Securitization

Nearly 165,000 borrowers have filed requests for reviews on how their servicer treated them in foreclosure—to see if they are entitled to damages—according to new figures released by the Office of the Comptroller of the Currency.

PHH Corp. Monday morning named former General Electric energy executive David Tucker president of its mortgage division.

The Royal Bank of Canada (RBC) looks set to enter the U.S. covered bond market following the green light given by the Securities and Exchange Commission (SEC) last Friday.

A new auto fleet lease deal and equipment lease securitization join the consumer ABS primary pipeline this week.

The Federal Reserve Bank of New York today resumed its auction of Maiden Lane III's holdings in the Duke CDO. Bids are due on Thursday, May 24.

In a report released on Friday, Barclays Capital analysts highlighted the National Information Center's 1Q12 consolidated financial statements for bank holding firms.

Efforts to bring back a private-label RMBS market have not been quick, nor — dare I say —wholly successful at this point. But they are persistent, which is among the reasons why I think they will eventually succeed.

ABS sector spreads have steadily tightened over the past year, according JPMorgan Securities' most recent weekly. This tightening has been caused by both by improving credit and negative net supply.

It might be said that over the past three years a mortgage banker couldn't give away "legacy" mortgage servicing rights. (Just ask the megabanks, especially Bank of America.) As for the new stuff, buyers were plentiful — but only at their price.

Standard & Poor's today released research on the role of credit ratings in the financial system.

This week set several new records: price highs on 30-year FNMA 3.0% through 4.0% coupons as well as lows on the 10-year note yield and 30-and 15-year fixed mortgage rates.

Barclays Capital says there appears to be a “floor” on 'AAA' CLO spreads, at least until there is some better news out of Europe.

Consumer ABS are probably going to be a higher-velocity market going forward given their shorter average-life profile, according to a presentation released this morning from Wells Fargo analysts.

Wells Fargo & Co. is in the market with a $200 million package of nonperforming residential loans, according to investors that have been briefed about the deal.

MGIC Investment Corp. has filed a lawsuit in Federal Court in Milwaukee against Freddie Mac and its conservator, the Federal Housing Finance Agency, over the pool insurance dispute between the two companies.

Amherst Securities Group (ASG) analysts reviewed three categories of 5/1 hybrids with different interest-only terms, including non-IO, five-year IO term and 10-year IO term in a report released this afternoon.

While bond insurer Ambac Assurance Corp. (AAC) has been paying policyholder claims for the last several years, its related segregated account branch has not been doing so. On Wednesday the Wisconsin Commissioner of Insurance applied to a Wisconsin court for the segregated account to make cash payments to policyholders for 25% of claims.

This thought came up while looking at Mortgage Bankers Association (MBA) CEO David Stevens’ proposal, unveiled at the MBA’s National Secondary Market Conference in New York, to combine Freddie Mac and Fannie Mae’s mortgage bonds into a single security.

Freddie Mac reported new lows in 30- and 15-year fixed mortgage rates in the week ending May 17.