WATCH: Former Wells Fargo CEO calls BofA fine “extortion”

WATCH: Former Wells Fargo CEO calls BofA fine “extortion”

Kovacevich says fine is political and has “nothing to do with justice”

BofA reaches $16.65B settlement over "toxic waste" mortgages

Loans date back to Countrywide and Merrill Lynch

KBRA: More smoke than fire in Ocwen’s restated earnings

Cautions that MSR transactions could see more regulatory scrutiny
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Items Tagged with 'Moody's Investors Service'

ARTICLES

Moody’s proposes changes to RMBS rating system

Would incorporate global ratings model into U.S. methodology
Ben Lane
Moody’s said that the new quantitative model will be the starting point for its analysis of the loan pool and that the new model was developed after an “extensive” analysis of the performance of 800,000 fixed-rate and 600,000 adjustable-rate mortgages issued since 1998.
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Freddie Mac breaks new ground with riskier STACR deal

Unloads $10 billion more in credit risk
Ben Lane

The new deal, STACR 2014-HQ1, carries an average LTV of 92% with a current pool balance of $9.975 billion spread across 45,112 loans. The loans have an average balance of $221,109 and were originated in the third and fourth quarters of 2013.


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Moody’s: HFA single-family bond financing will increase

Bond financing will drive revenue growth
Trey Garrison
As housing finance agencies seek to rebuild their balance sheets amid a favorable bond market, Moody’s Investors Service expects bond financings to become a more significant part of HFAs’ mortgage funding sources, reversing the downward trend since 2011, a note to clients says.
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Moody’s: Collateral quality of private label RMBS reaches benchmark

Trey Garrison
A note to clients from Moody’s Investors Service says collateral quality for private label RMBS in the limited number of new transactions issued in recent years remains as high as it was in the first post-crisis transactions.
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Moody’s warns on Green Tree after servicing failures

Performance could hamper business with GSEs
Ben Lane
Recent test results are putting a spotlight on Green Tree, according to analysts at Moody's Investors Service. As a result, Green Tree may find it harder to grow its business through mortgage servicing rights purchases in the short term, but the credit ratings agency said the threat to RMBS is minimal.
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Invitation Homes prices nearly $1 billion rental securitization

$477.48 million tranche rated AAA by Moody’s, Kroll, Morningstar
Ben Lane
Invitation Homes priced the largest tranche of the deal, $477.48 million, at one-month LIBOR plus 100 basis points. The total securitization is for $993 million.
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Moody’s issues ratings for $1B Invitation Homes rental securitization

Rates $801.9 million in four classes
Ben Lane
Moody’s becomes the third ratings agency to issue $483.3 million in AAA ratings to the largest tranche of the deal.
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Amid discussion of mortgage business split, PHH posts $42 million loss

Company expects decision on its future in the 2nd quarter
Ben Lane

PHH reported its first-quarter earnings for 2014, and the news was not promising for the company's future.


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Rental securitization earns AAA rating from Kroll, Morningstar & Moody’s

Deal is only third of its kind
Ben Lane
The offering, called American Homes 4 Rent 2014-SFR1, is a $482.7 million single-family rental securitization. The transaction is collateralized by a single loan that is secured by mortgages on 3,871 income-producing single-family homes.
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United Wholesale Mortgage launches non-QM program for jumbo borrowers

Interest in non-QM is growing
Trey Garrison
United Wholesale Mortgage, one of the nation’s largest wholesale lenders, launched a new program called ‘Big & Easy Plus,’ which is design for non-QM Jumbo loans.
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