With major investors exiting the reverse mortgage space, originations of government-backed Home Equity Conversion Mortgages have dropped by 950 to 1,100 loans a month.

The surge in refinancings this fall pushed Fannie Mae's issuance of MBS to $63.7 billion in November, up 20% from the prior month.

Massasuchetts Mutual Life Insurance Co. has filed a lawsuit against Merrill Lynch, Deutsche Bank Securities, Goldman Sachs, JPMorgan Securities, and RBS Securities, according to the Boston Business Journal.

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.

It would seem hard to defend the so-called dual-tracking of foreclosure proceedings and loan modifications.

Consumers are having a tough time qualifying for a mortgage these days, and even a federal program designed to provide financing for low- and moderate-income borrowers is winnowing out applicants with low credit scores.

Americans who are able to buy homes are putting down payments of more than 12% on average, a survey from mortgage lead generator LendingTree found this month.

Holiday retail sales gave the National Association of Credit Management's (NACM) Credit Managers' Index (CMI) a boost to a high not seen since May, but it remained below year-ago levels as many companies, including some in the mortgage space, are still in distress.

Investors behind three CDOs – Cedarwoods CRE CDO III, Concord Real Estate CDO 2006-1 and Resource Real Estate Funding CDO 2006-1 – filed a lawsuit this week to block a junior lender from exercising the fair value purchase option on the $150 million defaulted loan secured by JW Marriott Las Vegas Resort & Spa securitized in CSMC 2007-TFLA, according to a New York court filing.

Mickael Le Gargasson, Societe Generale’s director of acquisition and leveraged finance for the Asia Pacific region has left the firm, according to reports.

Pending home sales surged 7.3% to a reading of 100.1 in November, its highest level in 19 months, from an unrevised 10.4% increase to 93.3 in October, according to a report released Thursday by the National Association of Realtors.