Finance

The Federal Deposit Insurance Corp. (FDIC) will begin taking final bids on the $23 billion AmTrust Bank residential servicing portfolio by the end of July with a winner picked shortly thereafter, investment banking sources said Wednesday.

Fitch Ratings said that the Financial Services Authority's (FSA) proposed ban on self-certified and fast-tracked mortgages is unlikely to affect the agency's U.K. RMBS ratings.

PERILS has reported that in the first six months of 2010, the total placements of insurance risk deals based on PERILS industry loss index exceeded $250 million.

The Federal Deposit Insurance Corp. (FDIC) closed on a sale of 40% equity interest in a limited liability company (LLC) created to hold assets with an unpaid principal balance of around $1.85 billion from 22 failed bank receiverships. Barclays Capital advised the FDIC on the transaction.

Reinsurance specialist Guy Carpenter appointed Martin Pepper as head of its London-based marine and energy practice effective Aug. 16.

Student loan ABS has been seeing some movement this week.

Subprime residential lending is making a comeback of sorts, except that none of the firms funding the loans call the product "subprime."

With the votes lined up, the Senate Tuesday was poised to set in motion the final countdown to a vote on financial regulatory reform.

Despite record low mortgage rate levels, mortgage application activity slipped with both refinancing and purchase activity lower in the week ending July 9.

Hogan Lovells has added to its debt capital markets and structured finance team in the U.S. by hiring Emil Arca as a partner. Arca will be based in the New York office.

Kroll Bond Ratings made public the members of its senior management team, which include experts from a range of financial disciplines.

Simmons & Simmons has named Samer Eido as Middle East finance head, according to a report by legalweek.com.

Senate Democratic leaders have rounded up three Republican votes and are close to securing passage of the Dodd-Frank Wall Street Reform bill.

Two private investors have teamed up to buy a roughly $1.2 billion pool of mostly nonperforming residential whole loans offered by the Federal Deposit Insurance Corp. (FDIC), investment banking officials and sources close to the deal confirmed to National Mortgage News.

National Public Finance Guarantee Corp. (National), a subsidiary of MBIA, has named William Fallon as interim chief executive officer, the firm announced today. Fallon is currently president and chief operating officer of MBIA .

General Growth Properties (GGP) on Tuesday filed a reorganization plan with a bankruptcy court, which will split the company into two publicly-traded entities that will emerge from bankruptcy by the end of October.

Cagamas Berhad launched the Sukuk al-Amanah Li al-Istithmar (Sukuk ALIm) under its RM5 billion ($1.56 billion) Islamic commercial paper (ICP) and Islamic medium term note (IMTN) programs.

Deutsche Bank hired Jeffrey Mayer as head of global markets for North America. Mayer will be managing the bank’s market-leading sales and trading business in the region.

Moelis & Co. has named Joseph Simon as managing director and chief financial officer, the firm announced today. With over 25 years of experience, Simon will be responsible for all finance and accounting matters and will be based in the firm’s New York office.

PIMCO has named Kristofer Kraus a new executive vice president within its advisory division. He will help lead new business development and relationship management.