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Tag Archives: RMBS

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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FHFA Suspends Loan Repurchase Deals

The Federal Housing Finance Agency (FHFA) has signed off on several headline-grabbing arrangements between major lenders and the GSEs to reconcile loan repurchase claims. The results of an investigation released this week, however, indicate approval was made in haste. In response, FHFA has put the brakes on any future repurchase settlements pending further examination of the process in place to assess the true cost of such deals for taxpayer-funded Fannie Mae and Freddie Mac.

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Two Harbors Investment Promotes Controller to CFO and Treasurer

Residential mortgage-backed securities investor Two Harbors Investment Corp. has announced the appointment of its controller Brad Farrell to the position of CFO and treasurer, effective January 1, 2012. After that time, Two Harbors' current CFO, Jeffrey Stolt, will continue to serve as partner and CFO of Pine River Capital Management L.P., the parent of PRCM Advisers LLC, Two Harbors' external manager.

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SEC Considering Legal Action Against S&P for Rating of Mortgage Debt

The nation's foremost securities regulator is considering a civil injunction against Standard & Poor's (S&P) for its rating of a collateralized debt obligation (CDO) linked to high-risk mortgages. S&P's parent company told investors Monday it received notice that the Securities and Exchange Commission (SEC) may proceed with enforcement actions and monetary penalties. At the center of the investigation is a $1.6 billion CDO from 2007, which has been cited as an example of why the financial crisis ran so deep.

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New Fed Stimulus: Mortgage Bonds and Treasuries on the Shopping List

Driving home its rationale for new stimulus measures, the Federal Reserve on Wednesday reiterated the pains many Americans are living with every day - economic growth remains slow, unemployment remains elevated, and housing remains depressed. With these and other downside risks holding back recovery, the Federal Reserve says it will begin reinvesting its money into mortgage-backed securities issued by Fannie Mae and Freddie Mac, and it will purchase another $400 billion in Treasury bonds.

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FHFA Sounds Private-Sector Mantra With Plans to Raise GSEs’ Fees

Fannie Mae and Freddie Mac will begin raising the fees they charge lenders for guarantees on mortgage loans next year. According to the companies' regulator, it's a step toward readying the market for private-sector reinforcements and weaning the nation's housing sector off of low-cost government support. FHFA's director says it ought to be clear at this point that the two mortgage giants will not be able to emerge from conservatorship. He argues that more progress should have been made on housing finance reform by now.

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Total Mortgage Approved as Fannie Mae Seller and Servicer

Total Mortgage Services, LLC, a Connecticut-based mortgage lender, has received approval from Fannie Mae to be a seller/servicer for one-to-four unit single-family first lien mortgages. The company explained that with the designation it can now retain mortgage servicing rights for GSE loans, as well as sell and pool loans into mortgage backed securities (MBS) and expand its product offerings.

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Government Guarantees Called Into Question at Senate Hearing

The Senate Banking Committee held a hearing Tuesday on housing finance reform, the first of three housing-related hearings on the agenda this week. The issue of government guarantees for home mortgages came under some fire. One witness with the American Enterprise Institute in Washington, D.C. noted that without any change in policies and without any further increase in the GSEs' debt, the national debt will reach $30 trillion in 10 years.

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Congressman Suggests Extension of Conforming Loan Limit

Congressman Gary Ackerman of New York has sent a letter to House Appropriators urging them to extend the temporarily increased conforming loan limit that will otherwise expire October 1. Ackerman was joined by 36 members of Congress in his request. He suggested the conforming loan limit extension be built into the continuing resolution that will keep the federal government functioning when the new fiscal year begins next month. Private investors, though, are advocating for the loan limit increase to expire.

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