In August 2007, well into a JPMorgan Chase & Co. campaign to cut subprime mortgage exposure, a senior executive told the bank's investment management staff to stop telling clients that they were "reasonably comfortable" with subprime securities bearing investment-grade ratings.
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Senator Barbara Boxer of California held a press conference last week to support the passage of Helping Responsible Homeowners Act, which aims to help non-delinquent, existing borrowers refinance at a lower rate through the elimination of Loan-Level Price Adjustments (LLPAs) and qualify borrowers with LTVs higher than 125%.
July 18 -
Caliber Funding has added three new senior vice presidents to its executive management team.
July 18 -
By waiting so long to nominate Richard Cordray to be the first director of the Consumer Financial Protection Bureau (CFPB), President Obama has boxed himself in and Cordary will have to be confirmed by the Senate for the new bureau to exercise its full powers.
July 18 -
FBR Capital Markets has initiated coverage of Walter Investment Management Corp., which is in the special servicing business, giving the company an "outperform" rating after it closed on its acquisition of Green Tree Credit Solutions.
July 18 -
One Reverse Mortgage has gotten the go-ahead from Ginnie Mae to securitize Federal Housing Administration (FHA) Home Equity Conversion Mortgages.
July 18
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A Barclays Capital report examined the increasing possibility that FFELP student loan ABS will experience rating volatility in the upcoming months. As a result, the bank shifted its position to neutral from overweight on FFELP-backed SLABS.
July 18 -
Wells Fargo and Deutsche Bank are marketing a CMBS deal worth approximately $1.0 billion. This will be the largest single borrower offering of 2011.
July 18 -
Global issuance of CLOs is at $5.0 billion via 13 deals for the year to date through July 15, according to Dealogic.
July 18 -
Mortgage servicer Ocwen Financial is seeking a $575 million term loan B to finance its acquisition of Litton from Goldman Sachs.
July 18 -
Builders’ confidence in the market for new single-family homes dropped, as the National Association of Home Builders' (NAHB) housing market index - a monthly gauge of builder sentiment – grew to 15 in July from 13 in June.
July 18 -
Ford Motor Credit Co. is marketing an auto loan ABS worth $1.07 billion. Ford Credit is a subsidiary of Ford Motor Co.
July 18 -
Richard Cordray, the enforcement chief at the Consumer Financial Protection Bureau (CFPB), will be named to lead the new regulator, the Obama administration said Sunday.
July 18