RMBS

While the sudden departure of Bank of New York Mellon CEO Robert Kelly late Wednesday might have come as a surprise to some industry observers, it was actually a change Rochdale Securities Bank analyst Dick Bove called for two weeks ago.

Although Bank of America – for now – is committed to staying in warehouse finance, it may exit that business as well.

The Federal Housing Finance Agency is on the verge of filing a barrage of civil claims against investment banking firms that packaged nonprime loans into MBS while misrepresenting the quality of the underlying collateral, according to a new published report.

IKB Deutsche Industriebank has filed a suit against JPMorgan Chase based on losses that occurred over its RMBS, according to a Reuters report.

The Financial Stability Board said it plans to focus on five areas where more detailed work is warranted to help gauge the case for further regulatory action.

Nonprime lender/servicer Springleaf Financial late Wednesday priced a $242 million nonprime residential MBS at a yield of 4%, according to market reports.

U.S. District Judge William Pauley set a Sept. 21 hearing to consider requests from some investors to move the case against Bank of America Corp.'s $8.5 billion settlement to the Manhattan federal court from a New York state court, according to a Reuters report.

The Federal Reserve Board said it plans a formal enforcement action against the Goldman Sachs Group and Goldman Sachs Bank USA.

HSH Nordbank has filed a suit in the New York state court against JPMorgan Chase over losses on $159 million RMBS it purchased from the bank, according to a Reuters report.

With the private-label mortgage market virtually nonexistent and the GSEs in trouble, Ginnie Mae has come to the forefront to fill the void that these other sources of credit have left.