PEOPLE
Thomas Kenny and Benjamin Barber have joined the investment management division of The Goldman Sachs Groups. Kenny, named managing director, head of municipal securities, will be responsible for the investment management group. Barber will be named portfolio manager.
Moody's Investor Services is expanding its analytical staff on the term asset-backed side, with a particular emphasis on individuals with experience in auto loan, leasing, and floorplan securitizations. The new openings are at the AVP/Analyst and VP/Senior Analyst level.
MISCELLANEOUS
Franchise Mortgage Acceptance Corp. is said to be prepping a first quarter deal in the $750 million range. "There's all sorts of rumors as to how much they've originated this year," said a source. "But I think it's safe to say the figure's somewhere between 1/2 billion and 3/4 of a billion." The source speculates Morgan Stanley Dean Witter might be managing the deal, or possibly Credit Suisse First Boston, where the loans are currently warehoused.
FMAC has not issued this year because, players said, of complications concerning the merger with Bayview Financial Corp. In 1998, FMAC issued close to $1 billion in franchise-backed notes.
For $257 million, Lend Lease Real Estate Investment will close the deal with Amresco Inc., purchasing five commercial mortgage businesses, according to published reports. The transaction should be completed by the end of the first quarter.
Bayview Capital Corp. is said to be postponing its deal until year 2000, due to a decline in estimated fourth quarter earnings.
Onyx Acceptance Corp. filed a shelf last week for year 2000 deals. "We'll probably come again in early February," said a source at the company.
Ocwen Financial Corporation announced that it has joined forces with independent Italian servicer, FBS SpA, to service performing and non-performing mortgage loans in Italy. The new joint venture gives OCN 50% ownership in a newly formed company, Ocwen. FBS SpA, which will be the first international mortgage loan servicer in the Italian market.
