Officials at the Securities and Exchange Commission and the Financial Industry Regulatory Authority met this week to consider increasing pricing transparency on fixed-income products, including publishing transaction information on private-placement ABS. Investors have called for greater pricing transparency on ABS issuance – private placements and SEC-registered deals – while issuers warn that such disclosures could increase costs or reduce their willingness to issue securities. In addition to meeting with the SEC, FINRA’s board of directors met...
The Federal Housing Finance Agency is moving forward with its search to find a CEO to run the new common mortgage securitization platform that will one day be shared by Fannie Mae, Freddie Mac and, potentially, other issuers. But it’s anybody’s guess how much the regulator is willing to pay to get a top-flight candidate, according to industry observers. At least two individuals recently were approached about the job, according to these observers. Funding for the project will presumably come...
Issuers of non-agency MBS won two key court battles against federal agencies because the regulators’ suits to recover losses suffered by failed institutions came too late. Last week, the U.S. District Court for the Central District of California rejected all claims the Federal Deposit Insurance Corp. brought against Countrywide Financial related to 10 MBS certificates sold to the failed Colonial Bank. “All of the FDIC’s claims are time-barred,” the court said. In FDIC v. Countrywide, the court said...
Although all of Bank of America earned $2.6 billion in the first quarter, its mortgage business lost money thanks to legacy problems. Also, it appears the bank is addicted to refis.
The CFPB is a tough cop on the beat, no doubt. But is the agency and its rules causing certain banks in Oklahoma to exit the residential lending sector?
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