RMBS

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.

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.

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.

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.

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