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Volume 2014 - Number 5

February 7, 2014

New Judge Halts BofA’s $8.5 Billion Settlement Approval For Now; Morgan Stanley Settles FHFA MBS Lawsuit

The new judge presiding over Bank of America’s $8.5 billion settlement with MBS investors this week countermanded, for the moment, last week’s approval of the deal by her predecessor, giving a major opponent of the agreement another chance to argue against it. New York State Supreme Court Justice Saliann Scarpulla agreed to delay approval of the deal until at least Feb. 19 to hear American International Group’s appeal. Last week, Justice Barbara Kapnick approved the settlement agreement, except for loan modification claims, as one of her last acts before she took a promotion to the state’s Appellate Division. BofA agreed...

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.

 

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Poll

With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

Do you think your shop will loosen standards over the coming three months?

Yes, but not by much.
Yes, by a lot.
Yes and, heck, we may even do non-QM lending.
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No and we may even tighten credit.

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