RMBS

The housing crisis may now get as personal for bank executives as it has for individual homeowners.

Bank of America late Tuesday said it is "not responsible" for the "poor" performance of mortgages "as a result of a bad economy," and defended its role as a servicer on billions of dollars in outstanding home loans.

The £3.4 billion ($5.33 billion) U.K. prime RMBS master trust issue called Arkle 2010-2 was absorbed by the market quite quickly, with fairly little marketing.

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.