CRE Finance Council (CREFC) has selected of Paul Vanderslice as its president for the 2012-2013 term.

WASHINGTON — Supporters of the Consumer Financial Protection Bureau (CFPB) are dismissing a new lawsuit that seeks to abolish the agency as a political stunt, and even bank industry insiders who would like the case to succeed are privately calling it an uphill battle.

Fitch Ratings has issued the first of a series of reports that address recent investor allegations about “servicer specific deficiencies.”

Activity and flows in MBS were influenced primarily by the Federal Open Market Committee (FOMC) meeting this week.

Among the strongest industry rationales for a national mortgage servicing settlement was that it would break the legal stalemate over a huge backlog of delinquent loans. Banks would give principal writedowns to eligible borrowers and confidently foreclose on the rest, allowing the housing market to move on.

It's tempting to ignore Moody's bank downgrades, which are affecting the ABCP market (see story). They were late, heavily broadcast in advance and came from an organization with a lot to prove after missing key elements of the credit crisis.

Santander Consumer USA plans to sell a $1.4 billion auto ABS under its Santander Drive Auto Receivables Trust 2012-4.

The housing slump will continue as student loan debt rises, according to analysis from the National Association of Home Builders.

The European Covered Bond Council (ECBC) stated that it welcomed yesterday’s announcement by an investment banking group that these institutions are committed to helping ensure the successful launch of the ECBC Covered Bond Label.

A federal judge from the the U.S. District Court, Southern District of New York yesterday approved a $40 million settlement in an MBS class action lawsuit against individuals formerly affiliated with Lehman Brothers Holding. The company went bankrupt in September 2008.

The mortgage servicing industry has lost the benefit of the doubt with judges, regulatory agencies and attorneys representing debtors, and according to a panel of industry experts, proper documents and filing procedures are a critical tool for buyers and sellers to make the most of investment opportunities in distressed and delinquent mortgage portfolios.