CMBS special servicers have increased their activity over the past two months with roughly $3.7 billion in newly-modified loans, according to an FTN Financial report.

Moody’s Investors Service in a report Wednesday said that the high jobless rate will keep the default rate among private, non-guaranteed student loans at their presently steep levels through 2012. For the collateral backing ABS deals in the agency’s index, the default figure was 5.1% in Q4, about flat from the 5.0% posted in 2010. That is more than double the pre-recession rate.

Mortgage application activity was essentially flat in the week ending Feb. 24 as an increase in purchase activity was offset by a slight decline in refinancing activity.The Mortgage Bankers Association (MBA) reported the Purchase Index jumped 8.2% to 175.The Refinance Index declined 2.2% to ~4225 with the share of refinancing applications as a percent of total applications falling to 77.9% from 80.1%. This is the lowest share since the beginning of December 2011.

JPMorgan Chase told a federal court in Wichita, Kan., that it should reject National Credit Union Administration 's (NCUA) claims regarding $1.4 billion of MBS sold to four failed corporate credit unions and dismiss the suit without even allowing for discovery.

Deutsche Bank is marketing its $941 million CMBS conduit deal, which according to market reports, looks set to be followed by more issuers looking to tap the market.

Some CMBS special servicers are charging undisclosed fees to borrowers seeking modifications, according to Fitch Ratings. And there is concern that this may be the beginning of a trend.

After months of pressure from Congress and consumer advocates, the Federal Reserve Board released new details Monday about how mortgage servicers plan to follow regulatory directives that they improve their foreclosure systems.

Barclaycard on Tuesday became the latest credit card lender to benefit from Bank of America Corp.'s crash diet, by scooping up a $1.3 billion SLM Corp. or Sallie Mae card portfolio.

The recently unveiled HARP 2.0 initiative should be “fully” operational in 30 days and is already exceeding expectations, according to Department of Housing and Urban Development secretary Shaun Donovan.

During a pair of appearances Tuesday on Capitol Hill, top housing officials from the Obama administration sought to reassure members of Congress about the financial condition of the Federal Housing Administration.

The Federal Reserve Bank of New York announced the sale of the rest of the securities in the Maiden Lane II LLC (ML II) portfolio.

The Secretary of the Commonwealth of Massachusetts has fined State Street Corp. $5 million over its role as investment manager in the Carina CDO.