Finance

Data provider CoreLogic announced today that it has incorporated anomynized servicer stop advance data into its private-label RMBS dataset.

Standard & Poor’s believes that the current positive trends in the U.S. auto sector will continue into 2H12. They expect ABS issuance in auto-related collateral to exceed their $80 billion forecast this year.

The National Association of Realtors’ (NAR) leading indicator of future home sales rebounded in May after an unexpected downdraft in April.

For the week ending June 22, the Refinance Index declined 8% to 4955 from 5386 - its highest level since April 2009. Over the previous two weeks, the index jumped 20% largely as a result of a surge in the Government Refinance Index as pre-June 2009 borrowers took advantage of a drop in mortgage insurance premiums on streamlined refinances that became effective June 11. Also, as a percent of total application activity, refinance share slipped to 79% from 81% previously.

Fitch Ratings said that uncertainty surrounding the Dodd-Frank Act, particularly in terms of the qualified residential mortgage (QRM) definition, has led many traditional RMBS issuers to postpone their issuance plans.

After a long winter of price declines, Standard & Poor's (S&P) finally reported that its 20-city house price index (HPI) turned up in April.

Royal Bank of Scotland (RBS) analysts said in their weekly report that the European Central Bank’s (ECB) decision last Friday to relax its repo criteria will revive CMBS issuance from lower-rated countries — namely Portugal and Ireland.

JPMorgan analysts said that the majority of consumer ABS asset classes have continuously exhibited solid collateral performance after the crisis, including timeshare ABS.

Flagship Credit Acceptance is planning to sell a 144A auto ABS called Flagship Credit Auto Trust 2012-1.

Freddie Mac reported a rebound in lending activity in May after a significant drop in April.The secondary market agency reported Tuesday that it purchased $30.7 billion in residential mortgages from lenders in May, up 19% from April.

A loan officer for a Florida mortgage company was sentenced to more than four years in prison for pleading guilty to committing wire fraud in a $9.2 million mortgage fraud scam.

Credit Suisse and Mitsubishi UFJ Securities are raising a $413.4 million collateralized loan obligation for Prudential Investment Management, according to a person with knowledge of the transaction.

At last week’s American Securitization Forum Sunset Seminar, panelists discussed how the proposed Franken amendment creates unintended consequences in applying credit ratings.

So far there are two deals in the market this week, one each from the student and auto loan sectors.

Rating agency presale reports came out last week on the latest deal from Redwood Trust, the only consistent issuer/aggregator of nonagency/Jumbo securitizations. These show it is continuing to work toward perfecting its mix of inherent Jumbo risks and mitigating factors.

Major servicers are in various stages of setting up their systems and training personnel to provide struggling homeowners with a “single point of contact” (SPOC) that they can rely on as they go through the loan modification process, according to a new report by the Office of the Comptroller of the Currency (OCC).In April 2011, OCC directed 12 major mortgage servicers to clean up their shops after receiving numerous complaints from borrowers and congressmen about slow processing times, lost paper work and the difficulty of reaching anyone at the servicing company who could answer their questions.

CRE Finance Council (CREFC) has selected of Paul Vanderslice as its president for the 2012-2013 term.

WASHINGTON — Supporters of the Consumer Financial Protection Bureau (CFPB) are dismissing a new lawsuit that seeks to abolish the agency as a political stunt, and even bank industry insiders who would like the case to succeed are privately calling it an uphill battle.

Fitch Ratings has issued the first of a series of reports that address recent investor allegations about “servicer specific deficiencies.”

Activity and flows in MBS were influenced primarily by the Federal Open Market Committee (FOMC) meeting this week.