RBS Reaches Another RMBS Settlement
A unit of the Royal Bank of Scotland has agreed to settle allegations that it misrepresented the quality of residential mortgage-backed securities to investors prior to the financial crisis.
CMBS Delinquency Sinks
While there was little change in performance on commercial real estate loans owned by life insurers, securitized CRE loan delinquency plunged. The rates were mixed for loans backed by the government-sponsored enterprises.
Hotels Lead CMBS 30-Day Rate to Nearly 2-Year Low
A sharp decline in hotel late payments led overall delinquency on securitized commercial real estate loans to the lowest level in nearly two years. Apartment loan performance, however, deteriorated.
24-Month Low for Ginnie MBS Issuance
Ginnie Mae mortgage securitizations tumbled to the slowest pace in 24 months, dragging down overall monthly agency issuance also to a 2-year low.
Fannie's New Business Lowest in 8 Months
It has been eight months since new business at the Federal National Mortgage Association was as low as it was in January. Delinquency, meanwhile, improved.
23-Month Low for Freddie's New Business
New monthly business fell to the lowest level in nearly two years at the Federal Home Loan Mortgage Corp. Serious delinquency on residential loans, however, improved.
Alternative Valuations Could Hurt RMBS Quality
Increased utilization of alternative real estate valuations could have a negative impact on the quality of residential mortgage-backed securities. But there are some positives to the shift.
Ginnie MBS Issuance Slowest in 10 Months
Securitizations on behalf of the Government National Mortgage Association decreased to the lowest level in 10 months. The company's book of business is nearing $2 trillion.
Tax Law Cuts Into PACE Loan Demand
Changes in the tax law could reduce demand for the controversial Property Assessed Clean Energy Loans, according to a new ratings agency report.
Ginnie Warns Some Issuers About Churning
A small group of issuers have been warned by the Government National Mortgage Association about rapidly refinancing home loans to veterans.