RMBS

Residential servicers completed 65,000 foreclosures in February, an 8% decline from the prior month and just about flat from the same period a year ago, according to new figures compiled by CoreLogic, Santa Ana, Calif.The firm said roughly 1.4 million homes -- 3.4% of all units encumbered by a mortgage — were in the foreclosure during the month, compared to 1.5 million in January.

Freddie Mac reported 30-year fixed mortgage rates averaged 3.99% with an average 0.7 point in the week ending March 29 compared to 4.08% with an average 0.8 point last week.Despite the improvement, refinancing activity outside of Home Affordable Refinance Program-related is not likely to be too motivated as the no point rate at 4.18% is still outside the incentive window for many of the borrowers underlying 3.5% and 4.0% coupons.

Federal regulators ought to start over on the Volcker Rule, and get back to basics.

The Federal Housing Finance Agency (FHFA) will decide sometime in April whether the higher incentive fees the Treasury Department is paying are enough to justify allowing Fannie Mae and Freddie Mac to do principal reductions for the first time.

The House Financial Services Committee Tuesday approved a bill to enhance the FHA's authority to police bad lenders after rejecting an amendment that would have reduced the agency's loan guarantees.

Higher rates pressed on refinancing activity in the week ending March 23. According to the Mortgage Bankers Association (MBA), the Refinance Index declined 4.6% to ~3438, its lowest level since early December.

In a departure from recent tender offers in Europe, Spain’s Bankia had a higher-than-expected take-up, according to a release by Barclays Capital analyst Dipesh Mehta.

CRE Finance Council Europe (CREFC Europe) has appointed Peter Denton as chair-elect of the group.

Freddie Mac purchased $37.6 billion of residential loans from its seller/servicers in February, a 10% increase from the prior month, and a sign perhaps that Bank of America's recent decision to quit Fannie Mae is helping Freddie.

Prudential Financial Insurance (PFI) is marketing a new hybrid deal that according to market reports is backed by subprime residential mortgage backed securities and guaranteed by the insurer.