The law firm of Shearman & Sterling has named a new deputy head to its leveraged finance group.

New York Attorney General Eric Schneiderman, U.S. Attorney General Eric H. Holder, Housing and Urban Development (HUD) Secretary Shaun Donovan, and the Securities and Exchange Commission (SEC) Director of Enforcement Robert Khuzami today detailed the core mission of the new Residential Mortgage-Backed Securities Working Group announced by President Obama in the State of the Union address.

A new national refinancing program unveiled by President Obama earlier in the week will rely on the Federal Housing Administration (FHA) to refinance private and GSE mortgages, according to a report from Federal Financial Analytics in Washington.

GE Capital is in the market with GE Capital Credit Card Master Note Trust Series 2012-2 worth approximately $563 million.

New York Attorney General Eric Schneiderman will reportedly chair President Barack Obama's new committee investigating the mortgage-backed securities that are the center of several mortgage litigation claims by private investors.

Lloyds Banking Group plans to sell a U.K. RMBS from its Arkle master issuer program, according to a Bloomberg report. Citigroup and JPMorgan Chase are managing the sale.

National Credit Union Administration (NCUA) this morning proposed new rules for troubled debt restructurings that will cover how all federally insured credit unions account for delinquencies, charge-offs and income related to troubled home mortgages and member business loans, as well as for how those loans are reported on NCUA's quarterly Call Reports.

Foreign banks continue to drive volume of RMBS litigation claims filed in New York state court. The latest claim is a $1.2 billion lawsuit against Morgan Stanley filed by German lender Bayerische Landesbank.

JPMorgan Chase on Wednesday told a federal court in Wichita, Kansas that National Credit Union Administration’s (NCUA) negligence suit against top executives of WesCorp Federal Credit Union proves that it was the shortcomings of corporate executives – and not any misrepresentations by the Wall Street bank’s sales force in the sale of mortgage-backed securities – that caused the failure of WesCorp and three other corporate credit unions.

JPMorgan Chase CEO Jamie Dimon said President Obama's decision to expand investigations into home lending and sales of MBS could stop settlement talks with the states over foreclosure practices.

Cantor Fitzgerald has made key appointments for its high yield, investment grade and research groups as part of the build out of its global credit fixed-income platform and capabilities.