Finance

MBIA lost more than a half billion dollars in the 1Q12. The company’s adjusted pre-tax loss was $548 million in the quarter, compared to a $25 million profit in the first quarter of 2011. Its adjusted book value slipped to $32 a share from $34.50.

The Office of the Comptroller of the Currency (OCC) has dismissed one of the consultants overseeing a massive foreclosure review after it discovered a conflict of interest in outside work the company has performed.

On Thursday Senators Robert Menendez (D-NJ) and Barbara Boxer (D-CA) introduced a new legislation called Responsible Homeowner Refinancing Act of 2012, which aims to further take out the barriers to refinancing through the Home Affordable Refinance Program (HARP).

Ally Financial has been reportedly working on plans for a pre-packaged Chapter 11 bankruptcy filing for its troubled Residential Capital (ResCap) unit.

In emailed research today, Standard & Poor's analysts said that year-to-date auto sales through April increased 10.3% from the same period last year.

Flows this week moved down in coupon as investors added duration on the strong flight-to-safety bid. They also responded to faster-than-expected Home Affordable Refinance Program (HARP) refinancing activity in April.

Clopton Capital plans to expand loan options for owners and operators of gas stations nationwide.

Freddie Mac's new chief executive, Donald Layton, urged critics to keep an open mind about the troubled GSE and pledged to focus on "the nuts and bolts" to improve efficiency.

Residential lenders issued $36.4 billion of Ginnie Mae MBS in April, a 25% spike from the prior month, according to new figures released by the agency.

The House of Representatives this week adopted a Republican amendment that would bar the Justice Department from engaging in further mortgage settlement talks without giving bond investors a seat at the negotiating table.

TriLyn has formed an investment management platform focused on opportunities in high yield commercial real estate (CRE) debt.

A major shake up in the senior ranks at Arch Bay Capital has taken place with several departures from the company, according to three nonperforming loan investors that have conducted business with the firm.

Global shipping company Hapag-Lloyd increased an existing trade receivable securitization to $150 million.

Freddie Mac on Thursday named Donald Layton, who previously held executive positions at E*Trade and Chase, its CEO.

Middle market CLOs have remained relatively scarce since the financial crisis, as it’s still difficult for deal sponsors to get financing to warehouse loans to small and medium-sized companies.

WSFS Financial Corp., the parent company of WSFS Bank, announced the firm's implementation of selected asset strategies. This includes sellling MBS as part of its portfolio management.

The National Reverse Mortgage Lenders Association (NRMLA) has asked a federal regulator to craft a ‘qualified mortgage’ (QM) rule specifically for private reverse mortgages.

Solar securitizations have long been eyed as a financing alternative that can lower the weighted average cost of solar energy products for customers. It will also reduce exposure to developers.

Newcastle Investment Corp., a mortgage investing REIT managed by Fortress Investment Group, is “very optimistic” it will participate in a big investment in mortgage servicing rights with other entities that its manager oversees, chairman Wesley Edens said.