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Despite the Federal Reserve's effort to push down mortgage rates through MBS purchases, the spread between primary and secondary mortgage rates has remained stubbornly wide, according to Merrill Lynch analysts in a recent report.
February 6 -
Instead of declining toward 4.5% which is what the government wants, mortgage rates have been moving higher since hitting 4.96% on Jan. 15.
February 5 -
Under a pilot program involving reduced documentation loans from California, Nevada and other high delinquency states, Freddie Mac is turning calls over to third-party servicers to perform loan workouts.
February 5 -
President Barrack Obama yesterday signed into law an extension and expansion of the State Children's Health Insurance Program that increases the tax on cigarettes by 62 cents to $1.01 per pack. The action puts into question new tobacco bond deals that states want to back with consumption-based settlement payments from tobacco companies.
February 5 -
The House Financial Services Committee approved a package of bills Wednesday designed to improve bank liquidity and reduce foreclosures.
February 5 -
Green Tree hired Patricia Cook will be joining the company as executive vice president in business development.
February 5 -
Head of structured finance at Mizuho Corporate Bank in New York Hiroyuki Kasama will be leaving his post next week. Kasama will be taking up a new assignment in the bank's Tokyo office.
February 4 -
NewOak Capital appointed Patrick Mooney as Chief Operating Officer, coordinating internal operations and system and processes build-out.
February 4 -
Howard Finkelstein, an attorney at Akerman Senterfitt and a microfinance expert, has established his own law office.
February 4 -
In response to declining home values, Freddie Mac is increasing delivery fees for certain high LTV and low FICO score mortgages, effective April 1.
February 4 -
Fitch Ratings announced proposals that would see significant increases in its loss severity assumptions for foreclosed residential property securing defaulted mortgage loans in German RMBS and German mortgage covered bonds.
February 4 -
Walkers, an offshore law firm, announced the addition of Linda Martin and Chinyin Lim, to its London office.
February 4 -
Much of the banking industry continues to resist mortgage bankruptcy reform, but some observers are arguing that bankers would actually see a benefit if the legislation passed.
February 4 -
Moody's Investors Service launched a monthly newsletter focused on credit risks in the automotive industry.
February 4 -
Societe Generale Corporate & Investment Banking appointed Jean-François Despoux as global head of real estate and lodging within its capital raising and financing division.
February 3 -
BNP Paribas share prices slid 3.72 to 26.29 today following the announcement of major changes to its proposed purchase of assets of the Belgian bank Fortis, according to market reports.
February 3 -
Acknowledging the industry's continued need for liquidity, the Federal Reserve said Tuesday that it will extend five support programs to Oct. 30.
February 3 -
Firms that securitize mortgages and other assets will have to take a 10% first loss position on any new issuances under draft legislation being discussed in Congress.
February 3 -
Mortgage banker Residential Capital Corp. (ResCap) whose parent recently completed a huge debt swap with bond holders continued to bleed red ink in the fourth quarter, posting another huge loss as both its loan fundings and servicing rights suffered.
February 3 -
Jim Miller, a former managing director at JPMorgan Chase, has joined First American Information and Outsourcing Solutions as managing director of operations for the company's outsourcing and technology business lines.
February 3
