Securitization

Ally Financial indicated in a Wednesday Securities and Exchange Commission (SEC) filing that it has received subpoenas from two regulatory entities in June that included requests for documentation related to certain mortgage activities.

Although the consumer ABS market is 3.7% ahead of its 2010 pace at the midyear point with $55.6 billion of new consumer ABS issued in 1 H11, several macroeconomic factors continue to plague the sector, according to a Wells Fargo Securities report released yesterday.

At the end of May, the combined number of mortgages 90+ days delinquent and foreclosures totaled 4.08 million, according to a report by Lender Processing Services (LPS).

Garanti Bank has closed its transaction comprising two new series of notes worth $225 million and €50 million ($72 million). The series of notes were issued under the firm's diversified payment rights (DPRs) program called Garanti Diversified Payment Rights Finance Co.

Bank of America Corp. has reached an $8.5 billion settlement with investors over repurchase demands on $424 billion worth of RMBS.

UCM Partners has launched the UCM MIDAS Fund, with $10 million in assets under management.

Mortgage application activity fell 2.7% in the week ending June 24, even as mortgage rates declined to their lowest level since the middle of November.

Bank of America Corp.'s proposed settlement of MBS claims against its Countrywide unit would force private-label investors in 530 Countrywide trusts to accept the bank's $8.5 billion offer, BofA officials said Wednesday.

The fundamentals for private mortgage insurers were supposed to have improved by now. They haven't.

Lawmakers sided with community banks on Tuesday in expressing concern that a pending risk retention rule and other new regulations will soon drive small institutions from the mortgage business.

The American Bankers Association (ABA) believes the role of the GSEs and FHA in the mortgage market should be gradually reduced so that 60% of home financing comes from the private sector with “no government aid.”

Housing prices rose 0.7% in April, snapping eight straight months of declines, as home values increased in 13 of the 20 cities in the Standard & Poor's/Case-Shiller house price index.

The New York State Court of Appeals reinstated a $5 billion fraudulent conveyance and breach of contract lawsuit brought by bank policyholders against MBIA.

The Depository Trust & Clearing Corp. (DTCC) has appointed Noel Donohoe to the newly created position of executive managing director and group chief risk officer.

Angel Oak Capital Advisors has launched its Angel Oak Multi Strategy Income Fund to invest in ABS.

The June ABX remittance report showed that while loss severities and delinquency rates are improving, CDRs and modification rates saw a slight increase, as reported by Bank of America Merrill Lynch analysts.

Moody’s Investors Service is asking for market feedback on a proposed follow-up to its operational risk guidelines concerning ABCP programs in a Request for Comment (RFC) issued yesterday.

Last month’s record-breaking U.S. used auto prices will help improve existing auto lease ABS, but will hurt future auto lease securitizations, according to a report by Moody’s Investors Service.

The Consumer Financial Protection Bureau (CFPB) has posted newly revised prototypes of a two-page "Loan Estimate" disclosure on its Web site for a second round of input on the way closing costs are presented.

Small mortgage banking companies got hammered in the first quarter amid falling loan volumes and rising expenses.