RMBS

David Jones, the founder and chief executive of CastleOak Securities, compares his firm to a sports car.

The chief financial officer of nonperforming loan (NPL) investor Kondaur Capital departed the company about 10 days ago – at the same time that the NPL investor’s founder and chairman Jon Daurio was forced out by the firm’s board, National Mortgage News has learned.According to NPL investors and a source at Kondaur, CFO Janice Ramocinski resigned from the privately held firm, whose investors and backers include The Carlyle Group, and Tourmalet Advisors.

The Treasury Department has directed the 20 largest Home Affordable Modification Program (HAMP) servicers to establish "relationship managers" who will provide a single point of contact for homeowners seeking a loan modification.

At yesterday's American Securitization Forum Sunset Seminar on the future of mortgage finance, panelists warned that if GSEs are withdrawn at this time, the housing market will continue its downward spiral.

Mortgage late payments rose in the first quarter to an overall national rate of 8.32%, although the 90-plus day rate and the number of foreclosures started declined, according to new figures compiled by the Mortgage Bankers Association (MBA).

The National Credit Union Administration (NCUA) Board this morning proposed a plan that would allow credit unions to prepay their annual assessments for the corporate credit union bailout, which they project will amount to $2.94 billion, or 38 basis points, for this year and next.

For the week ending May 19, 30-year fixed rates averaged 4.61% with an average 0.7 point, down two basis points from last week. This brings the no-point rate at just below 4.80%.

The issue of premium capture continues to cause perhaps the most concern in the securities market when it comes to the developing risk retention requirements for securitized product.

The Consumer Financial Protection Bureau's (CFPB) prototypes for a single mortgage disclosure form won praise from industry groups Wednesday for their streamlined format, as well as the unorthodox way they are being developed.

The top regulator of the Federal Housing Finance Agency said Wednesday he won't rush the 12-bank cooperative to correct their balance sheets, but does expect some alteration soon.