RMBS

Bank of New York Mellon Corp. said late Wednesday that Robert P. Kelly had resigned as chairman and chief executive due to differences with the board "in approach to managing the company."

Little has been done to buoy confidence that an economic recovery is at hand. A settlement of the investigations surrounding last year’s robo-signing scandal that, among other things, achieves widespread principal reduction commitments from major servicers, could change that — but only if done carefully.

Yesterday the Federal Housing Finance Agency (FHFA) in its capacity as conservator of Fannie Mae and Freddie Mac filed an Appearance and Conditional Objection regarding the proposed settlement between Bank of America and a group of 22 investors being currently considered by a New York court.

Mortgage applications unexpectedly decreased by 9.6% with refinancing activity dipping 12.2% and purchase activity increasing 0.9%, the Mortgage Bankers Association (MBA) reported today.

CoreLogic said recently hired financial advisory firm Greenhill & Co. will evaluate the company's financial strategy and “explore a wide range of options aimed at enhancing shareholder value,” up to and including a possible sale or merger of the Santa Ana, Calif.-based provider of mortgage and property data, analytics, technology and services.

Bank of America later today is expected to unveil a major announcement about its residential mortgage business, including an update on its future as a correspondent buyer of home mortgages, according to industry officials.

Lender Processing Services' (LPS) July Mortgage Monitor report showed that foreclosure timelines are still on their steady upward trend with payments not having been made on the average loan in foreclosure in a record 599 days.

U.S. Bancorp is requesting the New York state court to make a Countrywide Financial unit to repurchase over 4,000 loans in a mortgage pool. This was done to repair breaches of contract related to improper underwriting, according to a Bloomberg report.

Home prices rose 1.1% in June after a 1% increase in May as values in 19 of the 20 metropolitan areas tracked by the Standard & Poor's/Case-Shiller house price index registered monthly gains.

Municipalities are increasingly holding mortgage securitization trusts liable for the upkeep of properties, which could affect investors' cashflows, according to a new report from Moody's Investors Service.