Finance

The New York State Court of Appeals reinstated a $5 billion fraudulent conveyance and breach of contract lawsuit brought by bank policyholders against MBIA.

The Depository Trust & Clearing Corp. (DTCC) has appointed Noel Donohoe to the newly created position of executive managing director and group chief risk officer.

Angel Oak Capital Advisors has launched its Angel Oak Multi Strategy Income Fund to invest in ABS.

The June ABX remittance report showed that while loss severities and delinquency rates are improving, CDRs and modification rates saw a slight increase, as reported by Bank of America Merrill Lynch analysts.

Moody’s Investors Service is asking for market feedback on a proposed follow-up to its operational risk guidelines concerning ABCP programs in a Request for Comment (RFC) issued yesterday.

Last month’s record-breaking U.S. used auto prices will help improve existing auto lease ABS, but will hurt future auto lease securitizations, according to a report by Moody’s Investors Service.

The Consumer Financial Protection Bureau (CFPB) has posted newly revised prototypes of a two-page "Loan Estimate" disclosure on its Web site for a second round of input on the way closing costs are presented.

Small mortgage banking companies got hammered in the first quarter amid falling loan volumes and rising expenses.

A group of mortgage originators, issuers and investors is close to a consensus on a new process for enforcing representations and warranties on private-label securities.

On a day when the stock market soared upwards, the three stand-alone mortgage insurers all saw their stock price drop. This is in apparent reaction to an article that appeared over the weekend in another publication.

Fraudsters that previously focused on breaking into new accounts are now putting more attention on cracking the security barriers of older card accounts, causing the incidence of such crimes to rise, according to Experian PLC.

The call for loan-level mortgage data sounded soon after the industry began to pick up the pieces from the housing market crash. It's grown louder since then and the information is slowly becoming more available. But without a way to identify and decipher what it means, the data are worthless. Luckily, there is new technology coming to market that provides lenders, investors and servicers the ability to monitor the loans being originated, evaluate their quality and monitor repayment performance.

Stuck between a rock and a hard place, some mortgage lenders are choosing to relax underwriting requirements ever so slightly to offset a dramatic drop in loan origination volumes.

GTP Acquisition Partners is offering the Class C and Class F notes of Secured Tower Revenue Notes, Series 2011-2. Moody’s Investors Service has assigned provisional ratings of 'A2 (sf)' to the $490 million Class C notes and 'Ba3 (sf)' to the $155 million Class F notes. The offering is backed by wireless towers.

Barclays Capital reports that June CMBS conduit liquidations hit the new high of more than 450 deals worth nearly $1.9 billion, an increase that bodes well for special servicers of these portfolios.

A recent Barclays Capital report highlighted the slowdown of the private credit student loan ABS market where issuance has dropped 60% from the same time last year. The only two ABS deals to price since mid-July were from this year totaling $1.4 billion.

In the first two of what promises to be several legal actions seeking compensation for the corporate credit union crisis, the National Credit Union Administration (NCUA) sued two of the biggest Wall Street banks last week seeking to recover losses from the now-toxic mortgage-backed securities they sold to four of the five failed corporates.

Freddie Mac has entered into a proposed settlement with creditors of the Taylor, Bean & Whitaker Mortgage Corp. (TBW) bankruptcy that will allow the GSE to gain control of TBW-related mortgage servicing rights and $54 million in loan receipts in TBW deposits.

GNMA executive Christopher Haspel is, more or less, a household name to lenders and servicers that deal with the government agency, and soon will be wearing a new hat—that of the new Consumer Financial Protection Bureau (CFPB).

The $200 million civil settlement with Regions Financial Corp.'s brokerage unit this week was the sort of case that the Securities and Exchange Commission (SEC) and state regulators believe should guide industry behavior.