CMBS

CMBS information provider Trepp released its April 2011 U.S. CMBS Delinquency Report.

The commodities and listed derivatives firm under the guise of former New Jersey Governor Jon Corzine said today that it has taken steps to expanding its capital markets and institutional sales teams with the firm’s recent slew of new hires.

The Federal Deposit Insurance Corp. (FDIC) closed on a sale of securities as part of a securitization backed by around $394.3 million of performing commercial and multi-family mortgages from 13 failed banks.

ABS investors' search for yield has taken them to an interesting place, where products that were once marginal are now the main attraction. In vogue are decidedly esoteric deals, ranging from whole business securitizations to structured settlement transactions.

The government's proposals for mortgage risk retention, aimed at getting sponsors of securitizations to retain some skin in the game, could potentially change the commercial real estate (CRE) financing landscape, while creating opportunity for some.

European securitization market players will apparently put more "skin-in-the-game" than their U.S. counterparts if U.S. regulatory requirements for risk retention move ahead as written.

The financial crisis reached its apex in fall 2008 when major Wall Street firms collapsed. But for the big three rating agencies - Moody's Investors Service, Standard & Poor's and Fitch Ratings - the crisis began at least a year before, when they started issuing massive downgrades of RMBS.

Standard & Poor's, along with Moody's Investors Service and Fitch Ratings, downgraded billions of dollars structured transactions in the summer of 2007, resulting in a wave of criticism. So when Deven Sharma was named S&P president on Sept. 1 of that year, he kicked off a reform program that continues today.

CMBS investors should brace for one of the largest note auctions in mid-May, according to a report from Barclays Capital.

Michael Wade will be leaving Credit Suisse. Wade was hired by Credit Suisse from Barclays Capital about a year ago as a managing director and co-head of asset finance in the global markets solutions group along with Tricia Hazelwood.