ABS

The Mortgage Bankers Association (MBA) has drafted and sent to Washington officials a regulatory reform proposal suggesting how a new federal mortgage regulatory agency the group has been calling for might set lending and servicing rules for the entire mortgage industry, regardless of charter or license.

The Office of Management and Budget (OMB) is considering changes to the estimates the Federal Housing Administration (FHA) is using for house values over the next several years, which could lead to a possible increase in mortgage insurance premiums FHA charges on single-family loans.

New homes sales jumped 4.7% in February from January and it could be a sign that the housing market is finally bottoming out.

March remittance reports, reflecting the February collection period, showed monthly aggregate 60+ day delinquencies rising 64 basis points, 77 basis points, 65 basis points, and 181 basis points, according to a report from Barclays Capital.

Freddie Mac purchased $40 billion of mortgages in February, an 84% increase from the previous month as declining interest rates led to increased business for the government-controlled giant. However, compared to the same month a year ago, purchases fell 16%.

CNH Capital America priced a $528 million equipment lease deal, CNH Equipment Trust 2009-A. The deal was led by Barclays Capital and RBS Securities.

The recent performance of prime jumbo RMBS from 2005-2007 suggests average losses on the securities might be about three or more times what was previously expected, but there appears to be some hope government initiatives could still make a difference, according to Fitch Ratings.

Philippine government agency National Home Mortgage Finance Corp. (NHMFC) and Standard Chartered Bank priced NHMFC’s first securitization issue.

The Treasury Department and Federal Deposit Insurance Corp. (FDIC)should have the power to decide how to resolve systemically important financial companies, the Treasury said Wednesday.

The Committee of European Securities Regulators (CESR) said that it has encountered varying interpretations of whether structured products should be classified as complex or non-complex in the context of MiFID, depending on the structure of the investment.

New Star head of fixed income James Gledhill will join Henderson Global Investors when the merger between the firms is completed, according to market reports. He will report to Henderson bond manager James Pattullo.

Though bank stocks and the broader markets soared Monday after the Treasury Department released details of its public-private partnership plan to buy banks' toxic assets, analysts questioned whether the rally is sustainable, particularly ahead of first-quarter earnings reports.

The upcoming March remittance report is expected to show favorable seasonal effects, which should help slow the growth of delinquencies over the month.

Residential lenders could originate nearly $2.8 trillion in single-family mortgages this year — a stunning turnaround from last year when fundings totaled about $1.6 trillion, according to a new estimate made by the Mortgage Bankers Association (MBA).

Richard Bernstein, chief investment strategist and head of Bank of America Merrill Lynch’s investment strategy group, as well as David Rosenberg, the firm’s chief economist, are leaving the firm, according to an internal memo obtained by ASR sister publication IDD.

Even though the mortgage insurance business is in the tank, the former head of the Radian Group is in the process of forming a new MI firm that also will act as a reinsurer, industry executives confirmed to ASR sister publication National Mortgage News.

Jim Clapp, senior vice president in charge of warehouse lending at Guaranty Financial Group, is leaving the bank, industry sources told National Mortgage News. Clapp declined to comment on the matter.

Fitch Ratings has downgraded 18 tranches and affirmed two tranches of the Madrid RMBS I, II and III transactions following a performance review.

Societe Generale analysts said that the unaddressed question of ABS paper illiquidity in Europe remains a problem for the Continent's securitization market.

Clifford Chance said it plans to transfer real estate, corporate and capital markets partners to Abu Dhabi and Dubai.