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Tag Archives: RMBS

Pro Teck Valuation Services Appoints Chief Financial Officer

Pro Teck Valuation Services, a real estate collateral valuation provider, announced Tuesday that Basil G. Pallone has joined the company as CFO. Basil will be responsible for all aspects of the company's financial operations, and has more than 25 years of financial management experience in public, private, and venture-backed companies.

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Ocwen Launches Turnkey Operation for Distressed Mortgage Buyers

Specialty servicer Ocwen Financial Corporation recently launched a new product to help buyers of non-performing loan portfolios or residuals of private-label securities get more value from their loans. A turnkey product, PlatformPlus allows distressed asset investors to set up their own specialty servicing operations using Ocwen's expertise and management.

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Fannie and Freddie to Need $42B More in Taxpayer Subsidies: CBO

Provided they live on in their current form, Fannie Mae and Freddie Mac will need another $42 billion from taxpayers over the next decade, according to the Congressional Budget Office (CBO). The agency says subsidies related to the GSEs' new business have fallen but they'll continue to need funding as long as their mortgage guarantees are priced below private institutions. CBO says the government faces two choices: either retain the GSEs' portfolios until the mortgages are paid off, or pay a private entity to assume the guarantee obligations.

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Goldman Sachs Subpoenaed Over Subprime Mortgage Trading

Prosecutors with the Manhattan District Attorney's office have issued a subpoena to Goldman Sachs for information related to the company's trading of mortgage bonds backed by subprime loans. The action against the Wall Street institution stems from a congressional report issued in April by a Senate subcommittee on the key causes of the financial crisis. The U.S. Justice Department, SEC, and New York's attorney general have reportedly launched their own investigations into Goldman's dealings during the run-up to the mortgage meltdown.

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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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