RMBS

Yearend financial reports by several Federal Home Loan Banks (FHLBs) showed these "other" housing GSEs are returning to profitability, while experiencing a lower level of losses on their holdings of private-label MBS.

The average contract interest rate for 30-year fixed rate mortgages dropped 12 basis points to 5.0%, according to the Mortgage Bankers Association (MBA) survey.

Dechert hired Lawrence Berkovich as counsel in its finance and real estate (FRE) group. He was most recently special counsel at Cadwalader, Wickersham & Taft.

Wells Fargo, which has emerged as a constant seller of delinquent mortgages, is offering roughly $350 million worth of whole loans, some of which are nonperforming, according to investment banking sources.

The chances that Ambac Assurance Corp. will be able to keep $700 million of disputed tax refunds increased last week when a federal court in Wisconsin again threw out the Internal Revenue Service’s (IRS) case against the bond insurer.

Ginnie Mae's MBS program has experienced unprecedented growth the past two years and now the agency wants to nearly triple its allotment for salaries to $30 million, allowing it to hire additional staff while reducing its dependence on outside contractors.

The National Credit Union Administration (NCUA) has proposed a new investment rule that eliminates the need to obtain top grades from the rating agencies, replacing it instead with the judgment of a credit union's management.

The Federal Deposit Insurance Corp. (FDIC) has sent letters to former executives of the failed Washington Mutual Bank, Seattle, warning of possible legal action, according to a report by Dow Jones, quoting a source familiar with the situation.

Federal prosecutors have ended their criminal investigation of former Countrywide Financial Corp. (CFC) chairman and CEO Angelo Mozilo, after deciding that his actions managing the nation's largest lender did not constitute criminal behavior, according to a report in The Los Angeles Times.

The White House may want to pull the plug on Fannie Mae and Freddie Mac, but it plans on keeping the Federal Home Loan Bank System (FHLB) alive, albeit at reduced capacity.