NIMs, Alt-A RMBS Clobbered
The latest ratings activity involved downgrades to several net interest margin notes and Alt-A residential mortgage-backed securities. Commercial MBS, meanwhile, saw mixed activity.

But first, the Securities and Exchange Commission Tuesday published proposed rule changes to make the limits and purposes of credit ratings clear to investors and ensure that the role assigned to ratings in SEC rules is consistent with the objectives of having investors make an independent judgment of credit risks.

The regulator hopes to bring increased transparency to the credit ratings process and curb practices that contributed to recent turmoil in the credit markets.
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Radian Improves in Q2
Radian Group Inc. said its quarterly claims were less than previously projected, its market share has increased and its financial standing is solid.

The Foreclosure Journal
The latest foreclosure prevention news indicates some progress is being made in the war against foreclosures.

Home-Equity Delinquency Mixed
Late payments on home-equity mortgages was mixed, with open-end loans worsening and closed-end loans improving.

Accredited Parent Acquires $9.3 Billion in Loans
The parent of Accredited Home Lenders Inc. and the world's richest man are diving deeper into non-conforming mortgage lending with the purchase of a servicing operation.

Mortgage Insurance Volume Sinks
Mortgage insurance companies issued fewer policies last month than they have at any point since 2000. New applications fell to the lowest point in more than two years. Defaults improved from recent record activity.

Alt-A Issuances Annihilated Again
Classes of Alternative-A residential mortgage-backed securities continued to be downgraded in light of deteriorating conditions. But some classes of commercial MBS saw positive ratings actions.

Freddie Purchases Soar
Secondary mortgage volume climbed to the highest level in almost five years at Freddie Mac. But delinquency reached a four-year high.

Fannie Loans Exceed $3 Trillion
Fannie Mae's book of business broke the $3 trillion barrier as monthly secondary purchases rose.

Alt-A Avalanche
Residential mortgage-backed securities backed by Alternative-A loans were the target of a series of downgrades, though a number of commercial MBS saw upgrades.