RMBS

Iowa Attorney General Tom Miller blasted a study Tuesday that said proposed servicer settlement terms could cost the economy $10 billion a year. Miller, who is leading the settlement on behalf of the attorneys general, said the study was "grossly inaccurate," and noted it was paid for by the financial services industry, including some of the servicers involved in talks with the AGs.

A year ago, the folks who worked in Freddie Mac's multi-family section were sitting around waiting for the phones to ring. Now they can't keep up.

Despite the economic recovery, demand for single-family housing is declining while the need for rental apartments is rising, according to speakers at an Urban Land Institute conference in Washington.

Putnam Investments plans to launch a new REIT to primarily buy RMBS guaranteed by a U.S. government agency or a GSE.

Australian deposit-taking institutions are likely to issue covered bonds once proposed legislation is enacted, according to a recent report by Standard & Poor’s. The agency added that the highest rated and larger originators are most apt to float these deals.

Fannie Mae is once again offering to pay 3.5% in closing costs for buyers of its repossessed homes, the number of which has nearly doubled in the past year.

A proposed settlement with the top five mortgage servicers could prolong the foreclosure crisis, drive up mortgage interest rates, slow new home construction and cost $7 billion to $10 billion a year, according to a study from three top economists.

DBRS has conducted recent analysis that showed that the national average timeline from 30- days delinquent to REO is currently at 23 months.

After the Federal Reserve Bank of New York conducted its first auction of Maiden Lane II (ML II) bonds last week, it is following up with two auctions this week.

The only bank that has been penalized for mortgage servicing lapses got slapped for doing the opposite of what state attorneys general have been demanding.