The latest note offering in the CAS series (Series 2015-C02) is scheduled to settle on May 27 and is consistent with prior transactions. This transaction includes reference loans with original LTVs up to 97 percent, according to Fannie Mae.
Read More »Judge Dismisses RMBS Complaints Against Bank of America, U.S. Bancorp
Likewise, Forrest ruled that investors based in Ireland and the Cayman Islands lacked standing to sue the two banks. All of the plaintiffs were given a chance to amend their complaints.
Read More »Winners in Fannie Mae NPL Auction Announced
SW Sponsor, LLC, was the winning bidder for Pool No.1 , which included 710 loans with an aggregate UPB of $173.8 million; the winning bidder for Pool No. 2, which included 2,358 loans with an aggregate UPB of $587.9 million, was Neuberger Berman Fixed Income Funds’ affiliate PRMF Acquisition LLC.
Read More »FHFA Updates Mortgage-Backed Security Structure Initiative
According to the FHFA, the initial goal was to assist in building a Common Securitization Platform (CSP) and support the statutory obligation to ensure the liquidity of the nation’s housing finance markets issued by the FHFA. Taxpayers would also not have to suffer the cost of subsidizing Freddie Mac’s securitization of single-family mortgage loans with the Single Security.
Read More »Agency MSR Deal Worth $45 Billion Finalized Between Chase, Ocwen
Ocwen first announced on March 2 it had signed a letter of intent to sell the the $45 billion portfolio, which includes about 266,000 high-quality Fannie Mae loans, to an anonymous buyer. Media reports that surfaced later that week indicated that the buyer was Chase, which was confirmed on Thursday by both parties in the transaction. For Chase, purchasing the high-quality Agency loans is consistent with the New York-based bank's strategy of enhancing the quality of its mortgage business.
Read More »FHFA Director Watt Outlines Positive Developments for Federal Home Loan Banks
In his speech, Watt highlighted that the FHLBanks are an important part of home financing, in that they provide a source of funding and access to the secondary mortgage market and other services to member institutions, especially smaller institutions that have little access these services.
Read More »Goldman Sachs Ordered to Pay Australian Bank $100 Million for MBS ‘Conflict of Interest’
Arbitrators from the Financial Industry Regulatory Authority (FINRA) awarded the $80 million compensatory request to NAB plus interest amounting to approximately $20 million, according to reports, bringing the total amount Goldman was ordered to pay up to approximately $100 million.
Read More »Judge Finds Nomura Liable For Selling Toxic Mortgage-Backed Securities To GSEs
The nearly two-month long court battle between the Federal Housing Finance Agency (FHFA) and Nomura Holdings came to an end Monday when a federal judge found the bank liable for selling shoddy mortgages to Fannie Mae and Freddie Mac prior to the 2008 financial crisis.
Read More »New York Appeals Court Revives CDO Fraud Suit Against Goldman Sachs
The suit was dismissed by the Appellate Division of the New York Supreme Court in May 2013 on the grounds that ACA Financial, as a "highly sophisticated commercial entity" should have done its research on the securities before purchasing
Read More »Counsel’s Corner: Should the Statute of Limitations Apply for ‘Putback’ Claims on RMBS?
Counsel's Corner is an ongoing series in which DS News talks with default servicing attorneys around the country about the most pressing issues facing the default servicing industry. This installment features Don Hawthorne, Partner in the New York office of Axinn Veltrop & Harkrider.
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