The SEC’s Division of Corporation Finance this week suggested a change to proposed Reg AB2 disclosure requirements in an effort to protect the privacy of borrowers whose loans are included in MBS and ABS.
In the fourth quarter of 2013, Redwood issued one jumbo MBS totaling $325 million and completed whole loan sales of $648 million. Officials at the real estate investment trust said Redwood plans to issue a jumbo MBS in March or April.
A spokesman for Ocwen said the company did not like the way the IMFnews story was being “interpreted.” After the story was published early Friday afternoon, Ocwen’s share price began to rise and continued to increase Monday.
Citigroup will not provide representations and warranties for fraud on the MBS and half of the mortgages were originated with stated- or no-documentation.
Mortgage-industry veteran John Robbins has launched a new mortgage cooperative that plans to bundle mortgages for sale into the secondary market and eventually form a conduit through which it hopes to securitize non-QM loans. “We’re going after best execution,” Robbins told Inside MBS & ABS. Of course, the venture – aptly titled The Mortgage Collaborative – is...
Stakeholders continued to express concern over certain provisions in a draft model law that would be used as an overlay to, rather than a replacement of, existing state foreclosure laws. While many provisions of the current draft of the Home Foreclosure Procedures Act are right on track, several other provisions would raise the cost of lender compliance and make the origination and servicing of residential mortgages more difficult, warned stakeholders. “Sensible reform of the foreclosure process should not include...
Although some regulators have anxiety problems with nonbank servicers, Fannie Mae apparently does not. Meanwhile, a large mortgage vendor M&A deal could be revealed late Friday.
The SEC was poised to issue a final rule with loan-level disclosure requirements for non-agency MBS earlier this month. The SFIG said it expects the SEC will issue a final rule on the so-called Regulation AB2 “in the near future.”
Lenders are more cautious in the post-subprime era and they no longer practice “risk layering” on loans to borrowers with less-than-stellar credit histories as they did in the past.
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