Secondary markets

Milestone Merchant Partners is circulating an offering book on $30.8 billion of mortgage servicing rights that once belonged to now-defunct Taylor, Bean & Whitaker.

An executive at a real estate investment trust that invests in agency and nonagency MBS said proposed credit risk-sharing opportunities with Fannie Mae and Freddie Mac are among the type of investments his firm would like to buy into.

Any successor to Fannie Mae and Freddie Mac should be structured as a cooperative which would prevent Wall Street firms or megabanks from controlling access to the secondary mortgage market.

A FINRA panel is taking action against Brookstone Securities and three individuals connected to the company, alleging CMO fraud.

Fannie Mae selected its general counsel, Timothy Mayopoulos, to be the GSE’s new president and chief executive, effective June 18.

Stonegate Mortgage, which currently controls $2 billion of mortgage servicing rights, hopes to almost double that amount by yearend.

Bank of America over the past two weeks has unloaded roughly $12.4 billion of legacy mortgage servicing rights, selling most of it to Nationstar Mortgage.

The Government National Mortgage Association approved 35 issuer licenses last year and hopes to approve about the same this year.

The latest round of never-before-seen lows in long-term mortgage rates and rate-indicative Treasury yields is bumping single-family residential loan volumes up another notch.

Treasury Department officials are working with the Federal Housing Finance Agency on ways to structure Fannie Mae and Freddie Mac MBS, allowing private investors to share in some of the credit risk on government-guaranteed securities.

Credit unions are working to protect their net interest margins without adding undue interest rate risk and CFOs expect their attention in the second half of the year will remain on squeezing what they can from investment portfolios.

Residential Capital’s bankruptcy filing on May 14 is a credit negative for two major bond insurers, Moody’s Investors Service said.

Fitch Ratings and Kroll Bond Ratings will rate the $1.1 billion CMBS conduit deal backed by 61 fixed-rate commercial mortgage loans that are secured by 80 properties.

While rules can be attractive when setting monetary policy, they cannot replace analysis, according to Federal Reserve Bank of New York President William Dudley.

Combining Freddie Mac and Fannie Mae’s MBS in the TBA market sounds like it is not impossible, but is much easier said than done.

The latest round of weaker-than-expected U.S. employment numbers has driven the long-term rate-indicative 10-year Treasury yield to yet another record low.

The Government National Mortgage Association approved 35 issuer licenses last year and hopes to approve about the same this year, according to agency president Ted Tozer.

Is the Government National Mortgage Association actually making progress in clearing its backlog of issuer applications? Answer: It all depends on who you ask.

Fannie Mae bought just $52 billion of home mortgages from its seller/servicers in April, a 45% plunge from March, according to new figures released by the GSE. Freddie Mac bought $26 billion of loans, a 39% decline from March.

The Consumer Financial Protection Bureau served official notice that it is seeking comment on a range of issues—including the cost of potential litigation—and whether debt-to-income ratios should be used to determine a borrower’s “ability to repay” a residential loan.