Prepayment speeds were projected to increase 10%-15% on average in response to a higher number of collection days at 22 from 20; a pickup in refinancing activity in response to record low mortgage rates, and a rush by servicers to close conventional loans before a 10-basis-point increase in the guaranty fee went into effect on April 1.
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The Federal Home Loan Banks (FHLBs) stopped purchasing private-label MBS in 2008, but losses on those bad investments have been a major drag on earnings ever since. But that may be changing.
May 25 -
In a recent presentation to investors Fortress Investment Group estimated that $4 trillion in mortgage servicing rights may change hands over the next few years, but MSR investors and others say that estimate is much too high.
May 25 -
The Federal Reserve Board on Thursday released the last details of how two mortgage servicers — Citigroup and HSBC Finance Corp. — plan to fix problems in their home loan servicing and foreclosure processes.
May 25 -
Key senators signaled guarded optimism Thursday about the chances of finding a bipartisan compromise on mortgage refinancing legislation, though the bill still faces an uphill fight in the House.
May 25 -
Bond insurer MBIA’s chief attorney told a judge Thursday that the process the New York State Insurance Department (NYSID) and MBIA took to split the company was long and public.
May 25
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Golub Capital Partners has priced a $411 million collateralized loan obligation backed by broadly syndicated loans, according to a report by Standard & Poor’s.
May 24 -
American International Group had some of the claims in its $10.5 billion suit against Countrywide Financial Corp. thrown out of court because they were filed too late.
May 24 -
The Federal Reserve Bank of New York said today that Citigroup had won the latest bidding process for another portion of the Maiden Lane III portfolio.
May 24 -
Residential Capital's bankruptcy filing on May 14 is a credit negative for two major bond insurers, Moody’s Investors Service said.
May 24 -
Chariot Funding LLC and Jupiter Securitization Co. LLC financed a £750 million ($1 billion) consumer loan facility.
May 24 -
Natixis Global Asset Management (NGAM) made new hires to its Northern European sales and marketing teams.
May 24 -
Commercial real estate prices, as they are measured by Moody's Investors Service/Real Capital Analytics (RCA) Commercial Property Price Indices (CPPI) national all-property composite, remained flat in March.
May 24