RMBS

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.

David Stevens arrived as a commissioner at the Federal Housing Administration (FHA) in 2009 vowing to restore financial discipline to a government housing body facing the stresses of a post-crash world.

The proposed Qualified Residential Mortgage (QRM) rules have a better chance at harming the housing market than they have at addressing underlying weaknesses in the securitization process. They are an overreaction to the excessive risk-taking during the housing boom.

By Richard DeKaser's calculations, it takes just 16.5% of the average consumer's income to make payments on a 30-year mortgage for an average priced home. The last time the ratio was this low was 1968.

The debt ceiling compromise will bring some temporary relief to the securitization market, although the benefits will likely be short-lived.

The 'on-again/off-again' sale process has started once again for Aurora Loan Services (ALS), the Colorado-based mortgage banking division of Aurora Bank FSB, according to industry officials.