Stuart Cauff recently announced his resignation as president of Unicapital Corporation. Cauff will remain with the company as chief executive officer of its Big Ticket Division and will also continue to serve on UniCapital's Board of Directors. Cauff has held the position of president since April 1999 and the position of CEO of the Big Ticket Division since May 1998. The company is currently looking to fill the position of president with an experienced candidate.
After recently coming to market with a C$260 million commercial mortgage-backed term deal from its Merrill Lynch Mortgage Loans Inc., Merrill Lynch Canada will likely issue from the same shelf in October or November of this year. The last transaction was the third time the company had issued from this particular shelf.
SuperSolutions recently announced that it has enhanced its loan portfolio management software Daybreak - The Big Picture with new functions for home-equity lenders. The software now allows home-equity lenders to manage origination, servicing, and collections of home-equity loans, open-ended home-equity lines of credit, or revolving lines of credit.
The Bank of New York, a recognized name in the asset-backed and mortgage backed markets, has announcing the completion of its purchase of the issuer, agency and depository services business of Barclays Bank PLC. This is partly in effort of The Bank of New York's commitment to provide a complete range of corporate trust services to global debt issuers.
Senate recently passed a bill that now opens the state of Michigan to electric competition and guarantees a five-year utility rate cut for residents. Supporters of the bill, Detroit Edison Co. and Consumers Energy Co. called it a compromise that helps to move the state towards electric deregulation. Automakers General Motors Corp., Ford Motor Company, and DaimlerChrysler AG are in opposition of the bill saying that it won't allow real competition because it lets Detroit Edison and Consumers Energy practice securitization.