New production of agency single-family MBS fell for the sixth month in a row in Febru-ary, sinking to the lowest monthly output in nearly five years. [Includes two data charts.]
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The Structured Finance Industry Group plans to change its tactics with policymakers, said Michael Bright, the president and CEO of the trade group.
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Industry participants see promise in credit-risk transfer transactions beyond the government-sponsored enterprises, with possible markets developing involving Ginnie Mae, banks, credit cards and auto loans.
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The Federal Housing Finance Agency last week issued its final rule on the uniform MBS, the single security that Fannie Mae and Freddie Mac will package and sell. Its success, though, may depend on the much-contested definition of the rule: What are “covered programs, policies or practices”?
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The New York State Court of Appeals on Feb. 15 issued mixed rulings on two claims brought by a trustee against a seller and sponsor of three residential MBS trusts.
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Disclosures to investors in post-crisis non-agency MBS regarding potential breaches of representations and warranties have been inadequate, according to Moody’s Investors Service.
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The inconsistency between the scope of Ginnie Mae’s loan seasoning guidance and VA’s cash-out interim final rule may require a legislative change, according to Ginnie Mae.
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