RMBS

FICO's new chief executive is starting in defense mode, as the credit-score giant looks to regain the reputation and business it has lost in the wake of the financial crisis.

Foreclosure filings fell in the first quarter to their lowest level since the end of 2007, according to new figures compiled by RealtyTrac, but the mortgage and housing industries shouldn't pop the champagne quite yet.Default notices, scheduled auctions and bank repossessions were reported on 572,928 properties during the quarter, a 2% sequential decline, and a 16% drop from a year ago.

Santander U.K. has priced its $1.2 billion RMBS issued under its Holmes Master Trust.

The government controlled Ally Financial Thursday morning filed an amended S-1 statement with the Securities and Exchange Commission, saying it hopes to sell $100 million worth of common stock to the general public.

Freddie Mac reported 30-year fixed mortgage rates plunged 10 basis points to 3.88% as of the week ending April 12 in response to the recent flight to quality.

The Prestwick Mortgage Group is offering $128 million of Freddie Mac mortgage servicing rights and hopes to complete the auction by the end of next week.

The foreclosure crisis is loosening the traditionally strong tie homeowners have with their homes. New findings from FICO's latest quarterly survey of bank risk professionals indicate one way the slow recovery will affect distressed homeowners in 2012 is increased propensity for “strategic default.”

Lenders are hoping the Consumer Financial Protection Bureau (CFPB) will approve a 'qualified mortgage' (QM) rule with a safe harbor, protecting them from consumer lawsuits, but a legal analysis shows lenders may still be vulnerable if they are careless or cut corners.

Roughly 33 full-timers will lose their jobs when Ally Financial closes its MBS broker/dealer operation, according to a company spokeswoman.

Mortgage application activity fell 2.4% in the week ending April 6, the Mortgage Bankers Association stated.