A California judge upheld his own decision to whittle the government's claims against the firm's ex CEO Michael Perry.

Ambac set up the account in March 2010 to hold certain troubled liabilities. Because of Ambac Assurance's financial troubles, Ambac has not been paying claims on the segregated account.

The Italian Bank, UniCredit has made its first ABS tender offer since 2010 to repurchase up to €1bn ($1.28bn) of its Italian RMBS and lease ABS bonds.

The Mortgage Bankers Association reported mortgage application activity rose 11.1% in the week ending Sept. 7. Adjusted for the Labor Day holiday, the Refinance Index surged 12% to ~4723, while the Purchase Index gained 8% to 193.

Fitch Ratings assigned an 'F1sf' rating to the asset backed commercial paper issued by Windmill Funding Corporation, a partially supported multi-seller ABCP conduit sponsored by The Royal Bank of Scotland.

The firm's relative value outlook is still unchanged from earlier in 2012, even given the tighter spreads and as the consumer ABS market still functions as a safe haven for many buyers.

The House of Representatives Tuesday afternoon passed a bill that requires the Federal Housing Administration (FHA) to submit a plan to Congress on how it intends to avert a bailout of its financially strapped mortgage insurance fund.

Although uncertainty remains about the Fed's purchase program's direction, RBS expects the Fed to announce QE3 in September meeting.

The FHFA announcement stated that lenders will be relieved of certain repurchase obligations for loans that meet specific payment requirements.

NewDay USA, a nationwide reverse mortgage lender, Tuesday named former Ginnie Mae president Joseph Murin as its new president and chairman.

The Consumer Financial Protection Bureau’s examination teams are focusing most of their attention on large bank and nonbank mortgage servicers.

The recovery in the multifamily sector is hitting on all cylinders with rents rising, vacancies falling, and accelerating construction, while the single-family market is still on a slow path of revival.