ABS

The Treasury Department and the Department of Housing and Urban Development (HUD) today released February data for the Home Affordable Modification Program (HAMP).

The Federal Deposit Insurance Corp. (FDIC) is reportedly preparing to sell $3 billion worth of loans from AmTrust Bank, said a Bloomberg report, citing people who are involved in the sales. AmTrust is the a Cleveland-based lender seized by FDIC last December.

GMAC Financial Services has hired Goldman Sachs to start the process of selling the company's money-losing mortgage unit Residential Capital Corp., according to a new published report.

GMAC Mortgage's (GMACM) corrective actions related to an unusual servicing practice that could hurt ratings on nearly $6 billion of RMBS it services are scheduled for completion by April 1, according to a Moody's Investors Service report.

Loss severities on distressed RMBS loans will probably increase this year as several key government support programs expire, Fitch Ratings said in a report.

The Federal Deposit Insurance Corp. (FDIC) extended its temporary protection for securitized assets from failed-bank seizures or the safe harbor to Sept. 30.

Kohlberg Kravis Roberts & Co. has promoted four professionals in its asset management department to run the firm's special situations and leveraged credit strategies.

Altrius Capital Management launched an institutional investing division at the start of the year, an official at the 12-year old firm told ASR sister publication Investment Management Weekly.

Senate Banking Committee Chairman Chris Dodd announced today that he is unable to reach a deal with Sen. Bob Corker and plans to introduce a bill next week on his own with the goal of pushing it through the committee along party lines if necessary before the Easter recess.

Kevin Jackson, previously a director in convexity products at Bank of America Merrill Lynch, will be joining Wells Fargo Securities as part of the firm's efforts to bolster its residential financing, origination, and trading activities.

Connecticut Attorney General Richard Blumenthal has filed suit against Moody’s Investors Service and Standard & Poor’s for allegedly enabling the “worst economic downturn in the nation since The Great Depression” due to their issuance of “tainted” ratings to risky subprime investments.

Markit will be launching the Markit IOS index tomorrow. The new release is a synthetic total return swap index that will be referencing the interest component of 30-year fixed-rate Fannie Mae RMBS pools.

Subprime RMBS prices in the U.S. reversed course this past month, with most vintages rising in value, reported Fitch Solutions based on the firm's latest CDS of RMBS indices results.

Freddie Mac reported further easing in mortgage rates in the week ending March 11. The 30-year fixed mortgage rates averaged 4.95%, down two basis points from last week and its lowest level since mid-February.

Barney Frank's call for banks to forgive principal on second liens was music to the ears of mortgage bond investors who have been pushing the idea for about a year.

Treasury Secretary Tim Geithner on Wednesday defended the administration's decision not to outline a plan for the future of Fannie Mae and Freddie Mac until 2011, saying it was focused on other issues.

A scathing report by a Congressional watchdog examining the bailout of GMAC found that the Treasury Department did not adequately protect taxpayer money.

Sierra Receivables is in the market with a timeshare-backed transaction. The $250 million offering is lead managed by Credit Suisse.

The Federal Deposit Insurance Corp. (FDIC) sold $1.37 billion of structured guaranteed notes backed by residential and construction loan assets from Corus Bank. It follows its debut offering from last week.

ResCap has been working to change a practice involving the netting of cash flows of multiple RMBS deals serviced by its GMAC Mortgage (GMACM) subsidiary.