RMBS

Bond insurer MBIA reported experiencing losses in the fourth quarter of 2011.

Bond insurer Assured Guaranty reported a net loss per share despite mostly positive results for the fourth quarter of 2011.

The Obama administration's plan to refinance underwater borrowers with private-label mortgages was supposed to be dead on arrival – but it appears Sen. Richard Shelby of Alabama, the ranking Republican on the Banking Committee, wants to hear more.

Fannie Mae, in a new Securities and Exchange Commission filing, said that in late January it cut off Bank of America from selling most types of loans to the GSE because of “delays” by the lender in making good on outstanding buyback requests.

Federal Reserve Board Chairman Ben Bernanke told Congress on Wednesday that U.S. regulators are unlikely to make the July 21 deadline to finalize the Volcker Rule.

Mortgage application activity was essentially flat in the week ending Feb. 24 as an increase in purchase activity was offset by a slight decline in refinancing activity.The Mortgage Bankers Association (MBA) reported the Purchase Index jumped 8.2% to 175.The Refinance Index declined 2.2% to ~4225 with the share of refinancing applications as a percent of total applications falling to 77.9% from 80.1%. This is the lowest share since the beginning of December 2011.

JPMorgan Chase told a federal court in Wichita, Kan., that it should reject National Credit Union Administration 's (NCUA) claims regarding $1.4 billion of MBS sold to four failed corporate credit unions and dismiss the suit without even allowing for discovery.

After months of pressure from Congress and consumer advocates, the Federal Reserve Board released new details Monday about how mortgage servicers plan to follow regulatory directives that they improve their foreclosure systems.

The recently unveiled HARP 2.0 initiative should be “fully” operational in 30 days and is already exceeding expectations, according to Department of Housing and Urban Development secretary Shaun Donovan.

During a pair of appearances Tuesday on Capitol Hill, top housing officials from the Obama administration sought to reassure members of Congress about the financial condition of the Federal Housing Administration.