RMBS

The Italian Bank, UniCredit has made its first ABS tender offer since 2010 to repurchase up to €1bn ($1.28bn) of its Italian RMBS and lease ABS bonds.

The Mortgage Bankers Association reported mortgage application activity rose 11.1% in the week ending Sept. 7. Adjusted for the Labor Day holiday, the Refinance Index surged 12% to ~4723, while the Purchase Index gained 8% to 193.

The House of Representatives Tuesday afternoon passed a bill that requires the Federal Housing Administration (FHA) to submit a plan to Congress on how it intends to avert a bailout of its financially strapped mortgage insurance fund.

Although uncertainty remains about the Fed's purchase program's direction, RBS expects the Fed to announce QE3 in September meeting.

The FHFA announcement stated that lenders will be relieved of certain repurchase obligations for loans that meet specific payment requirements.

NewDay USA, a nationwide reverse mortgage lender, Tuesday named former Ginnie Mae president Joseph Murin as its new president and chairman.

The Consumer Financial Protection Bureau’s examination teams are focusing most of their attention on large bank and nonbank mortgage servicers.

The recovery in the multifamily sector is hitting on all cylinders with rents rising, vacancies falling, and accelerating construction, while the single-family market is still on a slow path of revival.

Redwood Trust is back in the market with a fourth RMBS deal of 2012 called Sequoia Mortgage Trust 2012-4.

Prepayment speeds were faster than expected in August, particularly along 3.5% and 4.0% coupons and moderately seasoned 4.5s.