Full cost of settlement covered by litigation provisions in the second quarter
Bank of America agrees to pay US$1.7 billion
Frontenac Mortgage Investment Corporation now is available to investors in Western Canada, the company said Thursday.Sharbot Lake, Ont. mortgage investment company has received the receipt of its prospectus dated August 23. This prospectus provides Canadians in the Western provinces the opportunity to invest in Frontenac Mortgage either through their investment advisors or directly with the […]
Canada Mortgage and Housing Corp. has granted Pacific & Western Bank of Canada approved issuer status entitling it issue NHA Mortgage Backed Securities, the bank said Tuesday.
Lenders and investors in mortgage-backed securities will continue to come under stress
The Bank of Canada announced a change in the eligibility requirements for certain securities pledged as collateral under its Standing Liquidity Facility.Effective immediately, the minimum pool size for National Housing Act Mortgage-Backed Securities (NHA MBS) to be considered eligible as collateral under the Bank of Canada’s SLF will be lowered to $25 million from $75 […]
Agencies will overhaul the way they collect fees, and improve their process for rating mortgage-backed securities
Fitch Ratings says that it expects the Bank of England’s Special Liquidity Scheme (SLS) to result in a sharp increase in both residential mortgage-backed security and covered bond issuance out of the United Kingdom in the coming six months.The rating agency stressed that the scheme is far from a taxpayer “bail-out” of banks, as claimed […]
Commercial real estate could be the next trouble spot for large U.S. financial institutions that are already saddled with significant risk from their residential real estate exposures, says Fitch Ratings.In a new report the rating agency suggests that losses on commercial mortgage-backed securitiy (CMBS) collateral are likely to increase as the credit cycle progresses. Fitch […]
McCaughey says bank is preparing for further writedowns