FGIC Corp., the parent company of Financial Guaranty Insurance Co., announced that it has reorganized its CDO team and will expand the scope of its CDO business. The CDO group has been combined with risk distribution as part of the reorganization efforts. Lynn Finkel, managing director, will run the CDO group in addition to leading the risk distribution function. Eric Hurst will also play an important role, as he was appointed director in late May with the responsibility for international and negotiated CDO transactions. Among other news, FGIC has promoted Elizabeth Menhenett as director within the CDO group, where she will be in charge of the domestic CLO and ABS CDO business.
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The trust employs a 24-month revolving period. There is an increased risk that collateral quality could deteriorate as the transaction evolves with new collateral.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27 -
Aside from the cash flow stabilization, another credit positive to the deal, TAH Operations is property manager to the portfolio, and has strong processes and controls.
March 27 -
Four tranches of class A notes make up the capital structure, and they all benefit from 3.00% in total initial hard credit enhancement.
March 26 -
Seven of the loans, 27.7% of the pool balance, are secured by multiple properties or have a component of cross-collateralization, benefitting from greater cash flow stability.
March 26