NCUA's complaint deals with credit unions U.S. Central, WesCorp, Members United, Southwest, and Constitution, all of which were involved in the purchase of $140 billion in RMBS between 2004 and 2007 and all of which closed after those securities lost value.
Read More »Judge’s Ruling Paves Way For Class-Action Suit against JPMorgan Chase
A judge ruled on Wednesday that investors' claims in nine separate offerings for $10 billion worth of residential mortgage-backed securities (RMBS) were similar enough for the investors to proceed as a class for a potential lawsuit against JPMorgan Chase.
Read More »$460M Settlement Reached in NJ Court Over Faulty RMBS
Swiss-based bank Credit Suisse and New Jersey-based insurance company Prudential agreed on a $460 million settlement over a lawsuit filed by Prudential alleging that the bank had sold fraudulent residential mortgage-backed securities (RMBS).
Read More »Goldman Sachs, FHFA Agree to Multi-Billion Settlement in RMBS Suit
The Federal Housing Finance Agency (FHFA) and New York-based investment banking firm Goldman Sachs have settled a lawsuit alleging that Goldman Sachs sold faulty residential mortgage-backed securities (RMBS) to GSEs Fannie Mae and Freddie Mac, for which FHFA is conservator.
Read More »Plan Proposed to Bring Standardization to the RMBS Market
One of the enduring legacies of the mortgage crisis is the lack of standardization in the residential mortgage-backed securities (RMBS) market, particularly as they relate to warranties and repurchase enforcement mechanisms.
Read More »Morgan Stanley Settles RMBS Claims
Morgan Stanley agreed to pay back $275 million to investors whom the Securities and Exchange Commission say were mislead by a pair of mortgage bonds the company marketed during the financial crisis.
Read More »RMBS Liquidations Increase for the First Time in Almost Two Years
Annualized liquidations of United States RMBS loans increased last quarter for the first time in seven quarters, according to a report issued Monday by Fitch Ratings. The conditional default rate increased in Q2 2014 to 4.92 percent after nearly two years of declines from 9.76 percent in Q2 2012. The previous decline was spurred on by shrinking inventories of distressed properties and a decrease in the use of short sales.
Read More »Fitch: Slow RMBS Prepayments Lengthens Default Term Risk
A new report from Fitch Ratings found that U.S. prime jumbo residential mortgage-backed securities (RMBS) issued since the start of 2010 are unlikely to see a "meaningful increase in prepayments, even if interest rates stay low." The company believes that the lack of prepayments will result in an increased average life of the mortgages in these trusts, further increasing the period of default risk.
Read More »Fitch: RMBS Delinquency Not Indicative of Trend
The highest delinquency to date of any post-crisis residential mortgage-backed securities (RMBS) doesn't indicate any trend of future delinquencies, according to an analysis by Fitch Ratings. The delinquency, according to the company, came about due to a transfer of servicing, and doesn't point to any widespread post-crisis late payment increases.
Read More »Delinquency Rates on Post-Crisis U.S. RMBS ‘Nearly Zero’
Delinquency rates on recently issued U.S. residential mortgage-backed securities (RMBS) remain nearly zero after the first post-crisis transaction was completed, according to a new report issued by Fitch Ratings.
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