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Secondary

Richmond Fed Chief Upset on MBS Policy Shift

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Jeffrey M. Lacker, president of the Federal Reserve Bank of Richmond, has openly questioned a key aspect Wednesday’s decision by central bank’s Federal Open Market Committee (FOMC) regarding the long-anticipated policy shift away from tapering.Click to continue

Step Inside Ginnie Mae

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National Mortgage Professional Magazine and Ginnie Mae are partnering to provide you with useful and relevant information through a bi-monthly series, “Step Inside Ginnie Mae.” This series will provide insight into the housing finance industry, the secondary market, and specifically, how Ginnie Mae works to bring global capital into the mortgage market while minimizing risk to taxpayers. In addition, we will highlight many of Ginnie Mae’s leaders, including Ted Tozer, Mary Kinney and others you’ve heard from in the past.Click to continue

CFPB and FTC Target Fraudulent Mortgage Relief Operations

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The Federal Trade Commission (FTC) has taken action against six mortgage relief operations charging that defendants preyed on distressed homeowners by misrepresenting that they typically could lower homeowners' mortgage payments and interest rates or prevent foreclosure, and illegally charging advance fees. In each case, the FTC has sought an order stopping the illegal practices and freezing the defendants' assets pending the outcome of the litigation.Click to continue

Citi Agrees to Shell Out $7 Billion for Bad RMBS

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Citigroup has announced that they’ve agreed to pay around $7 billion to the U.S. government regarding bad mortgage-backed securities (MBS), with $4.5 billion to be paid in cash with an additional $2.5 billion paid in “consumer relief.” Even with Citigroup’s shares rising 3.6 percent in the second quarter, this news is still devastating to Citi's Q2 Click to continue

Cantor Fitzgerald Announces MBS Team Expansion

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Cantor Fitzgerald & Co. announced the expansion of its mortgage-backed securities (MBS) sales and trading team with the appointments of Cass Tokarski as senior managing director and head of mortgages and asset-backed securities, and James Murray as managing director, who are both joining from RBS. Tokarski will be responsible for broadening and expanding Cantor's already significant presence in the business. Murray will be focusing on agency ARM (Adjustable-Rate Mortgage) trading.Click to continue

PRMI Promotes Swope to VP of Secondary Marketing

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Primary Residential Mortgage, Inc. (PRMI) promoted A.J. Swope to senior vice president of secondary marketing. In this new role, Swope will be responsible for leading secondary marketing, capital markets, program administration and business technology teams.Click to continue

Fitch Reports Home Prices Cushioning Recent U.S. RMBS from Future Stress

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Though slowing of late, strong U.S. home price growth since 2012 is helping recent vintage U.S. prime residential mortgage-backed securities (RMBS) borrowers by providing a cushion against any unexpected economic stress, according to Fitch Ratings in its latest monthly prime jumbo trends report.Click to continue

Ginnie Mae's MBS Portfolio Surpasses $1.5 Trillion Mark

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Ginnie Mae has announced that its mortgage-backed securities (MBS) portfolio reached $1.5 trillion in unpaid principal balance (UPB). Ginnie Mae President Ted Tozer noted the unprecedented expansion of recent years. It took Ginnie Mae 42 years, from its founding in 1968, until July of 2010, to reach the $1 trillion mark.Click to continue

FHFA Reaches $99.5 Million Settlement With RBS Securities Over MBS

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The Federal Housing Finance Agency (FHFA), as conservator of Freddie Mac, announced a settlement for $99.5 million with RBS Securities Inc. (RBS). The settlement resolves claims against RBS in FHFA v. Ally Financial Inc. in the Southern District of New York, alleging violations of federal and state securities laws in connection with private-label mortgage-backed securities purchased by Freddie Mac during 2005-2007.Click to continue

The Viability of GSE Recapitalization

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During a recent National Housing Conference Annual Policy Symposium in Washington, D.C., Treasury Undersecretary Mary Miller discussed the uncertain future of the government-sponsored entities (GSEs). She also covered the basics of the post-economic disaster and its meager, slow-moving recovery.Click to continue