The 30+ delinquency rate on CMBS shot up in July to a record 9.88%, according to a report by Trepp. This comes after two consecutive declines in the delinquency rate in May and June.

The Chicago city ordinance establishing mortgage lender liability for vacant buildings that are caught in the foreclosure process will be credit negative for RMBS deals, Moody's Investors Service said.

National lender and servicer Carrington Mortgage Services (CMS) has expanded its mortgage origination unit by purchasing certain assets of American Home Equity Corp. (AHE). Mortgage lender AHE is based in Irvine, CA based.

The mortgage operations at Ally Financial lost $127 million for the second quarter due to its legacy portfolio, down from profits of $34 million in the first quarter and $230 million for the second quarter 2010.

David Stevens arrived as a commissioner at the Federal Housing Administration (FHA) in 2009 vowing to restore financial discipline to a government housing body facing the stresses of a post-crash world.

Allied Irish Bank (AIB) is selling off its international financial services business to Captia for £29 million ($47.2 million), according to market reports.

The CMBS market continues to feel the ripple effect of last week's announcement from Standard & Poor's that it would stop rating new conduit/fusion CMBS deals, with yet another transaction pulled from the market because of the rating agency's move.

The proposed Qualified Residential Mortgage (QRM) rules have a better chance at harming the housing market than they have at addressing underlying weaknesses in the securitization process. They are an overreaction to the excessive risk-taking during the housing boom.

A Brazilian regulation that goes into effect today ratchets up the default probability of mezzanine tranches in domestic ABS, said Moody’s Investors Service in a release.

BNP Paribas hired Christian Wulf as director in charge of Latin America for the firm's aviation finance group.

By Richard DeKaser's calculations, it takes just 16.5% of the average consumer's income to make payments on a 30-year mortgage for an average priced home. The last time the ratio was this low was 1968.

Michael Horowitz, a partner in the business fraud and complex litigation group and a member of the management committee at Cadwalader, Wickersham & Taft, has been nomininated by President Barack Obama as inspector general of the Department of Justice (DOJ).