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Tag Archives: Residential Mortgage-backed securities

Pending Settlements Over Faulty RMBS Sales Bring Total Recovered by NCUA to $2.2 Billion

NCUA sued Wachovia, which was acquired by Wells Fargo in 2008, in 2011. The Association filed suit against Barclays, the U.S. subsidiary of the British financial services firm, in 2012. Once the settlements are completed, NCUA will dismiss pending suits against both firms in federal district courts in California, New York and Kansas. As part of the settlement, neither Wachovia nor Barclays do not admit any fault.

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Moody’s Upgrades $1 Billion Worth of Fannie Mae and Freddie Mac RMBS

The note holders for these transactions are not entitled to receive cash from the mortgage loans in the reference pools, unlike typical RMBS transactions. Rather, the performance of the mortgage loans in the reference pool determines the timing and amount of principal and interest the GSEs are obligated to pay on the notes.

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Monitor Credits Chase With $3.3 Billion in Relief Toward Settlement Obligation

The report released Thursday includes Chase's self-reported gross consumer relief and the amount of consumer relief credit the bank claimed for the first quarter of 2015, an amount that has not yet been validated by Smith. According to Chase's internal review group, the bank provided 6,671 borrowers with an additional $2.31 million in creditable consumer relief during the first quarter of 2015.

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