RMBS

November prepayments were slightly faster than projected, although speeds overall remained fairly benign considering current mortgage rate levels.

Wilmington Trust was appointed as a member of the unsecured creditors’ committee in the bankruptcy of Credit-Based Asset Servicing and Securitization (C-Bass), which filed for chapter 11 on Nov. 12 in the U.S. Bankruptcy Court for the Southern District of New York.

Bank of America, Morgan Stanley and Citigroup could be downgraded next year, according to a Dec. 6 report published by Nomura Securities International that warned that downgrades for any of the three could impact their ability to operate readily in the commercial paper and repo markets and chase up funding costs.

Investors holding securities wrapped by Financial Guaranty Insurance Co. (FGIC) recently formed a policyholder group in an effort to negotiate a restructuring and avoid the insurer’s liquidation.

Joseph Herbst, a top executive at two large corporate credit unions that failed under the weight of risky mortgage investments, emerged last week after being hired as the new CEO for CUMAnet, a mortgage lending credit union services organization (CUSO) based in Basking Ridge, N.J.

Until recently, much of the attention surrounding "put-back risk" has focused on the legal aspect, notably whether judges will require lenders to repurchase loans they sold to securitizers.

Wells Fargo Bank has filed an S-3 with the Securities and Exchange Commission to issue under its Wells Fargo Mortgage Securities Trust.

That the recession has been over officially for more than a year is of little solace to downtrodden mortgage brokers. But a Fannie Mae economist said that if loan jockeys are patient, things will get better.

The Bank of England (BofE) published detailed data and other requirements for securitizations to remain eligible under its discount window.

Federal regulators took another beating on Capitol Hill Thursday for not getting ahead of problems in the mortgage servicing industry and not taking greater steps to stem foreclosures.