Securitization

For years, Sen. Richard Durbin, D-Ill., and consumer advocates tried to enact legislation that would allow judges to reduce mortgage principal in bankruptcy proceedings, only to be repeatedly defeated by the banking industry.

Mortgage application activity increased 15.5% in the week ending March 4 with gains in both refinancing and purchase activity.

The Federal Reserve's March 7 report on January consumer credit outstanding showed data pointing to the start of a recovery in consumers’ willingness to maintain debt.

Research findings are adding up to fears that the Federal Housing Administration’s (FHA) sharp loan volume increase of recent years is moving the agency “into uncharted, risky territory” making it more crucial than ever for policy makers to come up with “a delicate balancing act” that would ensure the FHA “is not pushed too far.”

Moody’s Analytics just released Mortgage Portfolio Analyzer (MPA), a new risk management and capital allocation tool that assists retail portfolio managers analyze and manage their mortgage portfolios's credit risk.

Federal regulators are working toward a very narrow definition of “qualified residential mortgage” (QRM) that would force securitizers of high-quality loans to retain 5% of the credit risk.

Assured Guaranty announced today that chief operating officer Séan W. McCarthy will be leaving the company at the end of the month to “pursue other opportunities.”

Janney further expanded its fixed-income team by hiring Robbie Goffin as managing director.

Kohlberg Kravis Roberts & Co. (KKR) said on Tuesday it hired Ralph Rosenberg as a managing director to lead its global real estate investing efforts.

Mitsubishi Motors Credit of America (MMCA) is in the market with a prime auto ABS deal called MMCA Auto Owner Trust 2011-A (MMCA 2011-A). Barclays Capital is lead underwriter on the $278.39 million securitization.

Roughly 23.1% of all residential homes encumbered with mortgages (11.1 million units) were in a negative equity position at yearend, according to new figures released by CoreLogic (CL), Santa Ana, Calif.

Of the Dodd-Frank Act's sundry requirements, few have caused as much consternation among bank regulators as the mandate to evaluate capital without the help of credit ratings.

Redwood Trust officials have been hearing plenty of talk about other firms entering the Jumbo MBS space — but aren’t holding their breath about seeing new bonds issued anytime soon.

Standard & Poor's said that Trepp clients can now access S&P's CMBS research headlines via the CMBS information provider's platform.

The $5.7 billion plan San Bernardino County Employees¹ Retirement Association (SBCERA) previously discussed two potential CLO investments at last week¹s meeting.

CarMax in the market with CarMax Auto Owner Trust 2011-1. The auto ABS, which is reportedly slated to price as early as this week, is worth $650 million.

Debra Huddleston joined Ranieri Real Estate Partners as managing director and head of real estate structured products.

Conventional speeds slowed less than expected in February, especially on FHLMC Gold 30-years. FNMA speeds declined nearly 14% from January versus a projected 18%. Speeds declined in line with projections for 5s and newer 5.5s while speeds on more seasoned 5.5s and higher coupons did not slow as much as anticipated.

A majority of business economists believes federal regulators should require a high down payment on "qualified residential mortgages" (QRM) that will be exempt from risk retention.

Catherine Kissick, a well known figure in warehouse lending circles, late Friday pleaded guilty to criminal charges tied to the collapse of Taylor, Bean & Whitaker (TBW), a large Federal Housing Administration lender based in Ocala, Fla.