CMBS

Wyndham Worldwide Corp. said it completed a term securitization transaction involving the issuance of $350 million of investment-grade ABS notes called Sierra Timeshare 2010-2 Receivables Funding.

It will take five years to turn the new federal financial reform law into rules and regulation, an industry expert from the Securities Industry and Financial Markets Association (SIFMA) said last week.

Five of Spain's smaller regional lenders, known as cajas, were among the seven banks to fail the European Union stress test.

Some European market players said that there is increasing appetite by outside buyers for European ABS.

Only seven banks failed the European stress test results for financial institutions. The question remains whether the test has done enough to ensure the strength of European financial institutions.

CMBS' loss seems to be the credit tenant lease (CTL) market’s gain. The latter has shown robust growth in the face of the financial crisis and in its aftermath, mainly owing to the shutdown of the CMBS and conduit markets.

The Securities and Exchange Commission (SEC) will give securitization issuers six months to omit credit ratings from ABS registration statements filed under Regulation AB, the SEC announced Thursday in a 'no action' letter.

Three trade associations — American Securitization Forum (ASF), Securities Industry and Financial Markets Association (SIFMA), and the CRE Finance Council — have all issued comment letters to the U.S. Treasury on GSE reform.

The Mortgage Bankers Association has appointed Kathy Marquardt as associate vice president of commercial servicing and council coordinator, effective Aug. 9.

The CRE Finance Council said today that overall the final Financial Reform Bill included provisions intended to address the unique nature of commercial real estate finance and to promote a coordinated regulatory approach.