RMBS

Many of the nation's largest residential servicers — the subject of an intense federal audit that commenced last fall — have signed consent agreements to take corrective actions with regard to the processing of foreclosures and loan modifications, according to sources familiar with the matter.

National Credit Union Administration (NCUA) plans to hit the Street again this week with another offering of NCUA Guaranteed Notes, this time of $1.165 billion backed by RMBS held by the five failed corporate credit unions.

Provisions of the Dodd-Frank financial reform legislation that will be enforced by the new Consumer Financial Protection Bureau (CFPB) will change many mortgage servicer practices, according to a panel of compliance attorneys speaking on the closing day of the SourceMedia Mortgage Servicing Conference in Dallas.

Taylor, Bean & Whitaker's (TBW) former chairman and CEO Lee Farkas ordered data sent to its warehouse lender, Colonial Bank, for nonexistent mortgages in an effort to cover up growing deficits, an ex-president testified in court this week.

National servicing standards "are clearly doable" according to New York Banking superintendent Richard Neiman, but the Empire State's top regulator says a lack of cooperation between the states and federal regulators is hobbling the effort.

Increases in loan-level price adjustment fees impacted speeds on both FHLMC Gold and GNMA MBS in March.

Freddie Mac reported a one basis point increase in 30- and 15-year fixed mortgage rates to 4.87% and 4.10%, respectively, with an average 0.7 point.

The Federal Reserve Bank of New York and Blackrock Solutions conducted the first BWIC from the Maiden Lane II (MLII) portfolio yesterday. The Fed sold RMBS with a face value of over $1.3 billion on Wednesday.

A subcommittee of the House Financial Services Committee debated yesterday and is expected to vote a handful of bills this morning that would begin the phase-out of Fannie Mae and Freddie Mac, which now finance a staggering 95% of the single-family mortgage market.

While saying JPMorgan Chase & Co. had enough capital already to comply with new Basel III requirements, Jamie Dimon, the bank's chairman and chief executive, said regulators had gone too far in crafting the international capital accord.