RMBS

The 30-year fixed mortgage rates held steady at 4.50% for the week ending June 23, according to Freddie Mac's weekly report. However, points increased to a 0.8 average from 0.7 previously. As a result, the no-point rate increased slightly to 4.70% from 4.68%.

As one dramatic chapter in Regions Financial Corp.’s history ends, another is about to begin.

The American Securitization Forum (ASF) expressed strong support for the new legislation designed to promote the issuance of covered bonds in a letter sent to Congress today.

A coalition of 44 industry, consumer, community development and civil rights groups have banded together to oppose a regulatory proposal on risk retention that they claim would increase the cost of mortgage credit for average Americans and goes beyond the intent of Congress.

Shadow inventory for residential properties has declined to 1.7 million units in April, according to the analytic provider CoreLogic.

A report released yesterday by Lender Processing Services (LPS) shows a -0.1% drop in the total U.S. loan delinquency rate to 7.96%, while the total U.S. foreclosure presale inventory rate fell by -0.7% to 4.11% in May.

In a new agreement with federal, state and independent regulators, Morgan Keegan & Co. will fork over about $200 million as part of its settlement of prior fraud charges related to its subprime MBS vehicles.

Large institutions are starting to reconsider their obligation to make servicing advances to MBS investors as it takes longer and longer to foreclose and liquidate residential properties.

Securities and Exchange Commission (SEC) Chairman Mary L. Schapiro spoke today at the American Securitization Forum’s annual meeting in Washington D.C. to discuss the current state and future of the RMBS market.

Pine River Capital Management launched a new REIT Index. According to a press release from the firm, the Pine River REIT Index will provide a means to monitor sector performance in REITs.