Residential MBS

News

Morgan Stanley Reaches $3.2B Settlement Over Mortgage Bonds

Morgan Stanley agreed to pay $3.2 billion to end a joint federal-state investigation into its handling of mortgage-backed securities, the fourth deal to be struck in a probe of the big U.S. banks' role in the subprime mortgage meltdown and the financial crisis it spawned.

Fannie Mae Pays Up in Latest Risk-Sharing Offering

Spreads on the company’s latest offering of Connecticut Avenue Securities were well wide of levels on the previous deal, completed in October; and that deal, in turn, priced wide of the previous offering in July.

FHFA Is Right: Captives Don't Belong in Home Loan Banks

The Federal Home Loan Bank System was designed to provide liquidity to community lenders and traditional insurers, not to unregulated lenders that circumvent the membership rules.

TRID Scuttling Revival of Private-Label Securitizations

Add this the list of things working against a revival in private-label securitization of residential mortgages: investors are rejecting loans at unprecedented rates because they do not comply with new regulations.

Fannie Preps 1st Conn Ave Risk Sharing Deal of 2016

The Series 2016-C01 is the government-sponsored enterprise’s 10th credit risk sharing transaction under the CAS shelf, and the second offering exposure to actual losses, as opposed to estimated loses.

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Articles

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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Why Florida May Be the Next Big Source of PACE Bonds

Property Assessed Clean Energy loans have been available in Florida since 2010, but lending, as well as securitization of these loans, has lagged far behind California largely due to a series of lawsuits. A ruling by the Florida Supreme Court in October could change that.

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