RMBS

There were 63,000 completed foreclosures in the U.S. in May 2012 versus 77,000 in May 2011, according to CoreLogic’s National Foreclosure Report released today.

Amherst Securities Group (ASG) analysts in their latest Amherst Mortgage Insight talked about the recently approved Homeownership Protection Program (HPP), which allows municipalities to acquire underwater residential mortgages using the right of eminent domain. The program is a product of a resolution approved on June 19 by California’s San Bernardino County and its two cities named City of Ontario and the City of Fontana.

The Consumer Financial Protection Bureau (CFPB) is planning stronger disclosure requirements for reverse mortgages as more evidence emerges that senior citizens are using the product without fully understanding its main features and risks.

An independent government watchdog has a sharp message for the federal agency that must decide whether to allow principal reductions on hundreds of thousands of government-backed mortgages: Time's wasting.

Freddie Mac reported 30-year mortgage rates held unchanged at a record low 3.66% for the week ending June 29.

Many lenders and investors are shying away from participating in a special pilot program to refinance Rural Housing Service loans due to risky underwriting features and low profit margins.

The Federal Home Loan banks (FHLBanks) increasingly turned to offering short-term, unsecured credit to financial institutions exposed to the turmoil in Europe as the 12-member cooperative's own core business dwindled, a government watchdog said Thursday.

Servicers supervised by the Office of the Comptroller of the Currency completed fewer loan modifications in the first quarter as the number of delinquent borrowers who need assistance appears to be shrinking.

The nation’s balance of delinquent loans shrank by another 37% in the three-month period ending in May while the market still is catching up with the consequences of bad underwriting during 2005-2007.

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