Finance

The government program to stem the rising tide of foreclosures has gotten off to a slow start for sure, but there's hope yet that the Home Affordable Modification Program (HAMP) will catch fire and may even stem "strategic defaults."

Elgin Capital, a London-based asset manager, will start purchasing debtor-in-possession loans backing U.S.-based companies for its CLOs.

The tranches in the $325 million ALM Loan Funding 2010-1 LTD CLO — arranged by Citigroup and managed by Apollo Management — have been priced, a source familiar with the situation said.

Members of the Federal Reserve's monetary policy committee are concerned the recovery in the housing market has "stalled," according to newly released minutes of its April 28 meeting.

S&P Valuation and Risk Strategies and Fiserv announced a partnership to further industry implementation of the American Securitization Forum’s (ASF) Loan Identification Number Code (LINC) initiative.

The Senate overwhelmingly rejected a measure from Sen. Sheldon Whitehouse late Wednesday that would require national banks to offer credit based on the interest rate limits in cardholders' states.

Fixed and adjustable mortgage rates hit their lows of 2010 in the week ending May 20, according to Freddie Mac's weekly survey.

A number of deals from various sectors of the ABS market are currently being marketed.

Financial institutions are sounding the alarm over an amendment to the Senate bill that many initially deemed harmless but now see as threatening a key source of capital: trust-preferred securities.

Impac Mortgage Holdings said its real estate and mortgage services unit earned $1.3 million in the first quarter from an array of vendor activities, including loss mitigation and REO services.

Moody's Investors Service has placed on review for possible upgrade ten tranches from five auto loan deals sponsored by Chrysler Financial Services Americas from 2006 to 2008.

Ambac Financial Group Monday announced a major loss to shareholders in the first quarter as a result of new accounting rules that required the company to include off-balance sheet activities.

BNP Paribas purchased Hill Street Capital, which is an investment banking boutique formed in 2001 by John Brim and Lorenzo Weisman.

First Capital recently completed a 3.5 year, $100 million term securitization via a Rule 144A private placement. The transaction closed on March 31.

Sallie Mae is interested in buying student lenders that are facing the end of the Federal Family Education Loan Program (FFELP), according to a Dow Jones report. This was announced at an investor conference held on Wednesday, the report said.

Residential delinquencies climbed to yet another new high at March 31 with 10.06% of all mortgagors behind on their payments, according to new figures released by the Mortgage Bankers Association (MBA).

Overall mortgage application activity slipped 1.5% in the week ending May 14 as gains in refinancing were more than offset by a plunge in purchases.

Bank of America has filed and S-3 with the Securities and Exchange Commission to possibly issue a credit card ABS via its BA Credit Card Trust.

Wells Fargo Securities has Manish Peshawaria and Bob Rosmanwas for its European ABS unit, ASR has confirmed.

Ginnie Mae issuers repurchased $15.5 billion of delinquent government-guaranteed mortgages out of MBS pools in the first quarter — a significant decline from the prior period. In 4Q buybacks approached a staggering $57.6 billion.