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Tag Archives: RMBS

Residential Credit Solutions Issues $110M Pool of Loans and Real Estate

Residential Credit Solutions announced Tuesday that it has issued a newly created asset-backed securitization comprised of residential loans and real estate. The secondary market offering carries a value of more than $110 million. Forty-four percent of the structure is collateralized with delinquent mortgages and REO properties and 46 percent is current mortgage loans.

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New Servicer Rules from GSEs to Take Focus off Private-Label Securities

Fannie Mae and Freddie Mac recently announced they will be issuing new guidelines this summer that will align their procedures for handling past due mortgages and implement a new incentive and penalty structure based on individual servicers' performance. Moody's Investors Service says this new directive - in particular the monetary motivation involved - will likely shift servicers' focus to loans backing the GSEs' mortgage bonds and away from loans in private-label residential mortgage-backed securities (RMBS).

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New York AG Looks to Link Financial Crisis and Mortgage Securities

Industry analysts, economists, even lawmakers generally concede that the pooling of risky subprime mortgages into secondary market securities fueled the economic collapse that almost brought the nation's financial system to its knees. But New York Attorney General Eric Schneiderman is looking for proof that major financial institutions were hocking these dicey mortgage-backed securities during the days leading up to the collapse of the housing market, knowing that these transactions would result in billions of dollars in mortgage losses.

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Bipartisan House Bill Would Put Private Firms in GSE Role

House lawmakers have introduced a bipartisan plan that would replace Fannie Mae and Freddie Mac with a group of private firms to fill the role of issuing government-guaranteed mortgage-backed securities. The bill's authors say it would not only protect taxpayers but would ensure financing for home loans and products like the 30-year fixed-rate mortgage remain available to middle-class families. Market observers say the proposal is the only one so far that could win sufficient support from both sides of the aisle.

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Clayton Holdings Partners with MBSData for Loan-Level Analytics

Clayton Holdings has partnered with MBSData to provide loan-level data risk identification analytics and reporting solutions to fixed-income-mortgage investors. According to a statement from the two companies, their combined technology platform is designed to help investors manage residential mortgage-backed securities (RMBS) risk more effectively. The new offering will cover 98 percent of the active deal universe of private-label RMBS.

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FHLB Boston Sues to Rescind Purchases of $5.8B in Mortgage Bonds

The Federal Home Loan Bank of Boston has filed a complaint with the Massachusetts Superior Court to rescind investments it made in private-label mortgage-backed securities (MBS) issued by 115 securitization trusts totaling $5.8 billion. The suit alleges that the securities dealers, underwriters, issuers, and credit ratings agencies involved in the transactions made untrue or misleading statements regarding the quality of the underlying loans and the creditworthiness of the borrowers.

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CoreLogic Releases RMBS Analysis Technology

CoreLogic recently released Vector Securities, a platform to enable transparent and dynamic loan-level analysis of non-agency residential mortgage backed securities (RMBS). The company says the transparency at both the deal- and loan-level provided by the new technology is key to enabling a new era of confident securitizations and reestablishing the RMBS market as private liquidity returns.

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Treasury’s Toxic Mortgage Program Pulls in $1.7B

The program launched by Treasury in March 2009 to take toxic mortgage assets off banks' books has earned $1.7 billion for taxpayers -- $500 million in dividends on the investments made and $1.2 billion in ""unrealized gains"" as the value of securities purchased under the program has increased. The private investment firms participating in the program - including the likes of AllianceBernstein, BlackRock, and Invesco - are seeing returns ranging from 27 to 75 percent.

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Judge Rules BofA Not Liable for Countrywide’s MBS Deals

A federal judge in California has dismissed all claims brought against Bank of America by investors who bought mortgage-backed securities (MBS) from Countrywide before BofA purchased the subprime lender in 2008. Even after the investors narrowed the scope of their case, the judge granted Bank of America's motion to dismiss on the grounds that the plaintiffs failed to show that two separate transactions between the bank and Countrywide involving the transfer of assets constituted a de facto merger.

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Ginnie Mae Announces New Policy for Pooling Delinquent Loans

Ginnie Mae, which provides a guaranty on mortgage securities backed by Federal Housing Administration loans, has announced a new policy regarding the pooling of past-due loans. For single-family securities with an issue date of June 1, 2011, and after, servicers can no longer package loans that are delinquent by more than the monthly installment of principal and interest that is due on the issue date. This fall, the federal agency will also begin requiring issuers to supply new data elements, such as loan-to-value ratios and pre-modification qualities.

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