RMBS

The New York Supreme Court on Wednesday ruled that MBIA Insurance Corp. did not have any way to discover if GMAC Mortgage intentionally misrepresented the true nature of MBS that MBIA insured.

The Treasury Department will gather more detailed information from residential servicers on their proprietary loan modifications.

Credit-Based Asset Servicing and Securitization (C-BASS) founders Bruce Williams and Saul Sanders have formed a new company with the working title of 'Shellpoint' to purchase and securitize jumbo residential lenders, industry sources confirmed to National Mortgage News.

Home prices have fallen nearly 4% from October 2009 to October 2010, according to CoreLogic's housing price index, which includes sales of foreclosed properties. Since July, the HPI has declined for three consecutive months.

Mortgage rates jumped for the fifth straight week as Treasurys have backed up sharply following President Obama's proposal last week to lower tax rates, as well as in response to stronger-than- expected economic news recently.

On a recent tour of Jacksonville, Fla., Paul Miller, managing director of FBR Capital Markets, found plenty of houses selling for $10,000 to $25,000, with most purchase prices below $100,000. But jumbo mortgages were few and far between.

New capital requirements under the Basel III framework would have cost banks roughly $770 billion had they been fully implemented at the end of last year, according to a 32-page study released Thursday by the Basel Committee on Banking Supervision.

An endgame to the foreclosure crisis is emerging and it centers on Fannie Mae and Freddie Mac.

Ginnie Mae has repurchased $4.5 billion of delinquent loans out of securitized pools this year in an effort to reduce losses on servicing portfolios it inherited from LendAmerica and other defaulted issuers.

Standard & Poor's placed 1,196 tranches in 129 re-REMIC transactions on watch for possible downgrade.