RMBS

The Obama administration late Wednesday said it would veto House legislation aimed at restructuring the brand new Consumer Financial Protection Bureau (CFPB).

Loan brokers and correspondents that live in fear of mortgage buy back requests from secondary market investors may have a new nemesis to worry about: the Federal Deposit Insurance Corp (FDIC).

Wells Fargo & Co. will have to pay an $85 million civil penalty for misleading borrowers into costly subprime loans, the Federal Reserve Board said Wednesday.

The Federal Trade Commission (FTC) is mailing over 450,000 checks to former customers of Countrywide Home Loans (CHL) as part of a $108 million settlement involving allegations that CHL took advantage of delinquent borrowers and charged excessive servicing fees.

The loan modification process needs a reboot that uses technology to help borrowers understand the process and provide faster resolution to loan files, according to panelists speaking at the Best Practices in Loss Mitigation Conference that National Mortgage News' parent company SourceMedia sponsored this week in Dallas.

Bank of America says all those rumors about it exiting the correspondent mortgage channel are just not true.

The American Securitization Forum (ASF) released a statement today applauding the House Financial Services Committee’s approval of legislation aimed at stabilizing the ABS market.

A new report by Lender Processing Services (LPS) reveals that the total U.S. loan delinquency rate climbed 2.4% in June to reach 8.15%, while the foreclosure pre-sale inventory rate also rose by 0.2% to 4.12%.

A short-term default is not expected to have any effect on GNMA MBS cash flows because of their collateralized nature, according to a new Barclays Capital report.

When the Consumer Financial Protection Bureau (CFPB) officially opens its doors Thursday, the new agency will be ready to field complaints about credit cards – but not mortgages or servicing performance.