Finance

Apollo Residential Mortgage filed an S-11 yesterday with the Securities and Exchange Commission (SEC) to offer 10 million shares in its IPO.

Ocwen Loan Servicing has updated its servicing advance recovery policies to minimize cash shortfalls on current investment-grade rated, non-agency RMBS.

The bank-owned PNC Mortgage Thursday confirmed that it hired mortgage industry veteran E. Todd Chamberlain as its president and chief operating officer beginning Aug. 8.

Prospect Mortgage, Sherman Oaks, Calif., Wednesday afternoon agreed to pay the Department of Housing and Urban Development (HUD) $3.1 million to settle charges that it created sham affiliated business arrangements as part of a scheme to share in “kickbacks” paid to these joint ventures.

Moody's Investors Service just published a report that gives an update on Irish RMBS performance. The ratings agency is maintaining a negative outlook on Irish RMBS citing expectations of increased delinquencies and defaults in these deals.

While a majority of the fixed-income and equity markets have recovered from their price weakness, a new report by Amherst Securities Group (ASG) analysts finds that there are still considerable price drops across all the sectors of the securitized products market.

The delay over raising the U.S. statutory debt limit could cause the country's 'Aaa' bond rating to be downgraded, which would lead to a default on U.S. Treasury debt obligations, said Moody's Investors Service.

Dexia SA has filed a lawsuit yesterday against Deutsche Bank. The suit cited fraud in connection with more than $1 billion in RMBS it purchased.

Mortgage rates dropped in the week ending July 14 in response to the sharp decline in yields following the much-weaker-than-expected jobs report, said Freddie Mac Chief Economist Frank Nothaft.

JPMorgan Chase & Co. Chief Executive Jamie Dimon talked up the housing market's prospects, downplayed his bank's exposure to Europe and urged parties in Washington to resolve the standoff over the debt ceiling Thursday.

As housing prices continue to slide, the loan-to-value ratios of always-performing loans have in many cases crept higher than those on defaulted loans, according to a new report from Moody's Investors Service.

Foreclosure related filings fell by almost 30% in the first-half to 1.17 million actions, but it appears much of the drop is attributable to processing and procedural delays, according to new figures compiled by RealtyTrac.

It's 5,159 miles from Athens to McLean, Va., but for Capital One, the Greek capital — and its debt crisis — is much much closer to home.

As potential buyers kick the tires of a few big credit card portfolios on the block, the issuers' private-label card operations for the first time in years could be an advantage, instead of a drag, thanks to changes in the economy and in industry regulations.

Federal Reserve Chairman Ben Bernanke suggested that the Fed might continue its asset purchase program. This is only if economic developments indicate that an adjustment in the stance of monetary policy would be appropriate.

A federal judge yesterday dismissed key charges in National Credit Union Administration (NCUA)’s suit against officers and directors of WesCorp Federal Credit Union, but allowed several other charges to remain, making it increasingly likely there will be a trial in the failure of the one-time $34 billion corporate credit union.

When it comes to the securitization market for residential loans, hope springs eternal that some day the private sector will take a large bite out of the government-controlled MBS market.

Steve Curry, a six-year veteran of Impac Mortgage Holdings, has left the lender to accept an executive vice president job with ClearVision Funding (CVF), a fast growing wholesaler based in Santa Ana, Calif.

The Joint Forum urged banks to provide more transparency to investors in the securitization industry while also decreasing the complexity of the products offered.

Mortgage application activity fell 5.1% in the holiday-shortened week ending July 8 with both refinancing and purchase activity lower.