Finance

The U.K.'s decision this week to scrap the Financial Services Authority (FSA) may signal that consolidated supervision doesn't work. But more likely it shows that the structure of bank regulation is beside the point.

Pillsbury has acquired a large group of finance and corporate attorneys from Nixon Peabody.

William Winters, the former co-head of investment banking at JPMorgan Chase, has been named as an adviser to the British government, according to a DealBook report.

CU Student Lending has released one of the lowest rates available nationwide for private student loans.

In the wake of a criminal indictment against the owner of Taylor Bean & Whitaker, the Inspector General for the Department of Housing Urban Development is projecting at least $3 billion in losses for the government, perhaps more.

Integrated Asset Services (IAS) has completed a planned transition of its day-to-day management, the firm announced today.

The covered bond sector was a hot topic at this week’s Information Management Network Global ABS 2010 held in London.

Ally Bank is in the market with a $792.3 million transaction. Deutsche Bank Securities, JPMorgan Securities and RBS Securities are lead managing the securitization.

Despite the ABCP market initially getting help from the European Central Bank (ECB), program sponsors across the pond are still struggling with having a smaller market and a limited investor base.

Meridian Capital Group has hired Chad Johnson as a managing director in its commercial originations group.

The Securities and Exchange Commission (SEC) Wednesday accused the former owner of Taylor Bean & Whitaker (TBW) with orchestrating a massive equity and MBS fraud tied to his firm's warehouse borrowings from Colonial Bank, a depository it tried to take control of last summer using Troubled Asset Relief Program (TARP) money.

The regulator of Fannie Mae and Freddie Mac said it is directing the troubled GSEs to move the trading of their stocks to the Over-the-Counter Bulletin Board market while declining to answer questions about a reverse stock split.

Refinancing and purchase activity rose in the week ending June 11 as 30-year fixed mortgage rates declined to the low 4.70s on Freddie Mac's survey. The Mortgage Bankers Association reported that the Refinance Index jumped 21.1% to ~3462 - its highest level since May 2009.

Jefferies has added two professionals to its fixed income emerging markets sales and trading efforts in Asia, the firm announced today.

The second day of Information Management Network’s Global ABS 2010 conference started with a panel that looked back at the financial crisis.

Players in the European consumer ABS sector are asking for more deal data and prefer simpler securitization structures.

Speakers at Information Management Network’s Global ABS 2010 discussed what it would take to rebuild the European ABS market and the factors hindering it from coming back at a panel called Restoring Confidence and Rebuilding the Industry: The Role of Securitization.

Responding to the Securities and Exchange Commission's (SEC) proposed changes to Reg AB for ABS, BNY Mellon introduced new modeling and reporting capabilities.

CRE Finance Council announced the succession of Lisa Pendergast as President of the organization for June 2010-June 2011.

By now you've seen the stories and heard the industry chatter about how the nonperforming loan market is humming along like a well-oiled Toyota, which might be an apt metaphor since the Japanese carmaker has a good reputation but its models keep breaking down.