Securitization

As the debate begins to unfold concerning the future of housing finance, panelists at the Mortgage Bankers Association's (MBA) Secondary Market Conference were unanimous in their endorsement of the 30-year fixed-rate mortgage.

Two members of the House Financial Services Committee late Thursday introduced GSE reform legislation that would create new entities to issue government-guaranteed MBS.

The Prestwick Mortgage Group is offering a $172 million package of mortgage servicing rights tied to Fannie Mae loans originated in New Jersey.

MBIA's chief executive officer said Wednesday that it is only a matter of time before the troubled bond insurer is reimbursed by financial institutions for its losses related to RMBS that it insured during the housing boom.

President Barack Obama wants banks to step up their efforts to help struggling borrowers stay in their homes by offering principal reductions, extending short-term modifications, and lengthening existing mods.

With federal and state officials still in talks with the top five mortgage servicers over lapses in the foreclosure process, lawmakers from both political parties introduced a bill Thursday that would establish national servicing standards.

Discover Financial Services is buying the assets of Tree.com's mortgage origination subsidiary, Home Loan Center, for $55.9 million.

Healthcare Finance Group is in the market with $93 million of healthcare receivables-backed notes. The Series 2011-1 notes are being issued in anticipation of the expected maturity in June 2011 of the issuer’s Series 2006-1 notes, according to a Moody's Investors Service presale report.

KeyBanc Capital Markets (KBCM) has expanded its MBS sales and trading group by hiring Joseph McHale as a managing director.

Brazil’s leading mortgage originator Caixa Economica Federal today closed the R$232.8 million senior piece of its largest ever RMBS, said a source close to the transaction. The yield came to 10.5% over the TR, a benchmark savings rate.

In the newest edition of Moody's Investors Service Auto Navigator publication, the rating agency highlighted the unique characteristics of Ford Motor Credit Co.'s ABS deal launched in mid-April called Ford Upgrade Exchange Linked Notes Series 2011-1 (FUEL notes).

Freddie Mac reported 30-year fixed rate mortgage rates dropped eight basis points to a new year-to-date low in the week ending May 12 to 4.63% with an average 0.7 point.

As lawmakers take up mortgage servicer standards at a hearing Thursday, the Mortgage Bankers Association (MBA) is advocating a cautious approach to standard-setting while trying to debunk what it says are misconceptions about servicing.

The chief regulator of all GSEs this week told directors of the 12 Federal Home Loan Banks (FHLBs) that they need to keep an eye on the system’s investment portfolios and executive compensation packages.

The Federal Deposit Insurance Corp. (FDIC) has accused Lender Processing Services of Jacksonville, Fla., and CoreLogic of Santa Ana, Calif., of causing $283.5 million of damages to the former Washington Mutual for failing to provide oversight of appraisal.

The RealtyTrac April 2011 Foreclosure Market Report finds the number of foreclosure filings in the month dropped 9% compared to March and 34% from April 2010, largely due to delays in foreclosure processing.

Subprime credit default swap prices swung upward for the sixth straight month in April, making it the longest sustained rally of this type seen since 2007 — and it may continue, according to Fitch Solutions.

Socram Banque priced its French auto ABS called TitriSocram 2011-1, which was managed by BNP Paribas and Natixis.

Ally Bank has priced its auto floorplan securitization called Ally Master Owner Trust Series 2011-3 (AMOT 2011-3). It was upsized to $750 million from $500 million.

Morgan Stanley is once again weighing the sale of its residential servicing operation Saxon Mortgage, according to industry officials familiar with the matter.