The news of massive trading losses in JPMorgan's Chief Investment Office renewed calls for strict implementation of the Volcker Rule, the section of the Dodd-Frank Act restricting banks from proprietary trading. In my mind, the episode highlights the importance of intelligent and comprehensive risk-management procedures. While provisions such as the Volcker Rule can play a useful role, they cannot serve the desired purpose of mitigating risks to the financial system without robust risk-management standards enforced by regulators.
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Different Walnut Place entities that formed part of the Article 77 proceedings to ratify the Countrywide settlement have withdrawn as intervenors, Barclays Capital analysts noted in a report released this afternoon. Analysts cited a letter filed today with The New York State Supreme Court.
July 23 -
Global CMBS issuance is at $26.2 billion year-to-date, according to Dealogic numbers released late last week.
July 23 -
Micro subprime retail auto ABS deals offer investors a large pickup in spread when compared to the broader subprime auto ABS transactions, according to a Barclays Capital securitized products research report.
July 23 -
Franklin Templeton Investments launched a new global bond fund that will focus on global debt, including emerging markets, a firm spokesman confirmed.
July 23 -
Moody’s Investors Service believes that the modifications that Brazilian regulators have proposed to the regulatory framework governing ABS are a credit positive for the country’s securitization market, according to its Weekly Credit Outlook.
July 23
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In its latest Securitized Products Weekly, Nomura Securities cited Sallie Mae’s announcement from last week that stated $4.5 billion of FFELP loans, which comprise about 3% of its portfolio, was expected to consolidate under the Special Direct Consolidation Loan Initiative.
July 23 -
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The government-sponsored enterprises have implemented consistent guidelines for short sale procedures and those efforts are expected to expand to include additional loss mitigation efforts.
July 23 -
Correspondent One, which aims to be a major buyer of closed mortgages from nonbank lenders and others, has launched and is now in the process of closing some of its first transactions, according to vendors and consultants that work with the firm.
July 23 -
Today Freddie Mac said it is offering its tenth offering of multifamily MBS called structured passthrough certificates or K certificates.
July 23 -
First Horizon National in Memphis said Friday that it lost close to $125 million in the second quarter after it bought back scores of soured mortgage loans from Fannie Mae and Freddie Mac.
July 23 -
After the Treasury Department rolled out its Home Affordable Modification Principal (HAMP) reduction program in October 2010, it didn’t take long to figure out the incentive payments to investors were not high enough to encourage a high level of participation.
July 22
