Items Tagged with 'mortgage bonds'

ARTICLES

  • Wells Fargo: Ginnie Mae warning on VA loan churning is just the beginning

    Analysts expect oversight of VA refinances to intensify
    On Thursday, Ginnie Mae laid down the law, so to speak, in its fight against a segment of mortgage lenders that are aggressively targeting servicemembers and military veterans for quick and potentially risky refinances of their mortgages. But according to analysts from Wells Fargo, Ginnie Mae’s threat of booting lenders from its bond program will not be the agency's last move in its effort to clean up VA loan churning.
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  • Ginnie Mae threatens to boot lenders from bond program over VA loan churning

    Steps up fight against lenders targeting veterans for quick refinances
    Ginnie Mae is turning up the heat in its fight against a segment of mortgage lenders that are aggressively targeting servicemembers and military veterans for quick and potentially risky refinances of their mortgages. Ginnie Mae is now threatening a small number of lenders with expulsion from its primary mortgage bond program if the lenders do not address the issue.
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  • S&P: Mortgage bond issuance doubled in 2017, will continue rising in 2018

    RMBS issuance jumped from $34 billion in 2016 to $70 billion in 2017
    Back in June, Standard & Poor’s Global Ratings said that 2017 was on track to be the best year for the residential mortgage-backed security market since 2013. Now that the final numbers are in, it looks like 2017’s mortgage bond issuance exceeded even the sunniest of forecasts.
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  • Morgan Stanley completes $400M consumer relief obligation for $3.2B mortgage settlement

    Settlement required company to provide relief to New Yorkers
    Morgan Stanley recently completed its $400 million consumer relief obligation that is part of the $3.2 billion mortgage bond settlement it reached last year. The settlement covers Morgan Stanley’s “deceptive” mortgage bond practices in the run-up to the financial crisis and requires the company to provide consumer relief for New York residents affected by the company’s alleged actions.
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  • Ginnie Mae steps up oversight on refinances

    Also, increasing tracking and analysis of prepayment rates
    Ginnie Mae is getting the word out that it is actively monitoring the pooling activity of issuers to identify behavior that violates the latest changes to issuer policies. Namely, Ginnie Mae is changing its rules surrounding refinances after an investigation found that some lenders are aggressively targeting servicemembers and military veterans for quick and potentially risky refinances of their mortgages.
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  • RBS will pay $44 million for cheating customers in mortgage bond trading

    Will pay $35 million penalty, $9 million in restitution to victim customers
    RBS Securities agreed to pay $44 million as part of a non-prosecution agreement covering allegations that the company’s mortgage-backed securities trading group defrauded its customers out of millions of dollars by lying about mortgage bond trades, the Department of Justice and the Special Inspector General for the Troubled Asset Relief Program announced Thursday.
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  • Former Deutsche Bank head subprime mortgage bond trader fires back at U.S. fraud charges

    Denies all charges, accuses government of ‘concocting a baseless theory of fraud’
    Paul Mangione, the former head of subprime mortgage trading at Deutsche Bank who stands accused over overseeing systemic mortgage bond fraud during the run-up to the financial crisis, says that the government kowtowed to public pressure to see individuals held responsible for the financial crisis by filing lawsuit against him that is wrong, unfair, and without merit.
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  • Flagstar breaks into RMBS market with “high-quality” first offering

    Closes $444 million securitization of jumbo prime, high-balance conforming loans
    Flagstar Bancorp is officially in the mortgage securitization business, as the bank announced Monday that it closed its first residential mortgage-backed securitization and said that this won’t be its last one either. According to Flagstar, the 668 underlying loans are "high-quality," a characterization is shared by Fitch Ratings, which handed out $416.06 million in triple-A ratings on the deal.
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