RMBS

Several portfolio metrics showed that the U.S. credit market is stabilizing and is even growing, according to Equifax's monthly National Credit Trends Report for March 2011.

Secondary and primary market representatives at the Mortgage Bankers Association’s secondary market conference Wednesday morning said their concerns about governmental changes like GSE reform and Dodd-Frank largely center on their potential to tighten mortgage credit availability and exacerbate a still-struggling housing market.

As GSE and other types of industry reform position the secondary mortgage market for a “do-over” of sorts, keep in mind some of the issues from the original formation of the MBS market that will likely have a role to play this time around, too.

Mortgage application activity increased 4% in the week ending April 29 as refinancing activity picked up in response to lower mortgage rates.

The House Capital Markets and GSE subcommittee late Tuesday advanced a bill to create a U.S. covered bond market but major issues need to be worked out first before the measure is ready for a full committee markup.

Freddie Mac’s capital market chief, Peter Federico, a 23-year veteran of the GSE, announced that he is leaving the company in mid-May.

The New York State appeals court has ruled that the New York Insurance Department (NYID)must hand over e-mails and documents regarding the restructuring of bond insurer MBIA Insurance Corp.

The residential mortgage division of Ally Financial posted earnings of $34 million in the first quarter, a 78% decline from the same period a year ago.

Whether the New York Insurance Department (NYID) can appeal a ruling that ordered it to hand over e-mails and documents regarding the restructuring of bond insurer MBIA Insurance Corp. could be decided soon.

The surge in refinancing, now down to a virtual trickle, was officially pronounced dead and gone at the Mortgage Bankers Association's (MBA) annual secondary market conference in New York."We've lost borrowers who have the ability (to refinance) and those who have the ability no longer have the incentive," Michael Fratantoni, the MBA's director of research and economics, told the meeting.