CDOs/CLOs

The Federal Deposit Insurance Corp. (FDIC) unexpectedly delayed the release of an interim rule to create a resolution system for the largest, most-connected banks and nonbanks, saying it needed to consult with other regulators first.

Jefferies named Peter Santry as a managing director and head of distressed trading in its leveraged finance sales and trading division, the firm announced Monday.

The American Securitization Forum (ASF) released a statement saying that the Federal Deposit Insurance Corp.'s (FDIC) action today will seriously harm the federal government’s ability to exit the U.S. housing market and to reestablish a private label mortgage market.

The Federal Deposit Insurance Corp. (FDIC) is set Monday to begin a Herculean task: creating a resolution procedure for large, systemically important firms that improves on the bankruptcy process but still resembles it enough that it does not unsettle the marketplace.

It was no small irony that moments after voting to bar corporate credit unions from investing in risky CDOs, the National Credit Union Administration (NCUA) Board gave its approval to a plan to shed as much as $50 billion in toxic MBS held by the corporate system by repackaging them for sale to the public as CDOs.

The Association for Financial Markets in Europe (AFME) appointed Simon Lewis as its chief executive. The new hire will assume his position on Oct. 1.

Primus Guaranty has entered into a binding letter of intent to sell its third-party asset management unit CypressTree Investment Management to Commercial Industrial Finance Corp. (CIFC). The deal's terms were not disclosed.

House Republicans blasted the proposed Basel III capital standards on Wednesday, arguing the plan would make the system more uncertain without making it substantially more safe.

Treasury Secretary Tim Geithner on Wednesday said the U.S. would implement proposed international capital rules aimed at helping financial institutions withstand future crises by 2012.

Federal Deposit Insurance Corp. (FDIC) Chairman Sheila Bair said Wednesday that the Basel Committee on Banking Supervision's new capital plan should have been tougher.