As a result of a rating action taken against Enron Corp. last week, Standard & Poor's lowered its ratings on five structured synthetic transactions related to the company - a move that was not completely unexpected (see ASR 10/29 p. 1). In addition, the ratings on the transactions were removed from CreditWatch with negative implications and placed on CreditWatch with developing implications. As its liquidity dried up over the last few years, Enron issued a few large credit-linked synthetic ABS deals (see ASR 5/21 p. 3) involving credit swaps referencing itself as a corporate obligor. Four transactions from the Enron Credit Linked Notes Trust series were lowered from a rating of BBB-/Watch Neg to B-/Watch Neg, as was the rating of Yosemite Securities Trust I.
Fitch has placed the limited guaranty classes of about 80 securitizations of manufactured housing contracts, home equity loans, and home improvement loans by Conseco Finance Corp. and Green Tree Financial Corp. on Rating Watch Evolving. The action followed the rating agency's downgrade of Conseco's senior debt rating from B to CCC. The ratings on the securities to date have reflected the strength of the limited guaranty provided by Conseco (formerly Green Tree).
Since June Capital One has reported incorrectly the excess spread levels for the 2001-2 through 2001-6 series of the Capital One Master Trust reported over Bloomberg, sources noted. The mistake, credited to an administrative error rather than an accounting error, overstated excess spread levels were by 50 basis points. The data reported to rating agencies and the trustee (Bank on New York), on the other hand, was accurate.
The Mortgage Bankers Association of America, which is undergoing a top-to-bottom reorganization, is losing two more top officials: Howard Glaser, senior vice president of government affairs, and Julie McCahill, senior vice president of communications. Glaser is leaving the MBA Nov. 30, and McCahill is departing in early January. Glaser joined the MBA in the spring of 2000 from the Department of Housing and Urban Development. At one time he also served as the MBA's general counsel. McCahill is taking a sabbatical and will do some consulting work after she leaves. In October, Robert O'Toole, a 14-year veteran of the trade group, left to start his own consulting firm. O'Toole was senior staff vice president for residential finance and regulatory affairs.
The Senate has confirmed James Gilleran to be the new director of the Office of Thrift Supervision. The former California banking superintendent and banker will replace Ellen Seidman in the post.
Mark Weadick is reportedly no longer in Salomon Smith Barney's student loan asset finance group, as the bank has reduced staff in that area, sources said. This follows the earlier departure of Vincent Samino who left his position this summer.
Former State Street banker Stein Skaane recently started a new position with First Marblehead, a specialist in the design, implementation and financing of private student loan programs. As managing director in charge of securitization and finance, he will report to firm president Stephen Anbinder. At State Street Skaane was responsible for student loan origination and ABCP conduit transactions.
Postponed - Dec. 3-5: Palm Beach, Florida - Commercial Paper will be presented by Information Management Network. For more information, visit www.imn.org.
Dec. 6: London: Fitch will host a mini seminar for investors and analysts regarding Structured Investment Vehicles. The seminar will begin at 11:30am and last for approximately an hour and a half. For more information, call 44 (0) 20 7417 6259/6257 or email firstname.lastname@example.org.
Jan. 6-8: South Beach, Florida - Commercial Mortgage Securities Association will host the CMBS Investors Conference. For more information call 212-509-7844 or visit www.cmbs.org.
Feb. 6-9: Phoenix, Arizona - Information Management Network will host the seventh annual investors' and issuers' summit on Asset Securitization 2002. For more information visit www.imn.org.
Feb. 10-13: Scottsdale, Arizona - The Strategic Research Institute will host the ninth annual Asset Securitization 2002 symposium, an investor and issuer forum. For more information, visit www.srinstitute.com.
Feb. 25-26: New York, New York - Information Management Network will present the fifth CDOs 2002: Brave New World. For more information visit www.imn.org.
April 7-10: Orlando, Florida - Standard & Poor's will host the 17th annual Structured Finance Seminar. For more information, visit www.standardandpoors.com/events
May 14-15: Royal Park, Tokyo Japanese Securitization will be hosted by the Information Management Network. For more information, visit www.imn.org.
June 4-6: Barcelona, Spain Information Management Network will host the sixth annual Global Asset Securitization. For detailed information visit www.imn.org.
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