Tag Archives: Residential Mortgage-backed securities

While the onslaught of new mortgage regulations in the last year has created headaches for lenders, it's had a clear positive impact in one area, Fitch Ratings says in a new report: the residential mortgage-backed securities (RMBS) sector. In its latest look at the RMBS segment, the company says that while the market still has some rebuilding left to do, it "has seen some rather substantial improvements of late," owing in large part to improved loan underwriting standards in recent years.

JPMorgan Chase reported that it has provided more than half of the consumer relief required in just one year as part of a settlement with the government last year, according to a report released Tuesday. The internal review group for the New York-based megabank asserted in the third Chase Consumer Relief Update, compiled by Monitor Joseph A. Smith, Jr., that Chase has earned $2.2 billion in consumer relief credit from the period of October 1, 2013, to September 30, 2014.

The U.S. Securities and Exchange Commission (SEC) agreed to partially waive the additional sanctions that could have been imposed on Bank of America following a record settlement in August over the sale of residential mortgage-backed securities, according to sources familiar with the case in a report from Bloomberg News.

The U.S. Department of Justice (DOJ) announced earlier this week that it has issued $24.7 billion in fines and penalties from various organizations for the fiscal year ending September 30, 2014, which was more than three times the $8 billion that DOJ collected for FY 2013. Much of the money collected was a result of enforcement actions by DOJ upon financial institutions for their handling of residential mortgage-backed securities.

Bank of America's record $16.65 billion settlement with several government agencies over the sale of toxic residential mortgage-backed securities (RMBS) has been stalled by an internal disagreement within the U.S. Securities and Exchange Commission (SEC), sources familiar with the case said in a report from Bloomberg News.

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.

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.