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Securitization Experts Recommend Changes to Congress

FHFA Sues 17 Banks, 132 Individuals Over MBS

Senate Schedules Hearing on Private Sector Secondary Market

Fed Providing Plenty of Liquidity To Mortgage Market

Treasury's New Plan - 4.5% Mortgage Rates

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Securitization Experts Recommend Changes to Congress

The House Subcommittee on Capital Markets and Government Sponsored Enterprises took its microphones to New York City on Wednesday for a field hearing on " Facilitating Continued Investor Demand in the U.S. Mortgage Market without a Government Guarantee ." The representatives heard testimony from four secondary market participants: Marty Hughes, CEO of Redwood Trust, Inc., a publicly traded company that invests in mortgage credit risk; Jonathan Lie Berman of Angelo, Gordon & Co speaking on behalf...

Published Thu, Sep 09 2011 10:10 AM by Jann Swanson

Filed under: Freddie Mac, Fannie Mae, mortgage backed securities, gse, mbs
FHFA Sues 17 Banks, 132 Individuals Over MBS

Seventeen banks, dozens of their subsidiaries and over one hundred bank officers were named as defendants in a lawsuit filed Friday by the Federal Housing Finance Agency (FHFA), conservator of government sponsored enterprises Freddie Mac and Fannie Mae (The GSEs.) The civil suits, filed in U.S. District Court for the Southern District of New York and a federal court in Connecticut allege violations of federal securities laws and common law in the sale of residential private-label mortgage-backed...

Published Tue, Sep 09 2011 8:52 AM by Jann Swanson

Filed under: bank of america, mortgage backed securities, jp morgan, mbs, fhfa lawsuit
Senate Schedules Hearing on Private Sector Secondary Market

The Senate subcommittee on Capital Markets and Government Sponsored Enterprises will hold a hearing next Wednesday at 10 a.m. to examine ways in which the government can help create sufficient investor demand for private label residential mortgage-backed securities . The hearing will also focus on ensuring a well-functioning securitization market and on ensuring transparency and public disclosure to investors. The subcommittee will move the hearing outside of the District of Columbia, holding it...

Published Thu, Sep 09 2011 12:49 PM by Jann Swanson

Filed under: mortgage backed securities, mbs, secondary market
Fed Providing Plenty of Liquidity To Mortgage Market

The Fed's daily purchase average was $5.00 billion per day, an increase from last week's daily average of $4.08 billion per day. This is twice the amount of average daily originator selling, illustrating that the Federal Reserve continues to provide ample liquidity to mortgage bankers looking to hedge their pipelines of committed and uncommitted loans....

Published Thu, Aug 08 2009 4:27 PM by Adam Quinones

Filed under: Freddie Mac, Fannie Mae, Federal Reserve, mortgage backed securities, fed mbs purchases, ginnie mae, agency mbs
Treasury's New Plan - 4.5% Mortgage Rates

NOTE: Follow Mortgage Rates with our Daily Rate Commentary Homeowners may soon enjoy mortgage rates as low as 4.5 percent if the Treasury Department has its way. According to The Wall Street Journal 's on-line addition late Wednesday, the department is discussing a plan that would use Freddie Mac and Fannie Mae to push banks to make mortgages available at more than a full percentage point below the current levels for a 30 year fixed rate mortgage. The plan under review might lower rates to the...

Published Thu, Dec 12 2008 9:17 AM by Jann Swanson

Filed under: mortgage rates, mortgage backed securities, home buying, mortgage rates, mortgage backed securities, refinance, home buying, refinance
Fed's Bernanke Urges Reform on Mortgage Securitization Process

Federal Chairman Ben Bernanke said Fannie Mae and Freddie Mac continue to remain under pressure and that the government must look at new methods to provide guarantees on mortgages. Speaking via satellite at a conference on the mortgage breakdown at the...

Published Fri, Oct 10 2008 2:36 PM by CEP News Feed

Filed under: ben bernanke, mortgage backed securities, mortgage securitization
Ratings Agencies Hit for Role in Financial Crisis

"The story of the credit rating agencies is a story of colossal failure ," according to Representative Henry Waxman (D-CA), chairman of the House Oversight and Government Reform Committee in a statement released on Wednesday. Rep. Waxman's committee is investigating the credit crisis and put much of the blame on those agencies such as Standard & Poor's (S&P) and Moody's for giving top ratings to securities backed by subprime mortgage loans. The committee held the first...

