RMBS

Different Walnut Place entities that formed part of the Article 77 proceedings to ratify the Countrywide settlement have withdrawn as intervenors, Barclays Capital analysts noted in a report released this afternoon. Analysts cited a letter filed today with The New York State Supreme Court.

The government-sponsored enterprises have implemented consistent guidelines for short sale procedures and those efforts are expected to expand to include additional loss mitigation efforts.

Correspondent One, which aims to be a major buyer of closed mortgages from nonbank lenders and others, has launched and is now in the process of closing some of its first transactions, according to vendors and consultants that work with the firm.

Today Freddie Mac said it is offering its tenth offering of multifamily MBS called structured passthrough certificates or K certificates.

First Horizon National in Memphis said Friday that it lost close to $125 million in the second quarter after it bought back scores of soured mortgage loans from Fannie Mae and Freddie Mac.

After the Treasury Department rolled out its Home Affordable Modification Principal (HAMP) reduction program in October 2010, it didn’t take long to figure out the incentive payments to investors were not high enough to encourage a high level of participation.

Mortgages outperformed over the week based on expectations that the Federal Reserve will initiate QE3 at its September meeting and a drought in supply.

Citigroup plans to cut roughly 350 additional jobs this year from its securities division, which includes investment banking and trading, according to published reports.

The U.K. RMBS pipeline added a £680 million ($1.06 billion) transaction that is backed by a pool of prime U.K. residential mortgage loans originated by the former Britannia Building Society and the Co-operative Bank plc.

Market participants believe the availability of new mortgage production is an obstacle to QE3 despite Federal Reserve Chairman Ben Bernanke's supportive comments in his semi-annual congressional testimony on Tuesday, BNP Paribas MBS analysts said in a report released yesterday.