Finance

The Senate approved legislation late Wednesday designed to help the Federal Housing Administration (FHA) replenish its depleted finances.

Distressed mortgage manager Deer Park Road Corp. has hired Scott Burg as associate portfolio manager, according to published reports.

Recent U.S regulatory changes can further disrupt the European securitization market. The latest source of concern are the Securities and Exchange Commission's proposed changes to the disclosure requirements applied to ABS offerings under Rule 144A or Regulation D.

The Federal Reserve Bank of New York may require seller/servicers of nonprime mortgages and CDO sponsors to repurchase certain loans out of mortgage trusts that are controlled by the agency.

BNP Paribas Corporate and Investment Banking has appointed Matt Salvner as head of fixed-income solutions for the Americas, the firm announced today.

Hyundai Capital America has filed an S-3 shelf registration with the Securities and Exchange Commission (SEC) for a securitization backed by a pool of motor vehicle retail installment sale contracts.

FGIC Corp., the holding company of beleaguered bond insurer Financial Guaranty Insurance Co., announced Wednesday that it had filed for Chapter 11 bankruptcy protection.

The Senate late Wednesday passed a bill that gives the Federal Housing Administration (FHA)more flexibility to adjust its insurance premium structure, a move that will help rebuild its depleted capital reserves.

Fitch Ratings has introduced an interactive quarterly report for U.S. structured finance market participants called the U.S. Structured Finance Snapshot.

The recently published covered bond graduated valuation haircut schedule from the European Central Bank (ECB) did not take the market by surprise, according to Bank of America Merrill Lynch analysts.

Through its proposals on Regulation AB, the Securities and Exchange Commission (SEC) will be subjecting privately sold ABS to the disclosure requirements applicable to securities offered in registered public offerings.

BNY Mellon Corporate Trust has named Richard Stanley and Debra Baker to oversee its structured finance business lines, the firm announced today.

American Capital Agency Corp. (AGNC) named Christopher Kuehl as head of mortgage investments at American Capital Agency Management.

Jefferies appointed Erez Biala as a managing director and global co-head of CLO and CDO trading.

A small private-label 'scratch and dent' securitization backed by government reverse mortgages appears to be the first deal of this type, and could pave the way for more reverse MBS deals in the struggling private-label market.

CNH Capital America is in the market with a $753.45 million deal backed by retail equipment loans. Barclays Capital and BNP Paribas are serving as lead managers on the transaction.

The Securities and Exchange Commission (SEC) has accepted settlement offers from three former officers of New Century Financial Corp., the subprime lender that was one of the first to collapse at the start of the subprime mortgage crisis.

Moody’s Investors Service believes that the covered bond legislation unanimously approved by the House Financial Services Committee on July 28 will help covered bond buysiders by setting up investor-friendly procedures following an issuer default.

The American Securitization Forum (ASF) and the Securities Industry and Financial Markets Association (SIFMA) expressed their support for Securities and Exchange Commission (SEC) proposals designed to increase transparency in the securitization markets, although, at the same time, the groups also aired some of their reservations.

Allen & Overy has expanded its U.S. securitization capabilities by naming Ed De Sear as a partner in its international capital group the firm announced today.