Securitization

The Treasury Department singled out the three largest banks — Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. — for failing to properly solicit and consider homeowners for the government's loan modification program.

Congressman Dennis Cardoza (D., Calif.) plans to introduce a blanket modification effort for GSE loans that could see as many as 30 million U.S. mortgage borrowers refinance their mortgages at record low interest rates.

Yesterday Moody's Investors Service placed the ratings of 319 RMBS tranches of 114 deals serviced by GMAC on review for possible downgrade as a result of specific servicing concerns.

Home prices have risen for four straight months, but the rate of growth has slowed, according to new figures tracked through the Standard & Poor's/Case-Shiller house price index.

Besides imposing a 5% risk retention requirement on securitizations by banks, the Federal Deposit Insurance Corp. (FDIC) also spelled out new standards that are particularly tough and aimed solely at issuers of RMBS.

The Federal Deposit Insurance Corp. (FDIC) unexpectedly delayed the release of an interim rule to create a resolution system for the largest, most-connected banks and nonbanks, saying it needed to consult with other regulators first.

Moody’s Investors Service has assigned provisional ratings to Ford Credit Floorplan Master Owner Trust A, Series 2010-5.

A new Italian law that requires stricter controls on brokers as well as more transparency in loan origination will benefit Italian ABS backed by consumer loans, said analysts at Moody's Investors Service.

Jefferies named Peter Santry as a managing director and head of distressed trading in its leveraged finance sales and trading division, the firm announced Monday.

The American Securitization Forum (ASF) released a statement saying that the Federal Deposit Insurance Corp.'s (FDIC) action today will seriously harm the federal government’s ability to exit the U.S. housing market and to reestablish a private label mortgage market.

State Street Global Advisors (SSgA), the investment management business of State Street Corp., engaged investment manager Smith, Graham & Co. Investment Advisors to assist in providing asset management services for the U.S. Department of the Treasury’s MBS Purchase Program.

The Federal Deposit Insurance Corp. (FDIC) is set Monday to begin a Herculean task: creating a resolution procedure for large, systemically important firms that improves on the bankruptcy process but still resembles it enough that it does not unsettle the marketplace.

California Attorney General Jerry Brown late Friday ordered the government-owned Ally Financial to stop foreclosing on homes in the state if it cannot prove immediately that it is complying with state law.

It was no small irony that moments after voting to bar corporate credit unions from investing in risky CDOs, the National Credit Union Administration (NCUA) Board gave its approval to a plan to shed as much as $50 billion in toxic MBS held by the corporate system by repackaging them for sale to the public as CDOs.

Re-default rates on Home Affordable Modification Program (HAMP) modified loans are half the rate of other permanent modifications, according to second quarter servicing figures complied by the Office the Comptroller of the Currency (OCC) and Office of Thrift Supervision (OTS).

The LPS Auction Solutions division of Lender Processing Services will conduct an online auction of 26 bank-foreclosed homes located nationwide with a bid deadline of Oct. 18.

Analytics solutions provider MIAC Analytics hired Jeff Zuckerman as vice president of software sales.

The National Credit Union Administration (NCUA) said it took under conservatorship three more troubled corporate credit unions this afternoon as part of is effort to shed the corporate system of toxic assets.

JPMorgan Chase is in the market with its JPMorgan Chase Commercial Mortgage Securities Corp. Trust Series 2010-C2. The $1.1 billion deal is managed by JPMorgan Securities.

Sales of new single-family homes had their second-worst month on record in August, with transactions falling to a 288,000 seasonally adjusted annual rate, according to figures released by the Commerce Department.