RMBS

The Federal Housing Administration (FHA) on Monday revised the November seriously delinquent rate for FHA-insured single family loans down to 8.34%.

Delta Lloyd’s €700 million ($906 million) ARENA RMBS deal kicks off 2011 issuance for European RMBS.

Millions of delinquent or foreclosure loans in need of default management assistance have created demand far and beyond the capacity of existing specialty servicers that, in return, is fostering the creation of mega-servicer shops.

So far, some think the market for distressed portfolios could be more active in 2011.

The Massachusetts Supreme Judicial Court ruling concerning improper foreclosures on two homes leaves open a solution to the chain-of-ownership cloud that is hanging over securitization, market analysts said.

Amherst Securities Group hired three mortgage industry veterans to expand its sales division. The executives are Peter Davidson, Chris Heaney and Chris O'Neill.

A ruling by Massachusetts' highest court Friday repudiating a widespread securitization practice could scuttle other foreclosure cases statewide and may portend similar blows to the industry elsewhere.

Federal Reserve Board chairman Ben Bernanke said he is dismayed by the persistence of high foreclosure rates, declining home values, and the futility of government efforts to engineer a recovery in the housing market.

Massachusetts' highest court on Friday voided foreclosures on two homes because the servicers that tried to take title to the properties failed to show they held the mortgages at the time of foreclosure.

PHH Corp., Mt. Laurel, N.J., could write up the value of its mortgage servicing rights by between $125 million and $175 million for 4Q10, an earnings preview report from FBR Capital Markets predicted.