RMBS

PHH Corp., which controls the nation's eighth largest servicer, is likely to take a $100 million writedown on the value of its mortgage servicing rights in the third quarter, according to a new research report from FBR Capital Markets.

Ohio became the first state to level a civil fraud suit against a major servicer, claiming the company misled courts in hundreds of foreclosure cases by filing fraudulent affidavits.

Ohio Attorney General Richard Cordray said that on Wednesday afternoon he will unveil a civil fraud case against a "national loan servicer," charging that company with foreclosure fraud in regard to hundreds of loans in the state.

The Securities and Exchange Commission (SEC) said today that it is seeking public comment on proposed regulations to require ABS issuers and credit rating agencies that rate ABS to provide investors with new disclosures about representations, warranties, and enforcement mechanisms.

Refinancing activity declined for the fifth straight week, despite new record lows in mortgage rates.

With Fannie Mae and Freddie Mac now requiring that all mortgage servicers review how they handle foreclosures, more questions are being raised about the impact that potentially invalid affidavits will have on the foreclosure process, on servicers and the industry overall.

Arrears rates in both prime and subprime U.K. RMBS transactions will increase over the coming months.

House speaker Nancy Pelosi is urging the Department of Justice (DOJ) to launch an investigation into the handling of delinquent mortgages, loan modifications and foreclosures by banks for possible violations of laws and regulations.

Principia Partners, announced its integration of Intex performance data into the Principia Structured Finance Platform (Principia SFP).

Moody's Investors Service is giving the Federal Deposit Insurance Corp.'s (FDIC) new "Safe Harbor" rule the thumbs-up due to the protections private-label MBS investors can rely on if the issuing bank fails.