Securitization

The core delinquency rate for legacy CMBS in February had one of its smallest increases since the start of the credit crisis, according to the Trepp Delinquency Report.

Consumer Portfolio Services (CPS) announced its $100 million two-year warehouse credit line with UBS Real Estate Securities.

Mortgage application activity declined 6.5% in the week ending Feb. 25 with both refinancing and purchase activity lower — despite a decline in mortgage rates.

Redwood Trust on Tuesday closed its second Jumbo MBS deal within 10 months, boasting that the economics on the transaction support private-sector financing of prime mortgages at rates within 0.5% of Fannie Mae/Freddie Mac instruments.

Banking regulators took a critical step forward on Tuesday to establishing national mortgage servicing standards by cutting a deal to include some new rules as part of a related risk retention proposal.

Goldman Sachs said in regulatory paperwork filed on Monday that it could lose about $3.43 billion as a result of judicial, regulatory and arbitration proceedings launched against the firm over the last decade.

The Obama administration has gained plaudits from even conservative critics by calling for the dismantling of Fannie Mae and Freddie Mac.

After months of infighting, the federal banking agencies have reached an agreement on risk retention standards that would include some new rules for servicers, according to sources familiar with the matter.

The excesses in mortgage lending happened primarily in the private market in 2004 when the GSEs lost market share to banks, said Bank of America Merrill Lynch analysts on a teleconference on housing reform.

PIMCO this week launched its Select U.K. Income Bond Fund that will invest in high-quality instruments across a broad range of fixed income sectors.

Federal regulators have drafted a 'qualified residential mortgage' (QRM) rule that mandates a 20% downpayment for such loans while leaving mortgage insurance totally out of the equation — a move that could prolong the housing recession in several states and decimate the mortgage insurance industry.

Conyers Dill & Pearman boosted its Moscow office by moving senior corporate and finance lawyer Claire McConway from its Bermuda location where she was an associate.

The amount of putbacks that Bank of America is being challenged for has grown to $84 billion. This covers 225 securitized deals, rising from $46 billion covering 115 deals in October, according to a Bloomberg report.

The recapitalization plan of Petroleo Brasileiro, designed to fund epic growth, is on strong footing, according to a release by Moody’s Investors Service.

Redwood Trust's recent $280 million RMBS is generally viewed as the Mill Valley, CA-headquartered firm's second attempt to jump-start the RMBS market, but doubts persist about whether it will be any more successful.

As the CMBS market begins to see a pickup in the new-issue pipeline, the increased competition among conduit originators has led to some erosion in underwriting quality.

The Obama administration's white paper on housing finance reform might have been short on details on how the government plans to initiate housing finance reform.

Although the Obama administration's white paper on housing finance reform came up short on details, it reemphasized the importance of the securitization market in the future of housing finance.

The joint Treasury/HUD report to Congress released this month was a major disappointment to market participants looking for a timely resolution to the status of the GSEs and the future of housing finance. While the white paper claims to lay out "the Administration's plan to reform America's housing finance market," it unfortunately amounts to a set of poorly defined policy options that will likely require years to codify and implement. Moreover, its core assumptions are unrealistic and ultimately border on wishful thinking.

Lawmakers laid out a series of ambitious deadlines in the Dodd-Frank Act, requiring regulators to complete roughly 170 new rules by July.