Hints and tips:
...RCO priced a $43m floating rate bond backed by loans originated by Citadel Servicing Corporation, in which investors are protected from the first 23 per cent of losses....
...– ignored “pervasive” deficiencies in the underlying loan pools and the servicing of the loans....
...(Wall Street Journal)(Financial Times) Troika report warns of more uncertainty on Greek debt servicing: “Downside risks have increased significantly compared to the second review, particularly as regards...
...(Financial Times) Troika report warns of more uncertainty on Greek debt servicing: “Downside risks have increased significantly compared to the second review, particularly as regards privatization proceeds...
...Authorities in Washington are debating new mortgage servicing rules, capital requirements for banks, a rule that would require lenders to verify a borrower’s ability to repay the debt, and a requirement...
...Bank of America plans to sell another $100bn of mortgage servicing rights in the next few weeks....
...abuse of the foreclosure system that allowed banks to seize homes from defaulting borrowers....
...Annual results released yesterday passed without direct mention of plans for the home loans unit. At a conference last month, Mr Moynihan said only: “We look at all options for Countrywide.”...
...That does not mean the banks will necessarily force the company into default. Cemex has so far met every obligation and condition attached to a $15bn bank loan in 2009, which saved it from bankruptcy....
...US Bancorp demanded that BofA be forced to repurchase all of the loans because so many – “an extraordinary 66 per cent of the loans” in a sample – breached Countrywide’s stated lending requirements....
...Bank of America last week reached a deal to settle allegations made by 22 large bond investors, including the Federal Reserve Bank of New York, BlackRock, MetLife and Freddie Mac, that Countrywide loans...
...There’s also a question over loan modifications — more on which here. So, $47bn in soured RMBS heading Bank of America’s way? Not so fast. We’re with Yves Smith on this one....
...This comes on top of a report last week, also from Bloomberg, that the Federal Home Loan Bank of Chicago had sued Bank of America for not having disclosed its relaxed mortgage underwriting standards to investors...
...on breaches one loan at a time....
...Countrywide, the California mortgage lender bought by Bank of America, has doubled its loan modification staff to 4,500 during the past year and Chase said it expects to spend $200m more on loan servicing...
...Countrywide Home Loans Servicing LP, et al is ostensibly brought on behalf of a class of purchasers of certain mortgage pass-through certificates for which CWALT, Inc. and various issuing trusts filed registration...
...Also seen as too big to fail are Fannie Mae and Freddie Mac, the home loan institutions....
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