RMBS

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.

Sales of moth-balled, private-label MBS by the Federal Reserve had little impact on market prices, according to the minutes of the Fed's monetary policy committee.

The Securities and Exchange Commission (SEC) voted unanimously to propose new rules and amendments for increasing credit rating transparency and improving their integrity.

Two Harbors Investment Corp. said it is closing on a warehouse facility in partnership with Barclays Bank to aggregate loans for issuance into new Jumbo RMBS, making it the second REIT in this space since the downturn.

Refinancing activity responded to a further decline in mortgage rates, said the Mortgage Bankers Association (MBA). The Refinance Index jumping 13.2% to ~2568 in the week ending May 13.