RMBS

After months of stalemate, the state attorneys general have proposed new terms to the top five mortgage servicers that drop some controversial provisions of their first attempt at a settlement, including a push to force banks to reduce principal on thousands of mortgages.

An over-concentration of subprime MBS caused the failure of Members United Corporate Federal Credit Union, the one-time $14 billion corporate that is restructuring itself, National Credit Union Administration (NCUA) said in a new report issued last night.

Residential servicers completed 36,400 Home Affordable Modification Program (HAMP) modifications in March, a 39% jump from February, according to a new report from the Treasury Department.

Home values showed the sharpest quarterly declines since 2008, falling 3% in the first quarter this year, according to Zillow’s real estate market report.

The Federal Deposit Insurance Corporation (FDIC) today said Chairman Sheila Bair's official departure will be effective July 8.

A group of mortgage bondholders are seeking to get the defunct H&R Block's subprime lending unit Option One Mortgage to buyback billions in failed mortgages, according to a Reuters report today.

Fannie Mae on Friday reported a first-quarter loss of $8.7 billion after paying preferred dividends, as credit-related expenses spiked.

Markit is launching on May 12 its new Markit MBX, Markit IOS and Markit PO indices based on GNMA agency pools issued in 2010.

MBIA Insurance has filed a motion in the New York State Supreme Court seeking documents from Credit Suisse about RMBS it insured.

As the mortgage industry girds for life under the Dodd-Frank Act, two legislated products are capturing bankers' attention.