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DOJ Sues S&P Over MBS Misrepresentations

Courthouse/Credit: Photodisc

U.S. Attorney General Eric Holder has announced that the U.S. Department of Justice (DOJ) has filed a civil lawsuit against the credit rating agency Standard & Poor’s Ratings Services alleging that S&P engaged in a scheme to defraud investors in structured financial products known as Residential Mortgage-Backed Securities (RMBS) and Collateralized Debt Obligations (CDOs).Click to continue

Treliant Risk Advisors Names Robert Broeksmit New Managing Director


Robert D. Broeksmit has been named managing director of Treliant Risk Advisors. A senior finance professional with an extensive career in the mortgage sector, Broeksmit is a past president of the B.F. Saul Mortgage Company subsidiary of Chevy Chase Bank, a former vice president at Prudential Home Mortgage, and chairman emeritus of both the Mortgage Bankers Association’s Residential Board of Governors and the American Bankers Association’s Mortgage Markets Committee.Click to continue

Kevin Miller Joins Mortgage Capital Trading as Trading Analyst


MCT Trading Inc. (MCT) has announced that Kevin Miller has joined the company in the capacity of trading analyst. Miller will work on MCT’s capital markets trading team to provide clients with independent analysis, training, hedging strategies and loan sale execution services. MCT provides dedicated trading analysts for each of its clients to deliver one-on-one, immediate customer support and accessibility throughout the business day.Click to continue

CoreLogic Launches New RMBS Bond Assessment Service


CoreLogic has announced the availability of CoreLogic Bond Tracker, an innovative bond assessment service for non-agency residential mortgage-backed securities (RMBS). The service offers granular, dynamic, and automated analyses of security holdings and underlying collateral. CoreLogic Bond Tracker will provide life-of-bond surveillance and aid investors, banks and other institutions in valuing and assessing the credit risk of mortgage securities. CoreLogic Bond Tracker will incorporate a wide range of risk factors including property value changes and other market-impacting events.Click to continue

New Dow Jones Index to Monitor REITs


S&P Dow Jones Indices has announced the launch of the Dow Jones U.S. Select Equal Weight REIT Index, designed to serve as a proxy for direct real estate investment by measuring the performance of publicly traded REITs and REIT-like securities. The Index launch represents an expansion of the widely recognized Dow Jones Real Estate index family.Click to continue

NCUA Files Suit Against JP Morgan Securities and Others for $2.2 Billion in Bad MBS

Black Gavel Pic/Credit: Brand X Pictures

The National Credit Union Administration (NCUA) has filed suit in Federal District Court in Kansas against JP Morgan Securities as successor-in-interest to Washington Mutual Bank, alleging violations of federal and state securities laws in the sale of $2.2 billion in mortgage-backed securities (MBS) to three corporate credit unions. Other defendants include WaMu Capital Corporation, Long Beach Securities Corporation, and WaMu Asset Acceptance Corporation.Click to continue

FHFA Settles Mortgage Repurchase Claim Dispute With BofA


The Federal Housing Finance Agency (FHFA) has approved an agreement between Fannie Mae and Bank of America (BofA) to resolve certain claims related to mortgages sold to Fannie Mae between 2000-2008, including the repurchase of approximately 30,000 loans by Bank of America.Click to continue

Ginnie Mae Guarantees $36.80 Billion in MBS in October


Ginnie Mae has announced that it guaranteed more than $36.80 billion in mortgage-backed securities (MBS) in October 2012. “The consistently strong performance of our MBS issuance highlights the significant value Ginnie Mae brings to the U.S. housing finance system,” said Ginnie Mae President Ted Tozer. “We continue to be a strong and dependable supplier of capital that finances affordable single-family and multifamily housing across the nation.”Click to continue

RBMS Expert Greg Reiter Joins Wells Fargo Securities


Wells Fargo Securities, the capital markets and investment banking business of Wells Fargo & Company, has announced that Greg Reiter has joined the firm as managing director and head of Residential Mortgage Research. Based in Charlotte, N.C., Reiter will lead the Residential Mortgage Backed Securities (RMBS) research team in developing strategy, publishing research and generating investment ideas for institutional investors. Reiter will report to Marielle Jan de Beur, head of Structured Products Research.Click to continue

New York AG Schneiderman Files Fraudulent MBS Complaint Against Credit Suisse

Black Gavel Pic/Credit: Brand X Pictures

New York Attorney General Eric T. Schneiderman has filed a Martin Act complaint against Credit Suisse Securities (USA) LLC and its affiliates for making fraudulent misrepresentations and omissions to promote the sale of residential mortgage­-backed securities (RMBS) to investors. According to AG Schneiderman’s lawsuit, Credit Suisse deceived investors as to the care with which they evaluated the quality of mortgage loans packaged into residential mortgage-backed securities prior to 2008.Click to continue