RMBS

The Oklahoma Police Pension and Retirement System has sued U.S. Bancorp alleging that the bank failed to ensure that the securities sold to the fund were backed by loans properly transferred to trusts, according to a Bloomberg report.

Regulators have identified how borrowers may have been harmed by a multitude of foreclosure errors, but they are largely leaving it to the servicers and their consultants to figure out how to fix it.

Home prices, which have fallen nearly 6% over the past four quarters (ending June 30), could fall another 3.6% by 2Q11, according to analysts at Fiserv, which owns and generates the Case/Shiller house price indexes.

The RMBS and related CDO sectors lead the pack in both realized and expected future credit losses from U.S. structured finance issuances, according to Fitch Ratings.

Ocwen Financial Corp. this morning said it would raise $375 million of new equity and use some of the proceeds to buy $15 billion of mortgage servicing rights from JPMorgan Chase.

Wells Fargo this week launched a new unit to provide financial services to publicly traded REITs involved in commercial properties.

Foreclosure filings increased 7% in October from the prior month with servicers and banks recording default notices, scheduled auctions, and lender repossessions on 230,678 U.S. properties, according to new figures compiled by RealtyTrac.

Further details emerged on the upcoming Barclays Capital U.K. RMBS deal from its Gracechurch master trust structure.

U.S. Senator Bob Corker (R-Tenn.), a member of the Banking, Housing and Urban Affairs Committee, will today introduce the Mortgage Market Privatization and Standardization Act (S.1834). This bill aims to responsibly unwind GSEs Fannie Mae and Freddie Mac.