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Tag Archives: RMBS

Investor Group Files to Split from BofA Settlement Agreement

A group of mortgage-bond investors has filed a petition with the New York Supreme Court requesting to be cut loose from the $8.5 billion settlement proposed last week by Bank of America. The settlement would resolve nearly all of the lender's repurchase exposure stemming from legacy first-lien residential mortgage bonds issued by Countrywide. Eleven of the companies to be compensated by the arrangement, though, say BofA's proposal is ""inadequate.""

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Fitch: BofA’s Settlement With Investors to Help RMBS Recoveries

Fitch Ratings expects that Bank of America's recently proposed settlement for mortgage repurchase and servicing claims will positively affect the ratings of approximately 10 percent of Fitch-rated U.S. residential mortgage-backed securities (RMBS) in the affected Countrywide trusts. In addition, the ratings agency says payouts from the settlement in the short term and improved servicing practices over the longer term are likely to further improve recovery prospects for a larger portion of bonds.

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Ally Financial Acknowledges Receipt of Mortgage-Related Subpoenas

Ally Financial Inc., one of the nation's five largest mortgage servicers, acknowledged receipt of subpoenas from the U.S. Department of Justice and the U.S. Securities and Exchange Commission (SEC) Wednesday. The subpoenas are directed at Ally Financial Inc. and GMAC Mortgage LLC's mortgage activities. Ally says the subpoenas may result in adverse judgments, fines and penalties, or injunctions.

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Ohio Mortgage Company Employees Indicted on Fraud Charges

Thirteen defendants were indicted on mortgage fraud offenses involving nearly $13 million in fraudulent loans in Ohio, according to a statement from county prosecutor Bill Mason and the Cuyahoga County Mortgage Fraud Task Force. Defendants included a supervisor, account managers, and appraisers formerly working for Argent Mortgage Company. Argent was one of the largest home loan originators in Cuyahoga County from 2003 to 2005.

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BofA Reaches Settlement With Investors Over Legacy Countrywide Deals

Bank of America will pay investors $8.5 billion to compensate them for Countrywide's dealings years before the subprime lender was acquired by BofA. The settlement resolves nearly all of BofA's first-lien repurchase exposure from Countrywide-issued bonds. It involves 530 trusts and $424 billion in securities. The company has also agreed to implement certain servicing changes, which will cost some $400 million. BofA says the cleanup will leave it with a loss for the second quarter, but the market has responded positively to the news.

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Freddie Mac’s Serious Delinquencies Continue Descent

The nation's second largest mortgage company has again reported a decline in the percentage of loans it holds that are 90 or more days past due and in foreclosure. Freddie Mac says its serious delinquency rate for single-family mortgages dropped to 3.53 percent in May. That's down four basis points from 3.57 percent the month before and down 53 basis points from 4.06 percent in May 2010. May's rate was the lowest it's been since September of 2009.

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DebtX Offers Loan Portfolio Assessments to Value M&A Deals

DebtX, a loan sale advisor for commercial, consumer, and specialty finance debt, says it is working with a number of financial institutions to provide loan portfolio due diligence services to evaluate merger and acquisition (M&A) transactions. The company's M&A advisory service offers asset evaluation, loss forecasting, and cash flow analysis for buying and selling institutions considering strategic transactions.

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Mortgage Servicing Litigation Jumps 88%: Report

Litigation related to mortgage servicing surged during the first quarter, after last fall's robo-signing issues raised questions about servicers' procedures and garnered widespread attention from mainstream media. Mortgage servicing litigation increased 88 percent over the first three months of this year, according to industry data released Monday. Investor-related litigation, however, eased, as did actions related to loan modification disputes.

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SEC Has Credit Ratings Agencies in Its Sights

As it peels back the layers of the secondary market to delve deeper into the trading of the subprime mortgage bonds reputed for setting off the financial crisis, the Securities and Exchange Commission (SEC) has set its sights on major credit ratings agencies. The SEC is considering bringing civil fraud charges against Standard & Poor's and Moody's Investors Service for their role in positioning mortgage-backed securities that held a high risk of default as grade-A investments.

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Fitch: Subprime Price Rally Hits Month Seven

Prices on credit default swaps (CDS) involving subprime mortgages more than doubled their increase from last month, extending the rally to an unprecedented seventh straight month, according to the latest index results from Fitch Solutions. Subprime CDS prices rose 1.7 percent overall, though price increases were not uniform across vintages, with the 2007 leading the surge. Fitch says most vintages are in the black for the year. The lone negative outlier is the 2006 vintage.

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