RMBS

As housing prices continue to slide, the loan-to-value ratios of always-performing loans have in many cases crept higher than those on defaulted loans, according to a new report from Moody's Investors Service.

Foreclosure related filings fell by almost 30% in the first-half to 1.17 million actions, but it appears much of the drop is attributable to processing and procedural delays, according to new figures compiled by RealtyTrac.

Federal Reserve Chairman Ben Bernanke suggested that the Fed might continue its asset purchase program. This is only if economic developments indicate that an adjustment in the stance of monetary policy would be appropriate.

A federal judge yesterday dismissed key charges in National Credit Union Administration (NCUA)’s suit against officers and directors of WesCorp Federal Credit Union, but allowed several other charges to remain, making it increasingly likely there will be a trial in the failure of the one-time $34 billion corporate credit union.

When it comes to the securitization market for residential loans, hope springs eternal that some day the private sector will take a large bite out of the government-controlled MBS market.

Steve Curry, a six-year veteran of Impac Mortgage Holdings, has left the lender to accept an executive vice president job with ClearVision Funding (CVF), a fast growing wholesaler based in Santa Ana, Calif.

The Joint Forum urged banks to provide more transparency to investors in the securitization industry while also decreasing the complexity of the products offered.

Mortgage application activity fell 5.1% in the holiday-shortened week ending July 8 with both refinancing and purchase activity lower.

The New York Attorney General is investigating the proposed $8.5 billion Bank of America settlement with Bank of New York Mellon Corp. over residential MBS trusts, seeking client information from more than 20 companies including Goldman Sachs, BlackRock, and others.

Subprime CDS prices fell by -1.8% last month, following a seven-month rally that culminated in an overall price rise of 126%, according to a Fitch Solutions report.