IndyMac recently filed an S-3 with the Securities & Exchange Commission to securitize up to $372 million in home-equity loans. IndyMac has hit the market twice this year, first in June with a $270 million HEL deal co-lead by Merrill Lynch and Painewebber, and again in July, with a $300 million HEL deal managed by Banc of America Securities, according to Thomson Financial Securities Data.

Separately, Spiegel Credit Corp. filed an S-3 to issue as much as $1.8 billion in private-label credit card receivables.

Standard & Poor's Ratings Services has placed the above average ranking servicer Franchise Mortgage Acceptance Co. on CreditWatch with negative implications. The action followed the recent lowering of the credit rating of FMAC's parent company, Bay View Bank NA, from BB to B-minus and of the bank's parent company, Bay View Capital Corp., from BB-minus to CCC-minus.

Meanwhile, S&P affirmed the recent level of franchise loan defaults was right on target with expectations. S&P predicted that the zero default and the zero delinquency that existed until recently would continue. The current outstanding franchise loan securitizations are between 3% and 6% and cumulative losses range from 1% to 7%.

U.K. mortgage lender Platform Home Loans (PHL) and Cabot Square Capital teamed up to launch a GBP206 million securitization of a portfolio of non-conforming residual mortgages originates by PHL. Morgan Stanley Dean Witter acted as the lead manager in the deal.

New Jersey-based investor Ruben Schron has purchased a multi-family apartment complex comprised of 6,500 units throughout New York, New Jersey and Pennsylvania for $280 million from and investment group led by an affiliate of Emmes & Company LLC. The acquired properties are part of a 10,800-unit portfolio that once served as collateral for two defaulted bond issues.


Deutsche Bank integrated its global asset securitization group, consisting of asset-backed, commercial and residential securitization, into its global credit products group. Thomas Gahan, head of global credit products, will manage the integrated effort.

Barclays Capital has made William Lloyd as global head of asset-backed securities research. Lloyd previously headed Barclays asset-backed securities research group for Europe alone. In addition to his new responsibilities, Lloyd will continue to lead Barclays Capital's index product group from London.

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