Guggenheim Capital Markets recently hired Steven Finnk as senior vice president in the structured products trading group to work on its New York-based trading desk, where he will trade ABS and CDOs. Finnk joins from United Capital Markets, where he spent two years as a CDO analyst. Prior to United Capital, Finnk worked at AIG SunAmerica as a credit analyst in the portfolio management group.
Asian structured finance lawyers Mary Matson and Paul Chu have left Clifford Chance to join Linklaters, reuniting with former boss Paul Kruger, who recently departed Clifford Chance to head Linklaters' pan-Asian structured finance group from the firm's Tokyo practice.
South Africa's Standard Bank has hired Peter Mack in its Hong Kong office to run the Asian primary markets business. Mack, who previously worked for the Citigroup Global Markets Asian ABS team, will be responsible for ABS and other capital markets activities in the region. Standard Bank is looking to build its securitization capabilities in Asia, having already been involved in one notable deal - the world's first negative equity mortgage transaction by Hong Kong's Pan Asian Mortgage Co.
Mark Hirshon has left his position heading the conduit operations at Hypovereinsbank NV, sources reported. Hirshon is one of many staffers that have reportedly left the firm in recent weeks. There was is no word
Portfolio Financial Servicing Co. selected by Radiance Capital to become Primary Servicer of their commercial lease and loan portfolio, the companies announced. As part of this agreement PFSC will provide complete lease and loan administration functions from monthly invoicing to collections and loss recovery. "We are very pleased to partner with Radiance Capital. Their highly experienced team coupled with their access to capital will allow them to make a significant impact in the market," said PFSC President Jerry Hudspeth.
GE Commercial Finance Corporate Lending named Randy Hicks managing director for the East region, the company announced. Hicks, who reports to Willie Brasser, general manager of GE Commercial Finance Corporate Lending, joined GE Commercial Finance in 1993. Prior to his new position, Hicks served as managing director of commercial & industrial finance for the Central region. Prior to joining GE, Hicks held sales positions with US West Capital Corp. and First New Hampshire Resources.
Nelnet Inc., announced last week that it has been contacted by the Office of the Inspector General of the U.S. Department of Education to schedule an audit of the portion of the company's student loan portfolio receiving a 9.5% special allowance. The company has been open with its communication regarding its portfolio of loans that qualify for the special allowance under this provision, is confident in its business practices, and believes it has billed for these special allowance payments in accordance with applicable Department of Education guidance, statutes, and regulations.
CarMax Auto Finance reported income of $27.1 million in the first quarter, up from $21.8 million in 1Q04, resulting from a favorable valuation adjustment and the favorable terms of the public securitization completed in April. The transaction contributed $0.20 per share from the adjustment in the valuation of the retained interest in securitized receivables. Additionally, the cost of funds and credit enhancements on this securitization were better than expected as a result of the strong market demand for asset-backed securities, the company stated.
American Capital Strategies has obtained a $230 million unsecured revolving credit facility led by Wachovia Capital Markets and BB&T Capital Markets as joint lead arrangers and Citicorp North America and JPMorgan Chase Bank N.A. are co- documentation agents for a syndicate of eight lenders. The facility, which facility replaces American Capital's previous $100 million unsecured facility, priced at 137.5 basis points over Libor.
The number of new properties in foreclosure decreased 2.5% nationwide in May, with 62,432 compared to 64,057 in April, according to a survey conducted by RealtyTrac, a provider of property foreclosure and pre-foreclosure. "The number of new foreclosures reported in New Mexico skyrocketed in May, giving it the highest foreclosure rate among the 50 states - one property in foreclosure for every 554 households," the study found. "This was more than three times the national rate of one foreclosure for every 1,853 households," RealtyTrac stated in a release.
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