RMBS

Six months into his tenure as MF Global's chief executive, Jon Corzine wants the futures broker to expand geographically, and he wants it to build a beachhead in investment banking.

MetLife Bank has emerged as the winning bidder on a $23 billion package of residential servicing rights auctioned off by the Federal Deposit Insurance Corp. (FDIC), according to investment banking sources close to the situation.

Today the Federal Reserve Bank of New York bought $1.379 billion in Treasury debt that are maturing from 2012 to 2013 in an outright coupon purchase.

For the last three years, private mortgage insurers have suffered two great woes: credit losses on policies written before the crisis and an inability to compete with Federal Housing Administration (FHA) prices on new insurance.

Sand Capital has acquired more than $100 million in distressed debt and REO properties, said Jay Stein, the firm's president. Sand Capital is a division of Sandor Development Co.

The ABS market has seen a deluge of transactions from the various asset classes, although the auto sector still has the lion's share of the pipeline.

The 30-year fixed mortgage rates rose for the second week in a row to an average of 4.37% with an average 0.7 point from 4.35% last week.

Flagstar Bancorp — which continues to rank among the top 10 mortgage wholesalers in the U.S. — declined to confirm or deny that it is considering a $600 million offering of new equity.

Mortgage servicers and banks foreclosed on more homes in August — 95,364 units — than in any month since the start of the U.S. mortgage crisis, according to new figures compiled by RealtyTrac, Irvine, Calif.

Federal Deposit Insurance Corp. (FDIC) Chairman Sheila Bair said Wednesday that the Basel Committee on Banking Supervision's new capital plan should have been tougher.