Moody's attributed the rating action to "the weakened capital profile of the group as a result of its mortgate and mortgage-related CDO exposures, as well as uncertainty over CIFG's future strategic direction." Moody's said it would complete the review in the next two weeks. CIFG released a statement saying, "CIFG continues to work with Moody's and exploring all of its options." Although CIFG received a substantial $1.5 billion capital infusion in December from its parents, Caisse Nationale des Caisses d'Epargne and Banque Federale des Banques Populaires, Moody's revised its RMBS loss estimate upward to reflect the continuing deterioration in the U.S. mortgage markets. As result, CIFG's capital adequecy profile has fallen below the "AAA" target-level despite the financial boost, according to Moody's. The review will focus on evaluating CIFG's capital remediation plans and strategic direction, Moody's said.
-
Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
39m ago -
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
9h ago -
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24 -
Bluegreen Vacation originated the loans and Fitch expressed confidence in its record of good performance as servicer.
April 23 -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
April 23 -
Lendbuzz sells the notes as it juggles mixed performance results from 2023. Originations and revenues saw huge jumps, but so did operating expenses.
April 23