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Inside MBS & ABS

March 11, 2011

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Servicing Settlement Could Have Significant Impact On MBS Investors, Though Final Terms Are Unclear

The proposed settlement of mortgage servicing problems offered by regulators would have a huge impact on loan servicers – including an as-yet-to-be determined price tag – and affect the performance of residential MBS. The 27-page proposed settlement terms offered... Read More

Congress Prepares to Take Another Swing At Controversial Covered Bond Legislation

House Republicans this week prepared to launch another effort to establish a regulatory framework for covered bond issuance in the U.S. with a revised plan that would shift oversight from the Treasury Department to the issuer’s primary regulator. H.R. 490, the “United States Covered Bond Act of 2011,” was introduced... Read More

SEC Launches New Investigation into RBS MBS Underwriting as Bank Copes with Other Probes

The Securities and Exchange Commission recently began a formal investigation of the Royal Bank of Scotland’s loans underwritten before the financial crisis and then pooled into MBS, according to the bank’s most recent 6-K filing, but the case’s details remain hazy. In September and October of 2010, the SEC asked... Read More

SEC Charges Lender/Issuer with Fraud for Duping Ginnie Mae, Investors on Quality of MBS Product

The Securities and Exchange Commission this week charged a Florida mortgage lender with securities fraud in connection with the sale of Ginnie Mae MBS. Filed in the U.S. District Court for the Middle District of Florida, the SEC complaint seeks... Read More

MBS Supply Shrinks a Little More In 2010, Agency Sector Growing

Despite a modest gain in the agency MBS sector, the overall supply of residential mortgage securities declined for the eighth consecutive quarter during the last three months of 2010. A new Inside MBS & ABS analysis reveals that a total of $6.594 trillion of residential MBS were outstanding at the end of last year. That was...[Includes one data chart] Read More

Impact of Basel III on MBS Uncertain, As Industry Awaits Implementation

It remains to be seen just how the final Basel III global capital rules will impact the mortgage securities market in the U.S., and uncertainty will likely linger until regulators hash out implementation of the rules and until critical market issues find... Read More

Post-Mortem on TARP: Costs Held Down, But Questionable Improvement in Market Behavior

The Troubled Asset Relief Program will likely end up costing taxpayers a lot less than originally estimated, and in the end it had relatively little to do with its initial mission of helping distressed financial institutions deal with “toxic” MBS and other assets. The Congressional Budget Office estimates... Read More

Bank of America Faces More Litigation and Allegations of Fraud Over Servicing Practices

Bank of America is facing new charges related to its servicing practices on loans originated by Countrywide Financial before BofA acquired the company. Brookstone, a law firm based in California, filed a mass joinder action alleging that BofA and Countrywide “perpetrated a massive fraud, also constituting unfair competition upon borrowers that devastated... Read More

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