Finance

Former officers and directors of WesCorp Federal Credit Union told a federal court yesterday that National Credit Union Administration's (NCUA) growing legal battle with Wall Street banks over securities they sold to the failed corporate illustrates they could not have known the securities were faulty when they made the decision to buy them, thereby nullifying NCUA’s multi-billion dollar negligence suit against them.

Dechert has hired Jodi Schwimmer to join the firm’s finance and real estate practice as counsel.

Insurance giant MetLife said Thursday it plans to sell its banking affiliate but will remain in the residential finance and servicing business through its MetLife Home Loans division.

The Moody’s/REAL Commercial Property Price Index (CPPI) reported its largest ever one-month increase of 6.3% in May. This is also the first rise in six months for the index.

Two Harbors Investment, a unit of Pine River Capital Management, has hired David Miller as a managing director to oversee business development and strategic initiatives.

NorthMarq Capital has arranged a $98.353 million tax-exempt bond securitization (TEBS) for a national bond portfolio owned by TCH I Depositor.

The Obama administration late Wednesday said it would veto House legislation aimed at restructuring the brand new Consumer Financial Protection Bureau (CFPB).

Loan brokers and correspondents that live in fear of mortgage buy back requests from secondary market investors may have a new nemesis to worry about: the Federal Deposit Insurance Corp (FDIC).

Wells Fargo & Co. will have to pay an $85 million civil penalty for misleading borrowers into costly subprime loans, the Federal Reserve Board said Wednesday.

The Federal Trade Commission (FTC) is mailing over 450,000 checks to former customers of Countrywide Home Loans (CHL) as part of a $108 million settlement involving allegations that CHL took advantage of delinquent borrowers and charged excessive servicing fees.

The loan modification process needs a reboot that uses technology to help borrowers understand the process and provide faster resolution to loan files, according to panelists speaking at the Best Practices in Loss Mitigation Conference that National Mortgage News' parent company SourceMedia sponsored this week in Dallas.

A closely watched appeals court case that could determine whether investors may sue firms over allegedly faulty disclosure for auction-rate securities has pitted the Securities and Exchange Commission (SEC) against a broker-dealer group.

Dollar Thrifty Automotive Group (DTAG) is in the market with a transaction called Rental Car Finance Corp., Asset Backed Notes, Series 2011-1. Rental Car Finance Corp. (RCFC), a wholly owned subsidiary of Dollar Thrifty, is the issuer.

Bank of America says all those rumors about it exiting the correspondent mortgage channel are just not true.

The American Securitization Forum (ASF) released a statement today applauding the House Financial Services Committee’s approval of legislation aimed at stabilizing the ABS market.

A new report by Lender Processing Services (LPS) reveals that the total U.S. loan delinquency rate climbed 2.4% in June to reach 8.15%, while the foreclosure pre-sale inventory rate also rose by 0.2% to 4.12%.

The U.S. CMBS delinquency rate declined sixteen basis points in June to reach 9.02%, according to Moody’s Investors Service’s Delinquency Tracker (DQT). The rate of loans in special servicing dropped for the second straight month with a decrease of 27 basis points, settling at 12.35%.

A short-term default is not expected to have any effect on GNMA MBS cash flows because of their collateralized nature, according to a new Barclays Capital report.

When the Consumer Financial Protection Bureau (CFPB) officially opens its doors Thursday, the new agency will be ready to field complaints about credit cards – but not mortgages or servicing performance.

If the financial industry were made up of nursery rhymes, Wells Fargo & Co. would be Little Jack Horner and Bank of America Corp. would be regarded as Pinocchio.