Finance

Auto ABS performed slightly better in January versus December with net losses and delinquencies dipping and recovery rates increasing, according to Standard & Poor's.

The current buoyancy underlying the U.S. CLO market can be attributed to a number of issuance friendly factors, not the least of which is significant interest from new buyers, market participants say.

Bank of America Merrill Lynch analysts have updated their home price model and think that home prices are currently bottoming out.

In competitive sports, being first is always the goal. But the distance between the U.S. — at the head of the pack — and the rest of the world in crafting financial reforms is becoming a major hurdle for implementing the Dodd-Frank Act.

Administration officials are trying to get the Federal Housing Finance Agency (FHFA) to reconsider its resistance to principal reductions on loans purchased by Fannie Mae and Freddie Mac, Treasury Secretary Tim Geithner told lawmakers Wednesday.

Mortgage bankers issued $28 billion of Ginnie Mae MBS in February, down 7% from the prior month, according to new figures released Thursday.The new report shows that Ginnie-approved issuers securitized $26 billion in single-family loans, and $1.3 billion in multifamily loans in February. In addition, they securitized $718 million of FHA-insured reverse mortgages, up from $654 million in January.

Redwood Trust's second Jumbo RMBS for 2012 under its Sequoia Mortgage Trust 2012-2 or SEMT 2012-2 is currently marketing. The transaction is worth $327.9 million.

Mortgage rates jumped in response to the recent sharp sell-off resulting from perceived lower odds of further quantitative easing based on improving economic news.Freddie Mac reported 30-year fixed mortgage rates averaged 4.08%, a 16 basis points increase from last week. This is the highest level since late October. In addition, with an average 0.08-point, the no-point rate is near 4.30% and places 3.5% and some 4.0% coupons out of the refinancing window.

The National Credit Union Administration (NCUA) said it will receive roughly $5.25 million from HSBC for settling claims against the banking giant related to MBS it sold to five now defunct corporate credit unions.It is the third out-of-court settlement reached by NCUA over the corporate failures, following November deals with Deutsche Bank for $145 million and with Citigroup for $20.5 million.

Standard & Poor's said yesterday it is maintaining its CreditWatch with negative implications on Residential Capital's (ResCap) 'CC' ratings. The rating action was made last Nov. 10.

The Federal Housing Administration (FHA) has revamped a little used program for refinancing underwater conventional loans, and extended its "short refinance" program until the end of 2014.

In a report released today, Deutsche Bank Securities analysts examined the impact of Eastman Kodak Co.’s (Kodak) bankruptcy on the Hollywood and Highland loan in WFRBS 2011-C2.

Amherst Securities Group (ASG) analysts, in a report released today, said that servicers are charging considerably higher rates to borrowers on Home Affordable Refinance Program (HARP) loans.

A federal judge declined yesterday to dismiss charges that Barclays Capital packed a CDO it sold to Eastern Financial Florida Credit Union with junk, hastening the demise of the one-time $2.4 billion credit union, the biggest natural person credit union failure ever.

An Apollo Global Management managed European fund will acquire €650 million ($860 million) of Irish consumer credit card receivables from Bank of America.

The American Securitization Forum (ASF) today submitted a letter urging regulators to delay the Volcker Rule's implementation.

Mortgage application activity declined 7.4% in the week ending March 16 as mortgage rates rose in response to the Federal Open Market Committee's more upbeat assessment of the economy. This muddies the odds that further quantitative easing will be required.

Moody’s Investors Service is proposing changes to ratings and rating methodologies for public finance bonds secured by mortgages guaranteed or insured by third parties such as states, the federal government, or government sponsored entities.

Credit card ABS performance stayed strong in Wells Fargo Securities' credit card indices for March's distribution period, according to a report released this afternoon.

The increase in U.K. covered bonds shows a return of investor demand driven by an appetite for non-Euro denominated bonds, Bank of America Merrill Lynch analysts said.