Finance

The Committee on Rules of Practice and Procedure has proposed an amendment to a bankruptcy rule that could have profound implications for the market for distressed loans, trade claims and securities, the Loan Syndications and Trading Association (LSTA) said.

Ginnie Mae is contemplating selling the $1.3 billion residential servicing portfolio that it recently seized from Lend America of Melville, N.Y.

Commercial real estate loans held by commercial banks and in CMBS are experiencing higher delinquency rates than CRE loans held by other investors, according to a new report from the Mortgage Bankers Association (MBA).

Investment manager The TCW Group has voluntarily withdrawn from the U.S. Department of the Treasury’s Public Private Investment Program (PPIP), the firm said on Monday.

Knight Capital Group said that Knight Libertas U.K. appointed Ronald E. Thompson, Jr. as

WorldVest is initially aiming to raise roughly R$173 million ($100 million) in a Brazilian receivable investment fund (FIDC) that the merchant bank announced yesterday, according to CEO Garrett K. Krause.

Nixon Peabody has further expanded its securitization and structured finance practive by hiring Sarah Nelson who joins the firm as counsel in the global finance practice.

Clear Capital updated its systems to accept the American Securitization Forum Loan Identification Number Code (ASF LINC) — a new standardized universal code that creates greater data transparency at the collateral level.

Delinquent balances on U.S. credit cards reached record levels while defaults surged higher in December 2009, as reported in the latest Fitch Ratings' Credit Card Index.

Ganesh Rajendra will become global head of ABS strategy at the Royal Bank of Scotland this month, according to published reports.

Pending home sales plunged 16.0% to a reading of 96.0 in November from a revised 3.9% gain to 114.3 in October, originally reported as a 3.7% rise to 114.1, according to an index released today by the National Association of Realtors (NAR).

Fannie Mae has changed one of its policies for disposing of foreclosed homes in a way that could force servicers to take their lumps sooner.

Struggling with their own problems, the mortgage industry's megaservicers are unlikely landing spots for GMAC's troubled home loan unit.

The Federal Reserve Board will be able to influence interest rates through sales of the MBS it has accumulated over the past year, according to a Fed official.

The Federal Housing Administration (FHA) should give lenders five years, instead to three years, to meet a higher $2.5 billion net worth requirement, according to the Mortgage Bankers Association (MBA).

Interactive Mortgage Advisors (IMA) expects roughly 20 different investors to submit applications to clear them for bidding on an $11 billion jumbo servicing portfolio that belongs to the bankrupt Thornburg Mortgage of Santa Fe.

Mark Oman, who oversees the mortgage division of Wells Fargo, has been granted a "retention" bonus in the form of stock that is valued at $5 million, according to a statement made by the company.

The legal and capital restructuring of the retail bank Northern Rock was finished on Jan. 1.

Lebanese bank BSEC last week announced the funding of a second auto loan ABS for local dealership Bassoul & Heneine.

TriMas Corp. entered into a new accounts receivable facility with Wachovia Bank. The new facility, which has a three-year term, provides committed funding of up to $75 million.