RMBS

Citigroup Chief Executive Vikram Pandit offered up a scathing review Monday of Basel III, saying the new rules do nothing to reduce pro-cyclicality or to level the playing field among different countries and differently regulated financial institutions.

Sales of existing homes rose 10% sequentially in September to a seasonally adjusted annual rate of 4.53 million units, but were down 19% compared to the same month a year ago, according to figures compiled by the National Association of Realtors (NAR).

Lenders should face penalties for violating representation and warranty clauses — beyond their obligation to re-purchase the loans — according to Andrew Davidson, president of the New York firm Davidson & Co.

The head of the Mortgage Bankers Association (MBA) delivered a strong defense of the industry Monday, saying the number of loans called into question by the recent foreclosure documentation scandal is "a very small minority" of the 2.3 million mortgages currently in foreclosure.

Federal Reserve Board Chairman Ben Bernanke said Monday banking regulators are putting together a comprehensive review of foreclosure practices at the country's largest financial institutions.

When it comes to repurchase agreements, insurers have had greater success in getting HELOC mortgages from RMBS deals repurchased, JPMorgan Securities analysts said. The success rate is as high as a 60%.

Nixon Peabody expanded its mortgage finance and foreclosure team. The law firm's aim is to offer added resources to address clients’ increasing needs due to mortgage foreclosure crisis.

The public finance market no longer has a triple-A rated bond insurer. Standard & Poor’s downgraded Assured Guaranty’s two insurer platforms on Monday to 'AA-plus' with a stable outlook from 'AAA' with a negative outlook.

The Public-Private Investment Program (PPIP) for legacy assets latest quarterly report showed that $7.4 billion was raised and matched by the Treasury.

The sale of nonperforming home mortgages held by portfolio lenders could double, or even triple next year, according to DebtX CEO Kingsley Greenland.