Secondary markets

Record mortgage profits that drove earnings at Wells Fargo and JPMorgan Chase are fading as increased competition keeps the rates banks are offering on new loans near all-time lows.

Despite early industry efforts to establish recommended industry standards for private-label residential mortgage-backed securities representations and warranties, some issuers are trying to diversify their approaches.

Federal Reserve meeting minutes showed policy makers continued to debate when to start trimming debt purchases.

Mutual First Financial saw its mortgage volumes grow in 2012, a period during which it generated relative year-to-year gains in earnings.

Canadian existing-home sales rose for the first time in four months in January on gains in Toronto and Vancouver.

Treasury 10-year note yields traded close to the highest in 10 months on speculation Federal Reserve minutes may provide details on when the central bank plans to start trimming debt purchases.

A bipartisan panel is preparing to release a proposal for scaling back the government role in mortgage finance that would put taxpayer dollars at risk primarily under catastrophic circumstances.

Redwood Trust is validating expectations that it would keep the private-label market of residential mortgage-backed securities alive this year.

Ginnie Mae MBS issuance fell 7% from December to $38.3 billion in January.

Commercial real estate investment veteran Louis Rogers has launched a new venture, Capital Square Realty Advisors.

Newcastle Investment Corp. has completed the sale of 23 million shares of its common stock under its existing shelf registration, generating about $241 million in proceeds with which it is likely to engage in more real estate-related investment.

Institutional Mortgage Capital has completed a privately placed Canadian commercial mortgage-backed securities deal it said shows increasing buyer interest in the asset class.

Federal Reserve Bank of Cleveland president Sandra Pianalto said the gains from the Fed’s $85 billion in monthly bond purchase may fade.

New York City Mayor Michael Bloomberg ran the gamut from major development projects to hardening the city from storm damage to calls for a styrofoam ban in his mostly ceremonial 12th and final state of the city address.

Despite a huge portfolio of seriously delinquent loans, it appears the Federal Housing Administration might be able to keep its head above water this year without seeking a draw from the U.S. Treasury.

The downgrades are due primarily to higher expected realized and anticipated losses from specially serviced and troubled loans.

The registration statement relating to the sale of common stock of Charter Financial has been declared effective by the Securities and Exchange Commission.

Gleacher & Co. has found a buyer for the ClearPoint wholesale mortgage production business it put on the block last November. The unit is being acquired by Homeward Residential Inc., a subsidiary of Ocwen Financial Corp. Terms of the deal were not disclosed.

Interactive Mortgage Analytics hired Greg Beers as a senior vice president.

U.S. consumers and advocates generally grew fonder of fixed-rate mortgages while criticizing securitization in the wake of the downturn.