Chairman of the House Oversight Committee Rep. Darrel Issa has asked NCUA’s Inspector General to investigate the use of contingency fees in civil suits against banks over their sale of MBS to five failed corporate credit unions.

The board of ResCap Thursday afternoon said it approved a $1.5 billion bid by insurance conglomerate Berkshire Hathaway to buy roughly 47,000 whole loans from the bankrupt mortgage company.

A rise in consolidation prepayments in some recent FFELP that back student loan securitizations is a result of students taking advantage of the Direct Loan Consolidation Program.

Although credit card master trust issuance has increased recently,this year's runoff has exceeded new issuance by about $32 billion, Citigroup Global Markets analysts said.

Subprime lending in the auto sector, which has been driven in part by rising used-vehicle sales, has continued to rise, S&P said in a short note this morning.

Fixed mortgage rates inched up in the week ending Oct. 25 as reported in Freddie Mac's weekly survey.

Nationstar bid roughly $2.907 billion for ResCap's origination and servicing assets, about $93 million shy of the top bid placed by Ocwen Financial and its partner Walter Investment.

Bank of America Corp. sold defective residential mortgage loans to the GSEs that later defaulted, the U.S. government said in a $1 billion fraud lawsuit against the bank.

Ocwen Financial sent out a memo to employees early this afternoon informing them that the firm won the bid for Residential Capital Corp.

Prudential Financial said today it has closed the Dryden XXIV Senior Loan Fund, its most recent CLO, at $522.5 million.

Royal Bank of Scotland will pay $42 million to settle a probe by Nevada’s attorney general into its mortgage-purchase practices before the housing crisis.