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In its statement following the Dec.16 meeting, the Federal Open Market Committee announced that it will "employ all available tools" to revive the economy. These tools include the large-scale purchase of agency MBS and debentures, as well as the possibility of buying long-term Treasury securities. A key goal is to provide support to the mortgage sector and the housing market, while stimulating a refinancing wave to both improve the cash flow situation of borrowers and support the earnings of mortgage lenders.
January 9 -
The growing mound of nonperforming mortgages led Stanford Kurland, the former Countrywide Financial Corp. executive, to start Private National Mortgage Acceptance Co. (PennyMac) last March to buy and service distressed loans.
January 9 -
Concern is mounting that losses on private-label MBScould exhaust the capital of several Federal Home Loan banks, sources inside and close to the system said this week.
January 9 -
Manager Activity: AutosFull Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market
January 8 -
SLM Corp. or Sallie Mae closed a $1.5 billion, 12.5-year ABS-based total return swap facility with Goldman Sachs International. The facility will give the student loan firm added financing for private education loans.
January 8 -
The Mortgage Bankers Association released its Commercial Real Estate/Multifamily Finance Quarterly Data Book for the third quarter of 2008, which reveals that commercial/multifamily real estate began to be affected by the slowing economy during the third quarter. Property fundamentals showed a slowdown in leasing activity.
January 8 -
The Federal Home Loan Banks may see substantial impairment in the value of their $76.2 billion of private-label MBS, according to Moody's Investors Service.
January 8 -
Mortgage rates continued their slide downward, but the 30-year has yet to break through 5%.
January 8 -
The former head of U.S. leveraged finance at Merrill Lynch has joined Ares Management.
January 8 -
In this months Credit Card Statement, Moodys Investors Service introduced a complement to its loss zone analysis called Rating Road Maps.
January 8 -
Wilmington Trust Corp. warned Wednesday that its fourth-quarter loan-loss provision rose sevenfold from a year earlier, because of deterioration in commercial and consumer portfolios.
January 8 -
Wells Fargo & Co. on Wednesday named a pair of former Wachovia Corp. executives, Robert Engel and Jonathan Weiss, to run its investment banking and capital markets businesses.
January 8 -
French business school EDHEC launched a monthly index for commercial property in France, with the help of real estate research institute Institut de l'Epargne Immobilière et Foncière (IEIF).
January 8 -
The European Union's (EU) plans to get banks and other users of credit default swaps to get on board a centralized clearing house have failed.
January 8 -
Treasury Secretary Henry Paulson on Wednesday said Fannie Mae and Freddie Mac should be eliminated and replaced by private-sector mortgage guarantors regulated like utility companies.
January 8 -
Former Ernst & Young Chairman and CEO Ray Groves was named as the ombudsman for Standard & Poor's.
January 7 -
The delinquency rate on home equity lines of credit reached its highest level ever in the American Bankers Association's (ABA) third quarter 2008 consumer credit delinquency bulletin.
January 7 -
Investment funds affiliated with PennyMac a "scratch and dent" firm headed by a former top executive at Countrywide Financial Corp. have purchased a $558 million portfolio of 2,800 residential loans from the government using a cashflow sharing arrangement.
January 7 -
Wells Fargo & Co. said late Monday that it bought $730 million of loan and lease receivables from General Electric Co.'s GE Healthcare Financial Services-Equipment Finance.
January 7 -
The Department of Housing and Urban Development (HUD) has agreed to delay for 90 days the implementation of a RESPA rule that would ban builders from offering discounts to home buyers that use their affiliated mortgage companies.
January 7
