Tranche Warfare: MBS Investor Sues American Home Over REO Sales

As recently as 2005, when average U.S. homes prices were still rising rapidly, fewer than 800,000 mortgage loans entered foreclosure on an annual basis. 1 By 2009, the annual total had more than tripled to over 2.8 million, and foreclosures through the first three quarters of 2010 are running at an annualized pace of more than 2.5 million.

I saw you followed the bloomberg story on the battle between Wilbur Ross and Bruce Rose of Carrington Capital yesterday. I just thought you’d enjoy two stories that not only out reported Bloomberg story on this but also were first to break this news last week.

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Tranche Warfare: MBS Investor Sues American Home Over REO Sales That would be 100 cents on the dollar for mortgages worth pennies. If the trustees don’t take action, the investors could sue them. If the trustees don’t take action, the investors could sue them.

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DataQuick finds increase in sales of high-end homes in 2010 Sold-off Victorian courthouses have become swanky cocktail bars and high-end cafés. Less appealing concrete-clad courthouses. to allow everyone to have a county court within 7 miles of home. The.

Investor Share of Home Sales at Record Levels. The risk of falling prey to "tranche warfare," where one tranche of investors can. The market for MBS will not bounce back in the foreseeable future and the banks are unable to roll-over their short term debt.

Black Knight: Delinquency rate rises for 2nd month to 4.9% Black Knight Financial Services’ First Look at September Mortgage data: delinquency rate rises for Second Consecutive Month, Now 4.9 Percent – Delinquency rate up 1.7 percent in September, still 14 percent below last year’s level – Overall non-current inventory (all loans 30 or more days past due or in foreclosure) now 3.2 million

Reader MBSGuy wrote to express his disgust with the mortgage industry’s efforts to pretend that nothing is rotten in Denmark. His object of contempt was an article in Bloomberg which dutifully recited the current talking points. The flacks have clearly been working full time: the headline, "Mortgage Industry Bristles at ‘Robin Hood’ Foreclosure Theories," is [.]

Wall Street has dubbed this "tranche warfare." These competing interests among investors are obviously problematic. To manage the tranche warfare among investors, mortgage backed securities employ a trustee to handle the affairs of the MBS. The two major trustees in the United States are Deutsche Bank and Bank of New York Mellon.

Foreign Pension Fund Sues Deutsche Bank Over Mortgage-Backed Securities Posted on September 12, 2011 On September 7, 2011, Stichting Pensioenfonds ABP, a pension fund based in the Netherlands, sued Deutsche Bank and certain of its officers in New York state court, alleging the bank committed fraud by misrepresenting the quality of the loans.