JPMorgan Securities poached David Duzyk from RBS Greenwich Capital for a senior position within the ABS origination group, reporting directly to U.S. structured finance co-head Christine Cole. Managing Director Andrew Dym, who had run the U.S. ABS operations since the Chase/JPMorgan merger in 2000, will reportedly move to a new role within the bank. Duzyk had only worked at RBS Greenwich nine months, after accepting the top non-mortgage banking position last June. Of course Duzyk and Cole worked together at Banc One Capital Markets prior to being acquired by JPMorgan last year.
Marta Ricardo resigned from her position as a credit card banker at Barclays Capital and will soon start as a managing director in the HSBC Securities securitization group, reporting to Jon Borttoff, head of global structured capital at HSBC. Ricardo joined Barclays two years ago, joining from JPMorgan Securities (see ASR 3/24/03). Additionally, Thomas Dang resigned from Barclays to accept a position in the banking group at JPMorgan Securities.
Credit Suisse First Boston has hired Rajat Bhu as a vice president in its ABS research group reporting to Managing Director Rod Dubitsky.
John Christensen recently joined Calyon Securities as a managing director in the real estate finance group in New York. In his new position, Christiansen reports to group head John Wain. Christiansen previously worked at HSBC Securities where he handled commercial real estate loan syndications.
Cadwalader, Wickersham & Taft recently added Christian Parker and Angus Duncan as partners in its London bureau, extending its capital markets practice. Parker, who has represented global investment banks and issuers in transactions through Europe, joins from the international securities group at Norton Rose, where he was a partner. Duncan, who focuses on repackagings and CDO transactions, representing both arrangers and asset managers, had worked at Allen & Overy, where he was a partner.
The Belgian government is planning a 260 million ($337.4 million) securitization backed by uncollected tax debts via JPMorgan Securities. Dutch law firm NautaDutilh will act as legal advisor for Belgium. Although a first for Belgium, Portugal securitized 15% of its uncollected tax revenues last year via Citigroup Global Markets.
Bank of America N.A. announced that it agreed to purchase a $990 million indirect origination prime auto loan pool from KeyCorp. KeyCorp. Servicing will be transferred to BofA. KeyCorp. announced in January that it would exit the indirect auto lending business.
AIG's corporate credit downgrade by Standard & Poor's last week to AA+' from AAA' triggered the downgrade of $400 million in MTNs issued by Duke Funding CDO, due to AIG's role as put counterparty and liquidity provider. However, the A1+' short-term rating assigned to the series 1 notes is unaffected, and affirmed, S&P reported.
Moody's Investors Service plans to change how it accounts for counterparty swaps in structured-finance transactions, the company stated last week. The rating agency plans to create a new template for use when rating future deals. Throughout this process, Moody's is inviting the structured-finance community to offer input as to what changes it should make. "In such cases, the swap counterparty will have an opportunity at the outset to adhere to the rating triggers and remedies specified in the template," said Moody's Nicolas Weill. "These measures are designed to mitigate the impact of counterparty exposure on the cash-flow transaction's expected loss."
Origen Financial announced last week that it would reduce interest income and earnings recognized during the 14 months ending Dec. 31, 2004, by approximately $1.7 million, due to "an isolated interpretive error in applying accounting principles to a pool of loans acquired at a discount in October 2003." The loans in question, totaling approximately $56 million, were acquired for approximately $48 million, Origen reported. "Instead of recording interest income from these loans based on the estimated effective yield on the loan pool, interest income was recorded at the contractual interest rates of the loans in the pool. Losses on loans within the pool were offset against the discount rather than having been taken into account, together with the discount, in establishing the effective yield," according to a release.
Ginne Mae released the comments submitted to its Business Improvement Initiative in an effort to solicit feedback from its business partners. Ginnie Mae customers, investors, and members of the public submitted more than 60 suggestions ranging from changing technological processes to developing new securitization products.
Radian Guaranty announced the release of a plug-in for MI Online its Web-based mortgage insurance ordering system, for users of MORvision. The move is part of a larger initiative to improve Radian's mortgage insurance ordering process. Radian has already integrated MI Online's capabilities with some of the leading loan origination systems available to lenders.
Oxford University Chancellor Chris Patten was added as a guest speaker at the European Securitization Forum's second annual conference being held next week in Nice, France. Patten will speak at the events industry dinner scheduled for April 13.
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