A coalition of 44 industry, consumer, community development and civil rights groups have banded together to oppose a regulatory proposal on risk retention that they claim would increase the cost of mortgage credit for average Americans and goes beyond the intent of Congress.
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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.
August 2 -
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.
August 1 -
BNP Paribas hired Christian Wulf as director in charge of Latin America for the firm's aviation finance group.
August 1 -
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.
August 1 -
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).
August 1
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The Loan Syndications and Trading Association (LSTA) today submitted to joint regulators a 20-page comment letter explaining why managers of Open Market CLOs are not subject to the risk retention provisions of the Dodd-Frank Act.
August 1 -
The debt ceiling compromise will bring some temporary relief to the securitization market, although the benefits will likely be short-lived.
August 1 -
In July, more than $1.3 billion in CMBS conduit loans were resolved with losses, Trepp said today in a report.
August 1 -
The 'on-again/off-again' sale process has started once again for Aurora Loan Services (ALS), the Colorado-based mortgage banking division of Aurora Bank FSB, according to industry officials.
August 1 -
Homeowners who originated their mortgages during the peak of the housing boom with unfavorable loan terms are getting more frustrated with their inability to refinance with mortgage servicers, according to the J.D. Power and Associates 2011 U.S. primary mortgage servicer satisfaction study.
August 1 -
New Hampshire Higher Education Loan Corp. is in the market with a taxable SLABS deal Series 2011-1 worth $522.635 million. The joint lead managers on the 144A transaction are RBC Capital Markets and UBS.
August 1 -
Kroll Bond Rating Agency (KBRA) is currently seeking public comment on five publications that were released today regarding its RMBS rating process. This means that the rating agency can now rate residential mortgage-backed deals.
August 1