In a new public disclosure, General Electric said it could face legal action from the Justice Department following an investigation into WMC Mortgage, a mortgage firm it once controlled...
The House last week passed a bill that industry participants insist will add stability to the secondary market. It would effectively overturn a 2015 court ruling that has introduced uncertainty for MBS and ABS, according to the Structured Finance Industry Group.
The Securities and Exchange Commission completed an enforcement action last week against Deutsche Bank Securities and a former head trader at the firm regarding sales of commercial MBS between 2011 and 2015.
In direct rebuke to Richard Cordray’s interpretation, the court held that a reasonable payment is bona fide regardless of whether a referral was also involved in the transaction.
Plans at Wells Fargo to issue non-agency mortgage-backed securities in 2017 didn’t come to fruition. But growth limitations recently placed on the bank by the Federal Reserve have prompted speculation that Wells could issue non-agency MBS this year. This month, the Fed issued a cease and desist order that temporarily limits the firm’s maximum total consolidated assets to the level they were as of the end of 2017. The order was one of the last acts of former Fed Chair Janet Yellen, who ...
According to their financial disclosures and company officials, both GSEs saw a sharp decline in the average guarantee fee they charged on new MBS issued during the fourth quarter…
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