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Ally Financial reported its fourth consecutive quarterly profit Tuesday and its chief executive said the auto and mortgage lender is hyperfocused on repaying its $17.2 billion bailout as the company prepares for an initial public offering.
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The head of the only active U.S. bond insurer on Tuesday ridiculed the new bond-insurer ratings methodology proposed by Standard & Poor’s as unjustified, irrational, and too subjective.
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Citigroup late last month sold a $517 million portfolio of nonperforming mortgages, according to market sources.
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To help more underwater borrowers, Senator Barbara Boxer, D-Calif., has introduced a bill that requires Fannie Mae and Freddie Mac to stop charging high fees on refinancings of guaranteed mortgages with high loan-to-value ratios."These fees are discouraging borrowers from refinancing in a time of historically low mortgage rates, making it more likely that they will eventually default," said the California Democrat.
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A 'qualified residential mortgage' (QRM) rule that does not include a mandate for mortgage insurance will not necessarily harm the MI industry, according to a new report from FBR Capital Markets.
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Fannie Mae introduced of Fannie Mae Guaranteed Multifamily Structures or Fannie Mae GeMS.
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Considerable uncertainty surrounds the recently postponed issuance of the mortgage securitization regulations required by the Dodd-Frank Act (DFA). In particular, two critical decisions involve the required risk retention contained in the DFA. The forthcoming directives will clearly have a major impact on the competitive and economic structure of the mortgage industry in the future.
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While Mexico's nonbank originators known as Sofoles are still grappling with the effects of the economic crisis, state-owned agency Infonavit continues to turn out mortgages and securitize them in steady if not growing volumes.
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All the rating agencies have recently issued warnings about or downgraded re-securitizations, known as re-REMICs, and while those deals issued over the last few years appear hardy enough to withstand another housing downturn, their resemblance to infamous CDOs raises concerns.
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The U.S. Treasury isn't rushing the issue on GSE reform. For the securitization industry, the government's slow pace has turned out to be ideal.
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