RMBS

Ginnie Mae issuers securitized $34.4 billion of government guaranteed residential mortgages in November, down 3% from the prior month.

The decline in foreign investor holdings of agency MBS continued in October, contributing to an overall year-to-date decline through that time of $57 billion, according to a Credit Suisse strategist.

The California Public Employees' Retirement System (CalPERS) this week suspended its mortgage program, citing rising delinquencies and declining usage by its target audience: state workers. The program's administrator is Citigroup.

Despite coming to market at what has traditionally been a quieter time of the year, the recent spate of government-backed securitizations to hit the market have found a healthy buyside appetite.

Differences in judicial and non-judicial foreclosures over the past several months have meant some securitized private-label subprime/Alt-A mortgages made to borrowers in the what is still considered a relatively weak — though improving — California market, for example, are actually exhibiting better performance in some ways as a group than their counterparts in the relatively stronger New York market.

The Senate Banking Committee Tuesday afternoon approved the nomination of Joseph Smith to be the next director of the Federal Housing Finance Agency (FHFA) by a 16-6 vote. However, several Republicans are planning to delay his confirmation by the full Senate.

Moody's Investors Service said yesterday that the "intense spotlight" that was placed on mortgage servicers following the disclosure of irregularities in foreclosure documentation will persist into next year.

With the government agency that dominates the reverse mortgage space working on moves to address the increase in tax and insurance default concerns there, some players may want to keep an eye on how these affect the market for this product.

The government's primary foreclosure prevention program – Home Affordable Modification Program (HAMP) – has not lived up to expectations and will wind up helping just a fraction of its target audience, according to a new report from the bipartisan Congressional Oversight Panel (COP).

Citigroup late last week agreed to sell a $441 million package of nonperforming loans with PennyMac Mortgage Investment Trust being identified as the winning bidder, according to industry sources who play in that space.