Securitization

The Federal Trade Commission (FTC) is mailing over 450,000 checks to former customers of Countrywide Home Loans (CHL) as part of a $108 million settlement involving allegations that CHL took advantage of delinquent borrowers and charged excessive servicing fees.

The loan modification process needs a reboot that uses technology to help borrowers understand the process and provide faster resolution to loan files, according to panelists speaking at the Best Practices in Loss Mitigation Conference that National Mortgage News' parent company SourceMedia sponsored this week in Dallas.

A closely watched appeals court case that could determine whether investors may sue firms over allegedly faulty disclosure for auction-rate securities has pitted the Securities and Exchange Commission (SEC) against a broker-dealer group.

Dollar Thrifty Automotive Group (DTAG) is in the market with a transaction called Rental Car Finance Corp., Asset Backed Notes, Series 2011-1. Rental Car Finance Corp. (RCFC), a wholly owned subsidiary of Dollar Thrifty, is the issuer.

Bank of America says all those rumors about it exiting the correspondent mortgage channel are just not true.

The American Securitization Forum (ASF) released a statement today applauding the House Financial Services Committee’s approval of legislation aimed at stabilizing the ABS market.

A new report by Lender Processing Services (LPS) reveals that the total U.S. loan delinquency rate climbed 2.4% in June to reach 8.15%, while the foreclosure pre-sale inventory rate also rose by 0.2% to 4.12%.

The U.S. CMBS delinquency rate declined sixteen basis points in June to reach 9.02%, according to Moody’s Investors Service’s Delinquency Tracker (DQT). The rate of loans in special servicing dropped for the second straight month with a decrease of 27 basis points, settling at 12.35%.

A short-term default is not expected to have any effect on GNMA MBS cash flows because of their collateralized nature, according to a new Barclays Capital report.

When the Consumer Financial Protection Bureau (CFPB) officially opens its doors Thursday, the new agency will be ready to field complaints about credit cards – but not mortgages or servicing performance.

If the financial industry were made up of nursery rhymes, Wells Fargo & Co. would be Little Jack Horner and Bank of America Corp. would be regarded as Pinocchio.

Elizabeth Warren has spent much of the past year arguing the Consumer Financial Protection Bureau (CFPB) is not as scary as banks think. But as she steps aside, will that really be the case?

Legislation is moving forward that would more definitively exempt rating agencies from a liability that shut down securitized markets at one point last year, according to an industry trade group.

The CRE Finance Council (CREFC) submitted its comments to regulators on the joint regulatory proposal on credit risk retention for ABS.

First and second mortgage default rates fell in June to 2.02% and 1.40% respectively, according to the Standard & Poor's /Experian Consumer Credit Default Indices. Last month the two default rates were recorded at 2.09% and 1.42%, respectively.

While in the United States efforts to create more new-issue-rated RMBS are just starting to gain a little more momentum and the latest economic indicators at press time have not exactly been rosy, RMBS Down Under have been doing relatively well.

Greenwich Associates released its annual list of top leaders in the U.S. institutional fixed-income trading market today, revealing a deadlock for first between Barclays Capital, Deutsche Bank, and JPMorgan with each firm holding an 11.5% overall market share.

Single-family housing starts unexpectedly jumped 9.4% in June from the previous month with multifamily activity spiking 32%.

Lloyds Bank TSB is marketing bonds backed by ₤1.2 billion ($1.92 billion) of loans to small and medium sized businesses.

The National Credit Union Administration (NCUA) late Monday filed its third lawsuit alleging violations of federal and state laws related to misrepresentations in the sale of MBS to now defunct corporate credit unions.