RMBS

The Financial Accounting Standards Board’s (FASB) proposal that would mandate fair value accounting treatment for most banks is not finding any supporters in the institutional investor space, a new study claims.

Existing home sales fell 6.4% in September from the previous month, but October could turn out to be a good month, according to RE/MAX, the national realty company.

On Monday, bondholders of over 25% of the voting rights in more than $47 billion of Countrywide Financiall-issued RMBS sent a notice of non-performance to Countrywide Home Loan identifying specific covenants in 115 pooling and servicing agreements (PSAs) that the holders allege countrywide servicing has failed to perform.

Moody’s Investors Service said the proposed rehabilitation plan to deal with Ambac Assurance Corp.’s segregated account of high-risk insured assets is a credit positive and, if confirmed by the courts, will put the Wisconsin-domiciled bond insurer “one step closer to an orderly run-off.”

Over the next few weeks, the Federal Housing Administration (FHA) will send review teams into several FHA servicing shops to see how they are handling foreclosures, ASR sister publication National Mortgage News (NMN) has learned.

The European Central Bank (ECB) made changes to the language in its guidelines on monetary policy instruments and procedures last week.

The International Organization of Securities Commissions (IOSCO) published recommendations for market interventions and securitization in emerging markets after meeting at Istanbul last week.

If Rep. Scott Garrett has his way next year, covered bonds will become a viable way to provide an array of credit, the conservatorship of the GSEs will be unraveled and the new consumer protection bureau will be repealed.

It seems no one is going to escape scrutiny now that the 50 state attorneys general and the GSEs are requiring almost every servicer to review their foreclosure processing procedures.

The $3.847 billion securitization for the National Credit Union Administration (NCUA) has launched and is expected to price early afternoon today. This is the first in a series of securitizations for the NCUA.