CoreLogic: Far fewer foreclosures coming to market

Fidelity National bails out Landcastle Title

Discovered “substantial account misappropriations”

Closing a mortgage finally makes money

Breaks 6 quarters of straight losses
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Items Tagged with 'RMBS'

ARTICLES

San Francisco earthquake rattles jumbo mortgage-bond collateral

Magnitude 6.0 earthquake should serve as risk reminder
Ben Lane
Sunday’s magnitude-6.0 earthquake should serve as a reminder that bond investors need to weigh the inherent risks that come with investing in the San Francisco market. The foundation of those investments is literally built on shaky ground.
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Bank of America reportedly reaches $17 billion RMBS settlement

Settlement would be largest yet
Ben Lane
If true, the $17 billion settlement would exceed the previous high of $13 billion paid by JPMorgan Chase in November to settle similar claims. As of press time, Bank of America did not have a comment on the rumors.
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$366 million in subprime-boom bonds coming to market

Big names scheduled to trade Tuesday
Ben Lane
Of note in the breakdown of the bond pool are some notorious names from the subprime lending boom, including: Ameriquest Mortgage, Countrywide Financial, Bear Stearns, Goldman Sachs, JPMorgan, and Citigroup.
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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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MBA’s Stevens: Single GSE bond is “critical”

New plan brings “unworkable fantasy” closer to reality
Ben Lane
"The move to a single security will enable the two GSEs to compete on a more level playing field, and this competition will be beneficial to both homebuyers and lenders,” David Stevens, president and CEO of the Mortgage Bankers Association, said.
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FHFA takes next step to single GSE bond

Plan would create common securitization for Fannie and Freddie
Ben Lane
The proposal calls for a “Single Security” that would encompass many of the features of the existing Fannie and Freddie securitization structure, which the FHFA said is necessary to “achieve maximum market liquidity.” The announcement today provided key details on what that bond may look like, but the FHFA did not provide a specific timeline for implementation.
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Urban Institute: 5 steps BofA should take in its settlement with DOJ

This would better serve consumers and investors
Trey Garrison
Now that Bank of America is nearing a reported $17 billion settlement with the Department of Justice, there are some steps the banking giant could take to better set things right, says the Housing Finance Policy Center staff at the Urban Institute.
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Morgan Stanley joins the jumbo RMBS party

Brings $256.5 million prime offering to market
Ben Lane
Morgan Stanley is set to bring its first jumbo RMBS of the year to market soon. Morgan Stanley Residential Mortgage Loan Trust 2014-1 is supported by 291 mortgages with a total balance of approximately $256.5 million.
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Bank of America nears record RMBS settlement

Largest deal with Justice rumored to be near
Jacob Gaffney
Bank of America Corp. and the Justice Department are close to a record deal in which the bank will pay between $16 billion and $17 billion to resolve allegations of mortgage-related misconduct in the run-up to the financial crisis, according to The Wall Street Journal. If so, it is by far the largest deal of its kind yet seen.
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American Residential joins booming REO-to-rental securitization market

Becomes latest to attempt to capitalize on burgeoning asset class
Ben Lane
The offering, American Residential Properties 2014-SFR1, will mark the third straight week that a REO-to-rental securitization has hit the market, demonstrating the growing popularity of the asset class.
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