RMBS

On Friday a judge decided that a case seeking to reverse bond insurer MBIA’s 2009 transformation into two companies will go to trial on May 14.

This week was one of those rare ones so far this year that had no market roiling headlines, and it made for rather monotonous trading for the most part.

Edward DeMarco, the acting director of the Federal Housing Finance Agency (FHFA), said Thursday he is “deeply concerned” about underwater borrowers, but said that forbearance plans and short sales already serve as forms of principal reduction without saddling taxpayers with further losses.

Fannie Mae guaranteed $7.1 billion of new multifamily MBS during the first quarter, its best issuance volume since the advent of the credit crisis four years ago.

Comptroller of the Currency Thomas Curry on Thursday urged eligible borrowers to sign up for the Office of the Comptroller of the Currency's (OCC) foreclosure-review process, and suggested that homeowners who didn't like the results would still be able to sue their mortgage servicers later.The OCC has been at odds with the Federal Reserve Board over whether borrowers should be required to waive their legal rights as a condition of compensation under the independent foreclosure reviews being conducted by the 14 largest servicers.

The American Securitization Forum (ASF) will be holding ASF 2013 in the same spot that it did this year's conference. The industry gathering will be held at the Aria Hotel in Las Vegas on January 27-30, 2013.

PHH Corp. said today that it appointed Robert Crowl, executive vice president. He will assume the role of chief financial officer after the company has completed its 1Q12 financial reporting.

Bank of America originated just $16 billion of first and second liens in the first quarter, a 72% decline from the same period a year ago as the closing of its correspondent channel weighed heavily.

The White House budget office estimates that losses caused by Fannie Mae and Freddie Mac’s reckless management and lending policies will shrink over the next 10 years and cost the U.S. Treasury just $28 billion.