Secondary

Plucky mortgage bankers and brokers across the country are betting they can address the needs of the purchase market better than their cost-conscious competition.

There were nine Mortgage Industry Equity Composite members that closed lower on Wednesday and eight higher.

McGraw Hill Financial Inc.'s Standard & Poor's unit asked a judge to throw out California's claims the company violated false-advertising and business practices laws in rating mortgage-backed securities as the state seeks an award of at least $3 billion.

The largest auction of troubled assets in the commercial mortgage-backed securities market is showing the strength of investors' appetites for real estate as more distressed properties from the crash come up for sale.

The GSE’s first STACR transaction of 2014 seeks to offload the risk of a $31 billion mortgage pool with comparable credit scores but higher loan-to-value ratios than in recent securitizations.

American International Group and other objectors to Bank of America Corp.'s $8.5 billion settlement with mortgage-bond investors including BlackRock asked a judge to delay entry of a ruling approving the pact.

K-deals transfer a portion of the mortgages' risk away from taxpayers and to private investors who purchase the unguaranteed subordinate bonds in transactions.

There were 11 of the 17 Mortgage Industry Equity Composite members which closed higher.

Refinances will make up just 38% of single-family originations this year—down from 60% in 2013 and 70% in 2012, according to Freddie Mac.

He also calls for a cut in fees for title policies, but no one can find where it is in the budget.