CMBS

An independent analysis of the Federal Home Loan Bank of San Francisco's investment portfolio is fueling doubts about the health of the bank, the largest of the 12 institutions in the system.

DBRS further clarified its interpretation of Securities and Exchange Commission (SEC) rule 17g-5. The credit rating agency disclosed its planned approaches for both exempt and non-exempt structured finance (SF) instruments in light of the changes to the said ruling.

Rep. Brad Sherman, D-Calif., is urging House conferees on a regulatory reform bill to support a Senate-passed amendment aimed at reforming the credit rating process that led to 'AAA'-ratings for subprime mortgage-backed securities that have subsequently faced several waves of downgrades.

Moving away from Washington D.C., the American Securitization Forum (ASF) has announced that its annual conference, ASF 2011, will be held in Orlando, Florida next February.

The 30-day or more past due rate on securitized multifamily mortgages rose 28 basis points in May to 13.34%-dashing hopes that delinquencies in that sector of the commercial real estate market had stabilized.

Ally Financial,formerly GMAC, is getting back into wholesale mortgage lending by extending the centralized underwriting team it uses for correspondent and retail lending to brokered loans.

The delinquency rate for commercial real estate loans rose 42 basis points to 8.42% in May — the highest in CMBS industry history, according to a report from Trepp released today.

CIT Group Inc. is rounding out its executive suite, taking another step toward normality for the financing company — and potentially earning regulators' approval for John Thain's planned shift toward a banking model.

Standard & Poor’s appointed Howard Esaki as managing director and head of the rating agency's new global structured finance research department.

Loan securitizers are bracing for an invasion of backseat drivers. By Wednesday, June 2, issuers and rating agencies must comply with a Securities and Exchange Commission (SEC) rule designed to encourage more unsolicited opinions on ABS. The regulator wants to remove the conflicts of interest in the ratings process that led to inflated ratings in the past and contributed to the financial crisis.