Ginnie Mae set a new monthly issuance record in July by guaranteeing $47.06 billion in mortgage-backed securities during the month, according to an announcement from the corporation on Thursday.
Read More »FDIC Suit Revived Against Deutsche, Goldman, and RBS
Lawsuits filed by the Federal Deposit Insurance Corp., accusing Deutsche Bank, Goldman Sachs, and the Royal Bank of Scotland of fraud with regards to $840 million worth of mortgage-backed securities have been revived by the 5th U.S. Circuit Court of Appeals in New Orleans.
Read More »Bank of America Credited with $1.19 Billion Toward Settlement Agreement
Bank of America has been credited with approximately $1.19 billion toward the $7 billion (17 percent) in consumer relief the bank agreed to provide as part of the August 2014 settlement with the Department of Justice over the selling of toxic mortgage-backed securities, according to Independent monitor Eric Green.
Read More »MBS Bank Demand is Unfocused; SFR Rent Values Surpass Home Values, says Report
Deutsche Bank recently released research titled “The Outlook in MBS and Securitized Products” finding that although a large piece of the market focuses on bank demand for mortgage-backed securities (MBS), not much focus has been placed on the shape of that demand. The report also noted that banks are adding longer lengths on MBS that would drop in value as rates go up.
Read More »JPMorgan Chase Not Responsible For WaMu’s Pre-September 2008 Liabilities, Judge Rules
A federal judge has ruled that the Federal Deposit Insurance Corp., is liable for facing certain legal claims that FDIC-insured JPMorgan Chase inherited from its 2008 acquisition of Washington Mutual, according to media reports. JPMorgan acquired the failing Seattle-based bank for $1.88 billion in 2008 during the onset of the financial crisis, after the Office of Thrift Supervision seized Washington Mutual and appointed the FDIC as receiver.
Read More »Fitch Ratings: SHFA MBS Pass-Through Bonds Report Updated
Fitch Ratings has released a sector-specific report for rating state housing finance agency (SHFA) bonds secured, on a pass-through basis, primarily by mortgage-backed securities (MBS) called "State Housing Finance Agencies: MBS Pass-Through Bond Rating Criteria." This report will replace the September 2014 state housing finance agency Fitch rating report.
Read More »JPMorgan Chase’s RMBS Settlement of $500 Million Approved With Pension Funds
A federal judge has approved JPMorgan Chase's $500 million settlement with four pension funds over the sale of faulty mortgage-backed securities by Wall Street investment firm Bear Stearns before the financial crisis, according to media reports. JPMorgan Chase, the nation's largest bank, acquired Bear Stearns in March 2008 at a stock-only price of $236 million, or $2 per share. In their lawsuit, the pension funds accused Bear Stearns of selling $17.6 billion worth of toxic mortgage-backed securities in the run-up to the crisis.
Read More »FHFA Issues Update on Single Security Initiative
The Federal Housing Finance Agency (FHFA) recently issued an update to mortgage-backed security (MBS) structure, also known as Single Security. The new changes to the Single Security structure are based on 23 responses to a “Request for Public Input: Proposed Single Security Structure (RFI)” released in August 2014 by the FHFA.
Read More »Goldman Sachs to Pay Australian Bank $100 Million
Goldman Sachs has been ordered by arbitrators to pay approximately $100 million to National Australia Bank (NAB) for a "conflict of interest" regarding mortgage-backed securities sales in the run-up to the mortgage meltdown, according to media reports.
Read More »Bank Asks Appellate Court to Revive 2012 Mortgage-Backed Securities Suit
HSBC Bank has asked the Court of Appeals in White Plains, New York, to consider reviving a 2012 lawsuit against Deutsche Bank Structured Products Inc. The 2012 claim alleged that Deutsche misrepresented the quality of residential mortgages it sold to investors in 2006.
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