGAINST SUBPRIME MORTGAGE-RELATED LITIGATION
As part of the NEW CENTURY FINANCIAL CORPORATION bankruptcy proceedings, IP Recovery, Inc. purchased from the New Century Liquidating Trust a unique and comprehensive collection of loan origination data, servicing data, performance data, rejection data and broker data for loans originated/serviced by New Century between 1997 and its bankruptcy filing in 2007.
New Century was, of course, the second largest originator of subprime mortgage loans in the United States. At the time of its bankruptcy filing in March 2007, it was the largest subprime mortgage lender ever to fail.
IP Recovery, Inc. is making this data available on a non-exclusive, perpetual license basis so that you may analyze the data on your own equipment or access it, remotely, through a facility provided by IP Recovery, Inc.
A description of the data and its many applications follows below. For pricing details, database "screenshot" samples and answers to any specific questions that you may have, please contact us.
The New Century loan data is of unprecedented data/analytics and litigation value to:
This data (sample database "snapshots" will be provided upon serious inquiry) can not be found anywhere else. Nor can the information provided here be approximated from any other sources, as New Century did not report this data to LPS, Intex or other sources.
The lack of historical data with which to validate the efficacy of past and current CDS/CMO pricing and valuation models was a significant contributor to the ongoing subprime crisis.
Even small changes in underlying assumptions or data can lead to dramatic and unexpected changes in valuation. Reliance upon Gaussian copula functions which minimized or eliminated the review of historical default data was, and remains, a recipe for disaster.
The New Century database, which covers all 3.2 million New Century originated loans, including all loans which collateralize the currently-traded NCHELT notes, presents an entire chapter of financial history, and will give you an unique opportunity to mine its data for as-yet-undiscovered default and default correlation insights.
Recent reports indicate that we are facing a similar imminent crisis as pay-option ARM and adjustable-rate hybrid ARM defaults surge.
The New Century data provides an unprecedented window into the specific conditions underlying past market failures. Understanding what actually happened with subprime mortgages and their related securities can help prevent future debacles involving option ARMs and other financial products.
Access to this database will benefit your (or your customers’ or clients’) data analytics/quantitative research by enabling you to:
While the New Century data's value is obviously heightened vis-à-vis the various NCHELT notes, data this granular will necessarily provide deep, unique insight re the current state and future performance of ANY mortgage-backed security.
By illuminating such a wide swath of the historical subprime picture, its structure and its failures, this data will also benefit your (or your customers’ or clients’) litigation posture, by helping you to better:
The New Century database is populated principally with private data, not otherwise available in the public domain. The database is roughly 44 gigabytes (44GB) in size, containing 871 origination and servicing data attributes for each of 3.2 million sub-prime loans, including but not limited to:
Additionally, there are 150 attributes for each of 200,000+ Broker Data records.