Mortgage REITs Slump 19% Fueling Worst Bond Losses Since 94

Fifth Circuit gives servicers green light to foreclose without note





The lesson of the summer of 2001, the summer of sharks, is that fears rose with the level of media attention, even though there had been no actual change in the risks of shark attacks, she said. Mortgage REITs are going through their own summer of the sharks. In reality, I do not believe that the mortgage REIT sector poses a threat to the financial stability of the United States, she said. Denahan declined to discuss her comments of the performance of the REITs, Annaly spokesman Jay Diamond said this week. For the original version including any supplementary images or video, visit http://www.fa-mag.com/news/mortgage-reits-slump-19-fueling-worst-bond-losses-since--94-14834.html







RPT-Fitch Assigns Lowland Mortgage Backed Securities 2 B.V. Final Ratings





In a case called, Martins v. Bac Home Loan Servicing, the Fifth Circuit interpreted Texas law as granting servicers a right to foreclose without the note as long as they have a viable mortgage assignment. The case nullifies the 'split-the-note theory' in Texas and other states within the Fifth Circuits jurisdiction. Split-the-note is one of the main legal theories used by homeowners when challenging a foreclosure. For the original version including any supplementary images or video, visit http://www.housingwire.com/news/2013/06/27/fifth-circuit-gives-servicers-green-light-foreclose-without-note?goback=.gde_87042_member_253640997





American Capital Mortgage Investment Corp. Downgraded by Wunderlich to Hold (MTGE)





Instead, the proportions of fixed- and floating-rate notes issued are similar to the proportions of fixed- and floating-rate loans in the pool, thereby providing a natural hedging for basis risk. SNS has also provided guarantees on the portfolio's minimum weighted average (WA) margin and interest rate to protect against a decline in the portfolio yield when loans reset. Seasoned Portfolio: This is a seasoned (99 months) non-revolving portfolio consisting of prime residential mortgage loans with a weighted-average (WA) original loan-to-market-value (OLTMV) of 75.5% and a debt-to-income ratio (DTI) of 30.7%. The WA OLTMV is below the level typically seen in Fitch-rated Dutch RMBS transactions, and assumes that flexible borrowers will draw the full loan amount available. For the original version including any supplementary images or video, visit http://www.reuters.com/article/2013/07/10/fitch-assigns-lowland-mortgage-backed-se-idUSFit64961820130710









Finally, Wunderlich downgraded shares of CYS Investments Inc from a buy rating to a hold rating. American Capital Mortgage Investment Corp. ( NASDAQ: MTGE ) traded down 0.47% on Monday, hitting $16.97. For the original version including any supplementary images or video, visit http://utahpeoplespost.com/2013/07/american-capital-mortgage-investment-corp-downgraded-by-wunderlich-to-hold-mtge/