RMBS

Tomorrow the European Central Bank (ECB) is set to extend its minimum two-rating requirement for all existing ABS to remain repo eligible at the central bank’s window. This effectively ends the grandfathering period that started a year ago.

The European primary market has remained mostly quiet over the month of February.

The Obama Administration is willing to start the process of winding down Fannie Mae and Freddie Mac, but it must be done gradually over as many as five to seven years to prevent disruptions to the mortgage market and the economic recovery, according to a high ranking Treasury Department official.

Despite widespread allegations of botched loan administration and conflicts of interest, a review of the three main rating agencies' quality evaluations of servicers (including banks) show that virtually every servicer with a published rating is ranked as "proficient," "average" or better.

Thanks to a $1.3 billion check from Bank of America, Fannie Mae reported positive net operating earnings of $73 million for the fourth quarter — its first such profit since 2007.

February remittance reports showed that default rates reversed their course after rising the previous month, according to Bank of America Merrill Lynch analysts.

A California lender began selling jumbo loans this month to global asset manager BlackRock, proof that private investors are not waiting for the securitization market to fully recover before getting back into mortgages.

House Republicans are taking aim at four of the administration's foreclosure-prevention programs, arguing that they have failed to help many homeowners and are a waste of time and money.

King & Spalding hired Scott Stengel, who specializes in bank regulatory, capital markets and restructuring matters, to the firm’s capital transactions and real estate practice in Washington, D.C.

Freddie Mac late Thursday said Donald J. Bisenius, executive vice president of its single-family credit guaranty business, received a 'Wells Notice,' which means the Securities and Exchange Commission (SEC) is considering filing civil charges against him.