Finance

Paper company Sappi has implemented its three-year €360 million ($517.3 million) trade receivables securitization program for its non-South African businesses.

American Realty Capital Properties (ARCP), New York, said it expects its initial public offering to close on Sept. 6, with trading of the company's common stock to start the following day on the NASDAQ Capital Market, that exchange's tier for small cap stocks.

Two new Japanese credit card receivable securitizations that total of JPY4 billion ($52 million) are in the market.

Sales of homes that were in some stage of foreclosure or bank-owned status accounted for 31% of all residential transactions in the second quarter, a slight decline from 1Q11, according to new figures released by RealtyTrac.

In an ironic twist, the commercial banking industry is coming to the defense of the Consumer Financial Protection Bureau (CFPB).

The recent sell-off pushed mortgage rates higher by seven to eight basis points for the week ending Aug. 25.

Bank of America has reached an agreement to sell 50,000 shares to Berkshire Hathaway in a private offering.

In November of 2009, Charles Taylor, director of the Pew Financial Reform Project, wrote a letter to the editor of Financial Times advocating higher capital requirements for banks.

When the new Home Affordable Modification Program (HAMP) was gaining some momentum in the fall of 2009, it became evident that servicers were being deluged with applications from struggling homeowners.

U.S. Bankruptcy Court for Massachusetts Judge Melvin Hoffman earlier this week ruled that Deustche Bank did not have the legal right to foreclose on a mortgage that is part of a securitization.

Demand for multifamily loans is pushing the Federal Housing Administration (FHA) into the big leagues with Fannie Mae and Freddie Mac.

Freddie Mac's third "K" multifamily mortgage deal backed by seven-year mortgages has come to market.

Global multi-asset investment manager PineBridge Investments announced the closing of its CLO called Galaxy XI CLO, Ltd.

Prudential Mortgage Capital Co. has appointed Curtis Brunton as a principal in the Western region.

Tobacco bonds have been on the defensive for several years now as the number of smokers dwindles. But for some yield-addicted investors, tobacco bonds are now seen as a buying opportunity despite their risks.

Mortgage applications slipped 2.4% in the week ending Aug. 19 with both refinancing and purchase activity lower.

Bank of America as well as the three surviving mortgage insurance holding companies were taking it on the chin from investors even though the Dow Jones Industrial Average was up 199 points at noontime on Tuesday (and over 200 points up earlier in the day).

New home sales came in at an annualized rate of 298,000 units in July, a slight decline from the prior month, and a sign that ultra low mortgage rates are still not moving sales off their Depression levels.

Gleacher & Co., which is exiting the equities business after a strategic review, is concentrating instead on efforts that include a continuing build-out of its conforming/Jumbo origination unit aimed at complementing its fixed income sales and trading platform.

Auto loan delinquencies continued to shrink in the second quarter, outpacing expected seasonal declines, TransUnion said Tuesday.