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Tag Archives: RMBS

NCUA Reaches Settlements with Two Banks

The National Credit Union Association (NCUA) has reached settlements with Citigroup and Deutsche Bank Securities regarding residential mortgage-backed securities sales to five wholesale credit unions that have recently failed. Citigroup agreed to pay $20.5 million, and Deutsche Bank agreed to pay $145 million to help lessen the losses incurred when the five credit unions failed. Neither bank admitted to fault when agreeing to the settlement. Total losses incurred from the five credit union failures stand at $3.3 billion, according to the NCUA.

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Senate Proposal Calls for Winding Down of GSEs

Sen. Bob Corker of Tennessee has introduced a bill aimed at winding down the GSEs and bringing uniform standards to the industry. Coker's proposal would gradually reduce the amount of new mortgage backed securities (MBS) issued by Fannie Mae and Freddie Mac over 10 years. At the end of the 10-year period, the MBS market would be completely private. The bill also mandates sales of the GSEs' technology and other systems to private investors, and calls for a replacement to the MERS registry system.

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Foreclosure Starts Rise as Servicers Process Backlog of Delinquent Loans

Foreclosure starts among private-label residential mortgage-backed securities (RMBS) have been rising toward historic averages, which will lead to an influx of distressed properties bringing downward pressure to the housing market, according to Fitch Ratings. Foreclosure starts among loans that have been delinquent for six months or more have almost doubled in the past five months. Fitch says it's a sign that servicers are playing catch-up on actions that have been delayed over the past year.

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Housing Woes Lead Fed to Cut Growth Forecast

Federal Reserve Chairman Ben Bernanke said at a press conference Wednesday that ""ongoing drags from troubled housing conditions and still tight credit"" have led Fed officials to downgrade their forecasts for short-term economic growth. Bernanke quite frankly told reporters that problems in the housing sector are a big reason why our economy is not recovering more quickly. Despite the diminished outlook and Bernanke's repeated references to the depressed housing market, the Federal Reserve announced no new policy actions.

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Rep. Garrett Lays Out Plan for Fast-Tracking Housing Finance Reform

Rep. Scott Garrett, chairman of the House subcommittee responsible for matters related to the nation's two largest mortgage financiers, says Fannie Mae and Freddie Mac are not only systemically dangerous to economic security, but their government-sanctioned structure is ""un-American."" Garrett has unveiled his plan for putting housing finance reform on the fast track by ensuring private investors are ready to take up the slack from the GSEs. The sheer dominance of the two companies, however, leads some in the industry to err on the side of caution.

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Clayton Holdings Forms New Securitization Group

Clayton Holdings announced the formation of a new securitization group dedicated to helping the private market prepare for the return of non-agency residential mortgage-backed securities (RMBS). Clayton Holdings provides customized risk analysis, loss mitigation, operational solutions, and staffing services to the mortgage and fixed income industries. The firm's new securitization group will offer consultative services, as well as loan reviews and due diligence services in readying the secondary market for greater private sector involvement.

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Bank of America’s $8.5B Proposal to Investors Slated for Federal Review

Investors opposed to the $8.5 billion settlement reached between Bank of America and securities trustee Bank of New York Mellon will get their day in federal court. The settlement was originally filed in New York state court. A band of dissenting investors going by the name of Walnut Place moved the action to federal court, and BNY Mellon has been pushing for the case to revert back to the state. U.S. District Judge William Pauley denied BNY Mellon's motion this week.

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CoreLogic and Amherst Announce Prepayment Analyzer

CoreLogic and Amherst Holdings, LLC, have partnered to release the Agency Prepayment Analyzer, an online investment analysis tool. The analyzer intertwines CoreLogic's data with Amherst's analytics and forecasting to deliver prepayment risk trends for agency mortgage-backed securities. Designed for fixed-income investors, Agency Prepayment Analyzer tracks the rates at which residential mortgage loans prepay, either voluntarily or involuntarily due to refinancing, defaults, or sales - instances in which the GSEs require buybacks.

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Officials Mull Plan for Risk-Sharing Between GSEs and Private Investors

The administration is looking into ways to support greater private sector involvement in the secondary market for home mortgages. Officials are weighing a proposal that would allow Fannie Mae and Freddie Mac to sell off portions of their mortgage-backed securities (MBS) to private investors. These MBS carve-outs would not carry a federal guarantee but would pay a higher interest rate. A pilot program could be rolled out as early as next year to test private investors' willingness to share some of the risk carried by the GSEs.

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Rekon Enables Top Lender to Ensure Clean Titles for Foreclosures

Rekon Technologies has installed the latest edition of its namesake software for one of the top three mortgage lenders in the nation. The company provides software solutions to loan servicers and lenders that prepare, record, manage, and track loan documents, such as assignments, lien releases, and UCC terminations. The latest version of the Rekon software is designed to reduce assignment backlogs and ensure clean titles for foreclosure proceedings.

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