Items Tagged with 'RMBS'

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  • Fannie Mae CEO: We will return to profit in 2018

    "We are a b2b business, we’re not a b2c business."
    “We had a solid quarter in that our business performance was excellent,” Timothy Mayopoulos told HousingWire by phone. “The quarter’s earning are not a reflection of our underlying business. We will also benefit from the lower corporate tax rate.”
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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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  • RBS reaches $125 million mortgage bond settlement with California

    Settlement covers “misrepresentations” of RMBS sold to state pension funds
    Earlier this year, the Royal Bank of Scotland finally reached a $5.5 billion settlement with the Federal Housing Finance Agency over alleged violations of federal and state securities laws in connection with private-label residential mortgage-backed securities trusts purchased by Fannie Mae and Freddie Mac from 2005 to 2007. But RBS’ legacy issues are not done and dusted yet.
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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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  • SIFMA voices concern about secondary market impact of rapid VA loan refinancing

    Supports Ginnie Mae, VA effort to address lenders targeting veterans
    Investors are concerned with the secondary market impact of mortgage lenders aggressively targeting servicemembers and military veterans for quick and potentially risky refinances, according to SIFMA, a prominent secondary market trade group. SIFMA voiced its concerns in a letter sent Wednesday to Ginnie Mae, which recently launched an investigation and a task force with the Department of Veterans Affairs to review a rise in rapid refinances among VA loans.
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  • Watchdog: Ginnie Mae wasn't ready for nonbank mortgage lending boom

    OIG report notes that Ginnie Mae made progress on oversight, but issues remain
    Over the last few years, Ginnie Mae experienced a significant shift in its business, with its share of nonbank originations rising from 11% in 2011 to 75% this year. But, according to a new report from a government watchdog, Ginnie Mae was not prepared for the rise of nonbank mortgage lending and “did not adequately respond” to the changes in its lender base.
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  • Ginnie Mae investigating aggressive lenders targeting veterans for quick refinances

    Review comes on heels of CFPB report, inquiry from Sen. Elizabeth Warren
    Ginnie Mae is looking into a number of mortgage lenders that are aggressively targeting servicemembers and military veterans for quick and potentially risky refinances of their mortgages. Ginnie Mae’s investigation comes at the urging of Sen. Elizabeth Warren, D-Massachusetts, who raised concerns about lenders that may be “aggressively and misleadingly marketing the refinancing of mortgages backed by the Department of Veterans Affairs.”
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