Finance

Tom Neary has resigned as executive vice president and senior managing director of Residential Capital Corp. (ResCap), effective at the end of July.

Commercial lender CIT Group warned that it may have to file for bankruptcy even if its cash tender offer for notes due in August goes through.

A survey conducted by the International Association of Credit Portfolio Managers (IACPM) shows that credit investors believe spreads will widen along with the number of defaults. Their outlooks are even more pessimistic than they were in May, when the IACPM conducted a similar survey.

Online mortgage auction BigBidder.com is marketing a $0.5 million pool of reperforming residential mortgage loans. The announcement comes after BigBidder.com recently reached $100 million in total notes for auction.

When comparing the loan modification efforts of the top mortgage servicers, it's hard to find rhyme or reason behind their decisions, observers say.

Capital One Financial Corp. reported a second-quarter loss that was attributed largely to the cost of exiting the Troubled Asset Relief Program.

As President Obama's regulatory reform proposal sputters, Federal Deposit Insurance Corp. (FDIC) Chairman Sheila Bair stepped up with an alternative strategy Thursday that dodges many major political obstacles and could rally support for the plan.

The New York Federal Reserve posted a list of bonds that were accepted and rejected after the first subscription for Legacy CMBS Term ABS Loan Facility (TALF).

Standard & Poor's has placed its ratings on SLM Corp. on CreditWatch Negative, the rating agency said today.

Existing single-family home sales rose 2.4% to an annualized rate of 4.32 million units in June and prices appear to be firming up as well, according to figures released Thursday morning by the National Association of Realtors (NAR).

With FFELP student loan issuers having difficulty funding loans because of the current credit freeze, the Straight-A Funding student loan conduit was developed to provide a partial industry solution.

GE Capital, a unit of General Electric Co., has received approval from the Federal Deposit Insurance Corp. (FDIC) to exit the Temporary Liquidity Guarantee Program (TLGP), the firm said yesterday.

Christopher Harrison has joined Morgan Lewis as a partner in its business and finance practice in London, the law firm said in today’s release.

The enactment of the Student Aid and Fiscal Responsibility Act of 2009 (SAFRA) would mean the elimination of the Federal Family Education Loan Program (FFELP), according to Bank of America/Merrill Lynch analysts.

Freddie Mac reported modest increases in fixed rate mortgage rates for the week ending July 23.

Just more than a month after President Obama unveiled it, an ambitious plan to reform the regulation of the financial system is being eviscerated.

The Student Loan Corp. priced a $1.9 million FFELP-backed student loan deal. Citigroup Global Markets was the manager on the offering, while Deutsche Bank Securities served as co-manager.

The Commercial Mortgage Securities Association (CMSA) issued a white paper today on the White House’s overall regulatory reform proposals with five issues of concern for the CMBS market.

The Commercial Mortgage Securities Association (CMSA) held a Webinar yesterday discussing the state of the commercial mortgage industry. Participants also offered opinions on current government finance programs.

Jack DiMaio has been appointed as the global head of interest rate, credit and currency trading at Morgan Stanley.