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Credit Suisse Group Managing Director Pleads Guilty to MBS Scheme

Cherry Red Gavel/Credit: Comstock

Preet Bharara, the United States Attorney for the Southern District of New York, announced the guilty plea of Kareem Serageldin, the former managing director/global head of structured credit in the Investment Banking Division of Credit Suisse Group. Serageldin was extradited from the United Kingdom on April 5, 2013, to face charges that he fraudulently inflated the prices of asset-backed bonds in Credit Suisse’s trading book in late 2007 and early 2008.Click to continue

Ginnie Mae Guarantees $36 Billion-Plus in MBS in March

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Ginnie Mae has announced that it guaranteed more than $36.44 billion in mortgage-backed securities (MBS) in March 2013. Issuance for the Ginnie Mae Home Equity Conversion Mortgage-Backed Security (HMBS), included in Ginnie Mae II single-family pools, was $889 million. Total single-family issuance for March was $34.18 billion. In addition, Ginnie Mae’s multifamily MBS issuance reached $2.26 billion for the month.Click to continue

Short Sales Continue to Drive Losses Lower

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Loss severities for U.S. RMBS will continue their slow decline this year due in part to the increased use of short sales, according to Fitch Ratings in its latest mortgage market index. Fitch's Loss Severity Index improved to 64.2 percent for the first quarter of 2013, down from 67.5 percent in the first quarter of 2012. Drivers of the improved loss severity rate include increased short sale percentages, fewer servicer advances on missed payments, and increased home prices.Click to continue

Ginnie Mae Guarantees $40 Billion-Plus in MBS in December

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Ginnie Mae has announced that it has guaranteed more than $41.21 billion in mortgage-backed securities (MBS) in December 2012. “Ginnie Mae has proven to be essential to the health of the housing finance market,” said Ginnie Mae President Ted Tozer. “Ginnie Mae’s MBS are a dependable source of liquidity for lenders who originate government-backed mortgage loans and for investors who rely on our guarantee.”Click to continue

Colorado AG Suthers Takes Legal Action Against S&P Over Bad RMBS

Cherry Red Gavel/Credit: Comstock

Colorado Attorney General John Suthers has filed a lawsuit against Standard and Poor’s (S&P) in connection with the ratings that it issued on structured finance securities, including residential mortgage backed securities (RMBS) that were issued at the height of the market from 2004-2007. This lawsuit is part of a joint federal-state effort to hold those responsible for their part in the foreclosure and financial crisis.Click to continue

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

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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

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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

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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

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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