Federal regulators are seeking comment on a proposal that aims to lessen banks' reliance on credit ratings by proposing three methods for assessing risk on firms' trading books.
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For the moment, the job of ensuring that the nation's largest banks comply with the terms of last week's mammoth mortgage settlement falls on just one man.Joseph A. Smith, Jr., North Carolina's banking commissioner, is charged with ensuring that the five biggest mortgage servicers — Bank of America Corp., JPMorgan Chase, Citigroup, Wells Fargo and Ally Financial — implement new servicing standards and take other steps that are required by the settlement.
February 13 -
Six structured finance partners formerly with Orrick, Herrington & Sutcliffe have joined Chapman and Cutler.
February 13 -
A mortgage banking firm specializing in U.S. Department of Veterans Affairs (VA) loans is trying to sell $4.5 billion of GNMA-backed mortgage servicing rights through Interactive Mortgage Advisors (IMA), Denver.
February 13 -
Servicers will likely avoid extending modifications as part of the $26 billion AG settlement since they will not be indemnified against investor lawsuits, according to a JPMorgan Securities report.
February 13 -
Auto ABS volume keeps getting bigger with three deals this week, further boosting the sector.
February 13
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The mortgage insurance division of Genworth Financial is beginning to see a noticeable pick up in Home Affordable Refinance Program (HARP) refinancing applications, a sign that the '2.0' version of the program may finally be gaining traction.
February 13 -
In the past three years, the proportion of new-issue non-mortgage ABS deals placed in the private/144A market has risen considerably, according to a recent Barclays Capital report.
February 13 -
Carrington Capital Management, a unit of Carrington Holding Co., and American Home Mortgage Servicing (AHMSI) have agreed to bring to a close the action filed by Carrington against AHMSI in 2009.
February 10 -
Greek drama book-ended the week that led to sharp flight-to-quality trades on Monday and Friday. Meanwhile, Treasury supply weighed on the market the days in between, which caused 10-year note yields to surge to 2.047% by Thursday's close from 1.90% at Monday's close.
February 10 -
More than a day after the announcement of a mammoth national mortgage servicing settlement, the actual terms of the deal still aren't public. The Web site created for the national settlement lists the document as "coming soon."
February 10 -
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Massachusetts’ top securities regulator has asked Bank of America to turn over documents related to two CLOs.
February 10
