RMBS

Calling the foreclosure process "fragmented," the Government Accountability Office (GAO)recommended that banking regulators and the new Consumer Financial Protection Bureau (CFPB) develop plans for regulating mortgage servicers that would include standardizing foreclosure practices.

Fitch Ratings issued unsolicited market commentary on American Home Mortgage's servicing advance deal that is currently in the market called AH Mortgage Servicer Advance Revolving Trust 2001-1 (AHM SART 2011-1).

Prepayments slowed more than projected in April as a result of higher credit fees and a lower number of collection days.

Space Coast Credit Union, which filed suit last week against Barclays Capital over CDOs the investment bank sold to Eastern Financial Florida Credit Union, is expected to file similar suits over the next few weeks against other Wall Street firms in the 2009 failure of the one-time $2.4 billion credit union.

Annaly Capital Management, one of the nation’s largest mortgage investing REITs, earned just shy of $700 million in the first quarter, double what it earned in the same period a year earlier.

Despite what CEO S.A. Ibrahim described as the stagnant housing market affecting his company's mortgage insurance business, Radian Group reported a 1Q11 net profit of $103 million. This profit was driven by $319 million of fair market gains on derivatives.

The PMI Group, Walnut Creek, Calif., lost $127 million in 1Q11, as its U.S. mortgage insurance business had a net loss of $137 million for the period due to continued high losses and loss adjustment expenses and lower premiums earned.

Matthew Yoon has joined the financial services regulatory group of DLA Piper’s government affairs practice as a partner in New York, the law firm announced Thursday. Yoon arrives from SNR Denton and previously Thacher Proffitt & Wood.

The recent rally brought on by weaker than expected economic news pushed 30-year fixed mortgage rates to match its year-to-date lows, while 15-year fixed, 5/1 hybrid ARMs and one-year ARMs all set new lows for 2011.

The city of Los Angeles filed a civil lawsuit Wednesday against Deutsche Bank, claiming the German bank failed to maintain foreclosed properties and illegally evicted hundreds of low-income renters.