Consumer ABS

Bank of America has agreed to pay the Federal Trade Commission (FTC) $108 million to cover foreclosure-related servicing abuses by Countrywide Home Loans (CHL), the mega lender/servicer that it purchased almost two years ago.

Investors continue to diversify into riskier assets, according to a survey issued today by bfinance.

WASHINGTON — With lawmakers intent on sending a final regulatory reform bill to President Obama by July 4, much of the legwork is already happening behind the scenes on how to tackle a host of unresolved issues, including a proposed swaps ban, a stringent capital requirement, interchange fee regulation and a consumer protection agency.

New Jersey Higher Education Student Assistance Authority is in the market with a $280 million transaction. The offering is backed by private student loans.

G2 Investment Group, a New York-based money manager, has scooped up a former Lehman Brothers’ private placement and illiquid credit trading team, the firm said yesterday.

Experian announced that CreditHorizonsSM for Securities, which delivers Experian’s consumer credit information for non-agency MBS.

The final provisions of the Credit CARD Act take effect in August, but issuers are still in the dark about several key requirements that will affect how they calculate penalty fees.

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.

Guy Carpenter & Co. named Bill Kennedy as global CEO of analytics, capital markets, specialty practices and advisory effective July 1.

Moody's Investors Service launched a new quarterly newsletter called Structured Credit Perspectives, which was published beginning today.