Greg Rosenberg has left the mortgage-backed securities research department at J.P. Morgan & Co. to join the bank's structured finance team. He will be working on synthetics securitizations, and started in his new position last Monday.
Charles Smart has left his position as head of mortgage securities at Nomura Securities. Smart is seeking $2.08 million in damages from the company, alleging that Alexander Noujaim, Nomura's head of fixed-income, broke his contract by stripping Smart of his duties, among other things.
Phillip Millman has been hired by the PaineWebber Mortgage Strategy Group to assist Tom Zimmerman in asset-backed securities analysis. Prior to working at PaineWebber, Millman has held positions in mortgage research groups at Deutsche Bank and Bear, Sterns & Co.
Freddie Mac is considering an increase in its guarantee fees. The percentage of loan purchases with loan-to-value ratios above 90% is increasing and credit scores are falling, according to Paul Peterson, executive vice president in charge of single-family securitization. Slippage in credit quality normally happens after a refinance boom, but lenders also are pushing the envelope to qualify borrowers, he explained. In 1999, the Freddie Mac guarantee fee averaged 19.8 basis points.
Standard & Poor's Ratings Services has raised its ratings on Citibank NA's 1994-C2 because of the continued strength of the deal's collateral property, Union Station in Washington, D.C. The rating agency upgraded the deal's double-A class to triple-A, single-A class to double-A plus and the triple-B class to double-A.