RMBS

Servicers that work on delinquent Federal Housing Administration-backed mortgages are becoming more proficient at short sales, FHA said in a recent 3Q12 report to Congress.

The Federal Housing Administration is bracing for a large spike in insurance claim payments now that servicers have adjusted to the requirements of the $25 billion robo-signing settlement.

A California judge upheld his own decision to whittle the government's claims against the firm's ex CEO Michael Perry.

Ambac set up the account in March 2010 to hold certain troubled liabilities. Because of Ambac Assurance's financial troubles, Ambac has not been paying claims on the segregated account.

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.