Published Wed, Oct 10 2008 3:03 PM by Jann Swanson

Filed under: mortgage backed securities, mortgage backed securities, ratings agencies, ratings agencies
Doubting the Viability of Fannie Mae

With Washington increasingly relying on Fannie and Freddie to pick up the slack in buying mortgages and mortgage- backed securities - the two between them bought 80 percent of all mortgages purchased by investors in the first quarter of 2008 - The New York Times in an article on Tuesday asked whether the two companies were up to the task.

The Times article says that some financial experts worry that the companies are dangerously close to the edge. The article quoted analysts as saying that the companies are sitting on billions of dollars in additional losses that they have not yet...
...

Published Tue, May 05 2008 7:00 AM by Glenn Setzer

Filed under: Freddie Mac, Fannie Mae, housing market, credit crisis, ubs, subprime mortgage, mortgage backed securities
OFHEO Lowers Capital Requirements for GSEs to Improve Market Liquidity

OFHEO announced a major initiative in cooperation with the two government sponsored enterprises (GSEs) to increase, by perhaps as much as $200 billion, the liquidity of the mortgage- backed securities market.

This reduction combined with the increase of the portfolio caps announced last month should allow Freddie and Fannie to purchase or guarantee about $2 trillion in mortgages this year. This capacity should allow them to...
...

Published Wed, Mar 03 2008 7:00 AM by Glenn Setzer

Filed under: Freddie Mac, ofheo, Fannie Mae, mortgage backed securities, gse
Paulson Releases Presidential Working Group Recommendations

Treasury Secretary Henry M. Paulson, Jr. Thursday released recommendations from the President�s Working Group on Financial Markets (PWG.)

To address the current financial situation and to guard against a repeat in future years the PWG made six broad recommendations:
...

Published Thu, Mar 03 2008 7:00 AM by Glenn Setzer

Filed under: treasury secretary, mortgage brokers, mortgage backed securities, henry paulson, mortgage originators, credit rating agencies, presidential working group
Mortgage Rates and the Fed - Get it Straight !

I can't decide what was more troublesome yesterday: the comically uninformed questions put to Big Ben regarding mortgage rates, or the comically inaccurate article printed by CNBC on the same subject. Whatever the case, the media is awash with analysts, experts, officials, and laypersons offering rather strong opinions on a subject about which they have such a painfully shallow understanding.

I'm more concerned with something that no one has really talked about yet: the lack of understanding of our mortgage problems...
...

Published Thu, Feb 02 2008 8:00 AM by Glenn Setzer

Filed under: mortgage rates, Fannie Mae, mortgage backed securities, mortgage loans, mortgage bonds, fed rate cut
Buffet Offers Help to Bond Insurers

On CNBC Tuesday morning Warren Buffett announced that he has offered to help out three bond insurers by offering a second level of insurance on as much as $800 billion in municipal bonds.

The three companies, Ambac Financial Group, Inc., MBIA Inc., and Financial Guaranty Insurance Company have...
...

Published Tue, Feb 02 2008 8:00 AM by Glenn Setzer

Filed under: mortgage backed securities, mortgage bonds, ambac, mbia, warren buffet
Morgan Stanley Latest to Accept Foreign Aid

Another major American financial institution went on the international auction block Wednesday afternoon as Morgan Stanley announced it was accepting a $5 billion cash infusion from China Investment in return for a stake in the bank estimated to be as high as 9.9 percent.
...

Published Wed, Dec 12 2007 8:00 AM by Glenn Setzer

Filed under: mortgage meltdown, mortgage backed securities, writedowns, morgan stanley, china, bear stearns
Builders Confidence Hits 26 Year Low as Permits and Starts Fall Again

The homebuilding industry is obviously in distress. But, in testimony before the House Financial Services Committee, Federal Reserve Chairman Ben Bernanke made an interesting statement about employment in the home- building industry. Remarking that there was a bit of a "puzzle" about government unemployment reports which...
...

Published Fri, Jul 07 2007 7:00 AM by Glenn Setzer

Filed under: housing starts, building permits, mortgage backed securities, single family housing
Subprime Disaster Continues To Unfold

It seems that nary a week can pass without a subprime disaster of some type. This week is no exception although there was at least a bit of variety due to bad news coming from other parts of the housing industry.
Here is the rundown...
...

Published Fri, Jul 07 2007 7:00 AM by Glenn Setzer

Filed under: housing bubble, national association of realtors, home sales, subprime loans, mortgage backed securities

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