Finance

National Credit Union Administration (NCUA) plans to hit the Street again this week with another offering of NCUA Guaranteed Notes, this time of $1.165 billion backed by RMBS held by the five failed corporate credit unions.

Fitch Ratings downgraded four senior tranches from three European CLOs of leveraged loan transactions.

Provisions of the Dodd-Frank financial reform legislation that will be enforced by the new Consumer Financial Protection Bureau (CFPB) will change many mortgage servicer practices, according to a panel of compliance attorneys speaking on the closing day of the SourceMedia Mortgage Servicing Conference in Dallas.

U.S. credit card ABS chargeoffs reversed course in March, rising for the first time in six months, even as most other metrics posted further gains, according to Fitch Ratings.

Churchill Financial Group is jumping on the business development company bandwagon.

Taylor, Bean & Whitaker's (TBW) former chairman and CEO Lee Farkas ordered data sent to its warehouse lender, Colonial Bank, for nonexistent mortgages in an effort to cover up growing deficits, an ex-president testified in court this week.

National servicing standards "are clearly doable" according to New York Banking superintendent Richard Neiman, but the Empire State's top regulator says a lack of cooperation between the states and federal regulators is hobbling the effort.

Increases in loan-level price adjustment fees impacted speeds on both FHLMC Gold and GNMA MBS in March.

Freddie Mac reported a one basis point increase in 30- and 15-year fixed mortgage rates to 4.87% and 4.10%, respectively, with an average 0.7 point.

The Federal Reserve Bank of New York and Blackrock Solutions conducted the first BWIC from the Maiden Lane II (MLII) portfolio yesterday. The Fed sold RMBS with a face value of over $1.3 billion on Wednesday.

Spanish pharmaceutical company Grifols launched a $105 million private placement transaction Wednesday, with Mesirow Financial as its agent, a source familiar with the situation confirmed.

A subcommittee of the House Financial Services Committee debated yesterday and is expected to vote a handful of bills this morning that would begin the phase-out of Fannie Mae and Freddie Mac, which now finance a staggering 95% of the single-family mortgage market.

While saying JPMorgan Chase & Co. had enough capital already to comply with new Basel III requirements, Jamie Dimon, the bank's chairman and chief executive, said regulators had gone too far in crafting the international capital accord.

While shaken, consumers' sense of obligation to the mortgage contract remains strong, according to the results of a market survey conducted last summer on behalf of Wells Fargo Home Mortgage.

New research shows that only one-fifth of loans the GSEs purchase would meet the regulators’ definition for “qualified residential mortgages” (QRMs) and would be exempt from the 5% risk retention requirement in the Dodd-Frank Act.

Ending the Making Home Affordable (MHA) Program would increase avoidable foreclosures and put the fragile housing market in worse shape, the program's director told an audience at the SourceMedia Mortgage Servicing Conference Tuesday.

Northern Rock priced its Gosforth Funding 2011-1 RMBS deal today, according to market reports.

Only three banks failed in March 2011, which makes for the slowest monthly pace since December 2008. This was when three banks also failed, according to a Trepp report released today.

PIMCO launched a new real estate finance company, according to a filing with the Securities and Exchange Commission (SEC).

Mortgage application activity was mixed, according to the Mortgage Bankers Association's (MBA) weekly survey, with the Refinance Index declining despite a slight easing in the 30-year effective mortgage rate.