RMBS

A powerful Republican congressman late Thursday introduced a GSE reform bill that would push Fannie Mae and Freddie Mac out of conservatorship after two years and fully privatize them at the end of five.

The Federal Deposit Insurance Corp. (FDIC) sued three top executives of Washington Mutual Bank, alleging their "extreme and historically unprecedented risks" in the bank's mortgage lending operations helped cause the biggest failure in U.S. history.

As state and federal officials struggle to reach a global settlement with the largest mortgage servicers over problems in the foreclosure process, regulators have grown frustrated with the lack of leadership on their side, saying no one is making an effort to corral the multitude of agencies involved.

In a decision issued late yesterday, P Kevin Castel, a judge in the U.S. District Court, Southern District of New York, ruled against a class action suit versus Countrywide Financial Corp.

While regulators are moving toward requiring high downpayments for the majority of home buyers, there are still ways to aid first time buyers, according to Obama administration officials.

The practice of voluntary asset buy-backs is prompting Fitch Ratings to keep several RMBS transactions in South Africa on Rating Watch Negative (RWN), the agency said in a report looking at the expected performance of the country’s structured finance sector this year.

The Securities and Exchange Commission (SEC) late Wednesday filed civil charges against a former operations chief at the now defunct Colonial Bank, accusing her of playing a key role in $1.5 billion warehouse lending related scam.

Troubled bond insurer Ambac Assurance Corp. posted a gain in its statutory surplus even as its bankrupt parent recorded a net loss in its fourth-quarter filing Wednesday.

The backlash against an aggressive mortgage servicing settlement reached new heights on Wednesday as lawmakers sharply criticized Elizabeth Warren of the Consumer Financial Protection Bureau (CFPB) for her involvement and two state attorneys general vocally opposed the proposed deal.

Former Freddie Mac chairman and CEO Richard Syron recently received a 'Wells Notice' from the Securities and Exchange Commission (SEC), which means the agency is considering filing civil charges against him related to his management of company.