RMBS

Federal officials should go easy on overriding state sovereignty by changing foreclosure laws without a legislative mandate, former U.S. Department of Urban Development (HUD) general counsel Robert Couch told a Senate panel on Tuesday.

A recent federal appeals court decision is likely to cause the delay of dozens of pending Dodd-Frank Act regulations.

The Senate nomination hearing for Richard Cordray, who's tabbed to become the first director of the Consumer Financial Protection Bureau (CFPB), has been postponed until Sept. 6.

Walker & Dunlop named Michelle Warner and Edward Williams as co-heads of its FHA finance division. They will be responsible for all aspects of the Federal Housing Adminstration (FHA) finance program.

The Mortgage Bankers Association (MBA) fears that when the Federal Housing Finance Agency (FHFA) finally unveils its servicing fee structure proposal it will contain just one compensation model, and is appealing to the agency to include more.

Fannie Mae purchased $41.4 billion of home mortgages from its seller/servicers in June, its best purchase month of the second quarter, and a sign that originations in the primary market may be on the upswing.

A scholarship fund in Bingham McCutchen partner Edward Gainor’s memory has been established by the law firm at his alma mater The George Washington University (GWU) Law School. Gainor died July 22 of a heart attack.

The Chicago city ordinance establishing mortgage lender liability for vacant buildings that are caught in the foreclosure process will be credit negative for RMBS deals, Moody's Investors Service said.

National lender and servicer Carrington Mortgage Services (CMS) has expanded its mortgage origination unit by purchasing certain assets of American Home Equity Corp. (AHE). Mortgage lender AHE is based in Irvine, CA based.

The mortgage operations at Ally Financial lost $127 million for the second quarter due to its legacy portfolio, down from profits of $34 million in the first quarter and $230 million for the second quarter 2010.