Finance

The private market could struggle to meaningfully absorb the capacity GSEs currently provide to the U.S. housing market, said Fitch Ratings in a report today on the housing finance reform proposal.

Europe looks set to reopen its CMBS new-issue market as Deutsche Bank preps a new £360 million ($580 million) deal for Blackstone Group, according to a Reuters report.

Financial Services Committee Chairman Spencer Bachus has scheduled a hearing and markup for early March to consider four bills that would terminate government-backed loan modification/foreclosure prevention programs that he calls "failed and ineffective."

Mortgages rates fell in the week ending Feb. 24 as yields declined on a flight to quality.

Single-family existing home sales rose 2.4% in January following a 12% jump in December, according to new figures compiled by the National Association of Realtors (NAR).

Though it's too early to declare that mortgage delinquencies are on the way down permanently, "We are seeing some bright spots," Anthony Renzi, Freddie Mac executive vice president of single family portfolio management, said during a press briefing at the Mortgage Bankers Association's servicing conference in Dallas Wednesday morning.

The Federal Housing Finance Agency (FHFA) Wednesday morning laid out its options for restructuring mortgage servicing compensation, including the possibility of eliminating the 25 basis point minimum paid on performing loans.

U.S. credit card delinquencies fell about 32% in the fourth quarter from a year earlier, according to TransUnion.

Yearend financial reports by several Federal Home Loan Banks (FHLBs) showed these "other" housing GSEs are returning to profitability, while experiencing a lower level of losses on their holdings of private-label MBS.

The average contract interest rate for 30-year fixed rate mortgages dropped 12 basis points to 5.0%, according to the Mortgage Bankers Association (MBA) survey.

Dechert hired Lawrence Berkovich as counsel in its finance and real estate (FRE) group. He was most recently special counsel at Cadwalader, Wickersham & Taft.

Highland Capital Management is the latest U.S. firm to sell its European CLO assets, according to Bloomberg.

Ford Credit Canada is in the market with its Ford Auto Securitization Trust 2011-R1.

Wells Fargo, which has emerged as a constant seller of delinquent mortgages, is offering roughly $350 million worth of whole loans, some of which are nonperforming, according to investment banking sources.

The chances that Ambac Assurance Corp. will be able to keep $700 million of disputed tax refunds increased last week when a federal court in Wisconsin again threw out the Internal Revenue Service’s (IRS) case against the bond insurer.

A year after the credit card reform law was enacted, Elizabeth Warren, the administration's official in charge with setting up the Consumer Financial Protection Bureau (CFPB), said the industry has improved its practices and warned against over regulation of the card market.

Ginnie Mae's MBS program has experienced unprecedented growth the past two years and now the agency wants to nearly triple its allotment for salaries to $30 million, allowing it to hire additional staff while reducing its dependence on outside contractors.

The National Credit Union Administration (NCUA) has proposed a new investment rule that eliminates the need to obtain top grades from the rating agencies, replacing it instead with the judgment of a credit union's management.

The Federal Deposit Insurance Corp. (FDIC) has sent letters to former executives of the failed Washington Mutual Bank, Seattle, warning of possible legal action, according to a report by Dow Jones, quoting a source familiar with the situation.

Federal prosecutors have ended their criminal investigation of former Countrywide Financial Corp. (CFC) chairman and CEO Angelo Mozilo, after deciding that his actions managing the nation's largest lender did not constitute criminal behavior, according to a report in The Los Angeles Times.