Finance

CLO managers are finding creative ways to restructure their portfolios. Following Morgan Stanley’s announcement last week that it would repackage downgraded CDO tranches backed by leveraged loans into new triple-A-rated securities—the first strategy of its kind — Egret Capital has also come up with a new restructuring tactic.

The Federal Reserve Bank of New York received $668.9 million in applications for loans under the Term-Asset Backed Securities Loan Facility's program for commercial mortgage-backed securities.

Sweeping new regulations for credit card issuers are likely to curtail lending and crimp profits. But whose lending — and whose profits?

The Investors’ Working Group (IWG) highlighted their recommendations on financial regulatory reform at its conference held this week in New York.

Chase is in the market with a $1.25 billion credit card deal lead managed by JPMorgan Securities. Co-managers on the transaction are Deutsche Bank Securities and RBS Securities.

Federal talks ceased with CIT, effectively denying the firm's request for Federal bailout today.

CreditCore Group Investments (CCGI) manages a platform allowing issuers to minimize losses resulting from consumer defaults.

Federal Reserve policy makers "revised upward" their outlook for economic growth at a June 23 meeting and decided to keep the $1.25 trillion mortgage-backed securities purchase program on track without any changes.

American General Financial Services, a subsidiary of the government-controlled AIG, is considering a plan to liquidate up to $10 billion in whole loans using the securitization market, investment banking sources told NMN.

Mortgage Guaranty Insurance Corp., the nation's largest MI company in terms of policies-in-force, posted a $340 million loss in the second quarter, warning that it may not meet minimum capital standards that would allow it to continue writing new policies.

Freddie Mac reported today that 30-year fixed mortgage rates averated 5.14% or an averate 0.7 point, which is down six basis points from last week.

Capital One Financial Corp. shares jumped nearly 12% after the company reported that U.S. credit card delinquencies fell last month.The $177.4 billion-asset McLean, Va., company said in a regulatory filing Wednesday that credit card loans delinquent at least 30 days fell to 4.77% in June from 4.9% in May.The net chargeoff rate for U.S. credit cards rose moderately to 9.73% from 9.41% a month earlier.For U.S. auto loans, Capital One's chargeoff rate rose to 3.89% in June from 3.62% in May. The delinquency rate rose to 8.89% from 8.59%.Capital One Financial Corp. shares jumped nearly 12% after the company reported that U.S. credit card delinquencies fell last month.

Cairn Financial Products, a specialist credit asset manager, said it will provide advisory services for the management and unwinding of Bayern LB’s multi-billion euro European ABS portfolio.

The Basel Committee on Banking Supervision said it will require financial institutions to set aside capital for assets including CDOs and ABCP.

Chase is in the market two credit card deals.

REDC of Irvine, which has been doing a swift business in selling distressed homes, plans to enter the whole loan auction market, focusing on non- and sub-performing mortgages, and other note types.

PIMCO Advisory has hired Rod Dubitsky as an executive vice president and global structured finance specialist, the firm said in yesterday's release.

Chrysler Financial has repaid in full the $1.5 billion of Troubled Asset Relief Program (TARP) government loans.

The American Securitization Forum (ASF) issued a request for comment (RFC) on its new Model RMBS Representations and Warranties, which is designed to enhance the alignment of incentives of mortgage originators with those of mortgage loans buyers.

James Fenner was named the new head of capital markets for GE Capital in EMEA.