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Tag Archives: RMBS

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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MountainView Hires Managing Director for Mortgage Sales and Trading

MountainView Capital Holdings has announced the hiring of Robert Wellerstein as a managing director in its mortgage and fixed income sales and trading units. Wellerstein is an industry veteran with a broad range of experience in sales and trading of mortgage loans, mortgage servicing rights, and fixed income securities. He joins MountainView from Banc of Manhattan Capital, after 17 years with Countrywide Securities Corporation.

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Fitch Sees Drop in Subprime Delinquencies as Default Swap Prices Rise

Recent improvements in the job market are translating into falling subprime delinquency rates. At the same time, prices on subprime credit-default swaps (CDS) have risen for five straight months. Multiple reports on the secondary market signal growing investor appetite for subprime mortgage bonds and finance instruments like CDS, which transfer the risk of default from the bond holder to the seller of the swap. According to Fitch, subprime delinquencies are dropping sharply with cured loans up by as much as 50 percent for some vintages.

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Securitization Group Puts Down Roots in D.C.

The American Securitization Forum (ASF) is opening a Washington, D.C. office. The organization is headquartered in New York but with all the new rules and regulatory changes coming down from Washington, ASF says a physical presence there will help further its advocacy efforts on behalf of the securitization markets. In conjunction with the office opening, ASF has named Jim Johnson managing director of public policy. Johnson previously served as senior counsel to the U.S. Senate Banking Committee for Ranking Member Richard Shelby.

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Freddie Mac Wins Dismissal of Federal Putative Class Action Lawsuit

A putative class action securities lawsuit filed against Freddie Mac in federal court in August 2008 has been dismissed, according to a statement from the GSE. Judge John Keenan of the U.S. District Court for the Southern District of New York granted Freddie Mac's motion to dismiss all claims brought by two pension funds alleging that the GSE misled shareholders about its exposure to risky mortgage loans.

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Subprime Defaults Improve but Market Conditions Raise Loss Severities

Fitch Ratings has reviewed all U.S. subprime mortgage securitizations rated by the agency and found little change in expected losses for the bond investors as default risk improved slightly. However, the agency says loss severities have increased due to longer foreclosure timelines and still-declining home prices. Fitch says the average time to liquidate a distressed loan has increased by roughly six months from a year ago and now exceeds 20 months. Timelines are expected to increase further in 2011 as foreclosures continue to face procedural challenges.

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Morningstar Sets Up Practice to Evaluate Mortgage Servicer Performance

Morningstar, Inc., a provider of independent investment research, announced Monday that its Realpoint unit has launched an operational risk assessment practice to evaluate the performance of mortgage servicing firms. Morningstar says the new practice, which is part of Realpoint's credit ratings business, will complement the company's convention of providing transparency and insight to investors in mortgage-backed securities.

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