Residential MBS


Erbey Out as Ocwen Agrees to $150M Settlement with NY Regulators

Ocwen Financial has agreed to pay $150 million to New York regulators to settle allegations that it fudged foreclosure documents; its founder and, executive chairman, William Erbey is also stepping down.

Karen Pallotta Joins Redwood’s Board of Directors

She spent more than 20 years at Fannie Mae, most recently as head of the single-family credit guaranty business.

JPMorgan Securitizes Merrill Legacy Mortgages

The $352.7-million J.P. Morgan Seasoned Mortgage Trust 2014-1 is backed by prime loans originated from 2004 to 2007 by pre-BofA Merrill. A strength includes high quality borrowers, a weakness is that the were all interest-only for first ten years - amortization will bump up payments.

Cantor Building Out Whole Loan Sales & Trading

Cantor Fitzgerald hired Gary Wang and Karl Partch as managing directors in whole loan sales and trading. The hires reemphasize Cantor’s place in the whole loan trading space.

Freddie Mac Purchases Additional Mortgage Reinsurance

The new policies cover a combined maximum of approximately $155 million of losses for a portion of the credit risk associated with a pool of single-family loans acquired in the third quarter of 2013.



Reg AB II Returns from Limbo

Regulation AB governs registration, reporting and disclosure requirements for all things asset-backed. The Securities and Exchange Commission appears to be ready to update it significantly, but, nearly four years after changes were originally proposed, it’s not clear exactly what the Commission will do.

Nonbank Mortgage Servicers' Rapid Growth Alarms Investors

Concern is mounting among investors and analysts that Nationstar, Ocwen Financial and Walter Investment are getting so big so quickly that they are becoming too difficult to manage.

Finra Files Proposal to Disseminate Price Data

The proposal would introduce dissemination of trade prices for securities ranging from highly liquid credit card and auto ABS to smaller and more esoteric deals in asset classes such as time shares, to commercial mortgage-backed securities (CMBS) and highly structured CDOs and collateralized loan obligations.

Fitch: External Factors Biggest Threat in 2014

Overall issuance growth will moderate in 2014, Fitch Ratings' managing director for asset backed securities says in the firm's outlook.

Ocwen's Loan Mods Rile RMBS Investors

The servicer has a reputation for aggressively writing down principal, often multiple times.


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Fannie Mae Exploring New Ways to Transfer Risk to Private Sector

Unlike their existing risk-sharing programs, which have drawn $12.5 billion of private capital into the mortgage market by referencing $454 billion of mortgages since their July 2013 inception, some of the latest deals transfer the first loss sustained when a homeowner stops making payments.

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