After receiving approval from the State Council, the China Development Bank and the China Construction Bank formally launched its pilot securitization of credit assets program last week. A coordinating task force, led by the People's Bank of China, jointed by the National Development and Reform Commission, the Ministry of Finance, the Ministry of Labor and Social Security, the Ministry of Construction, the State Administration of Taxation, the Legislative Affairs Office of State Council, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the Insurance Regulatory Commission, convened the first force meeting in Beijing to discuss the rules of procedure, missions and arrangements for the coordinating task force.
Mesirow Financial hired Gregory Jayson to start a new Los Angeles-based CMO sales and trading office. Jayson, who had worked as a CMO trader at United Capital Markets for four years, has the title of vice president, reporting to Dave Zwick. Mesirow will look to add more staffers to the L.A. office in the coming months.
GSC Partners is looking to hire three associate level analysts in its New York-based offices. The hedge fund is seeking a quantitative analyst, a CDO analyst as well as an analyst to focus on consumer and mortgage-related ABS.
MortgageIT has hired Peter Duane as national sales manager, Brian Mapley as national operations manager and Jesse Tzimas as retail business administration manager, all reporting to Larry Schiavi, MortgageIT's senior vice president and national retail production manager for the retail lending division. Duane joins MortgageIT from HSBC Mortgage Corp., where he most recently served as senior vice president and national sales manager. Mapley, a 15-year veteran in mortgage banking, joins MortgageIT from HSBC where he served most recently as first vice president and operations manager for retail, home equity, and correspondent lending mortgage loan operations. Tzimas joins MortgageIT from HSBC where he most recently served as vice president and sales administration manager.
AmeriCredit Corp. President Daniel Berce will take on the added responsibility of CEO, replacing Clifton Morris, Jr., who will retain his position as Chairman of the Board of Directors, which he has held since the company's founding. Berce took was named AmeriCredit's president in 2003 after having served as chief financial officer for 13 years.
Fitch Ratings purchased the ValuSpread business from Lombard Risk Management plc, for GBP6 million ($10.7 million) in cash plus GBP625,000 for deferred income (see related story p. 9). The ValuSpread business supplies market data on credit default swaps to leading market makers and other sell and buy side organizations.
The Financial Accounting Standards Board last week issued a revised Exposure Draft, Accounting for Transfers of Financial Assets. The proposed statement seeks to clarify the derecognition requirements for financial assets developed initially in FASB Statement No. 125, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities. Additionally, two additional Exposure Drafts, Accounting for Servicing of Financial Assets, and Accounting for Certain Hybrid Financial Instruments were issued. Both Exposure Drafts provide optional accounting treatments that would simplify the accounting procedures involved with these issues.
Collegiate Funding Services unit CFS-SunTech Servicing announced an agreement to provide consolidation loan origination and loan servicing for GCO Education Loan Funding Corp., effective August 5. CFS-SunTech now has a servicing portfolio totaling $11.9 billion, making it one of the nation's largest servicers of consolidation loans made under the FFELP program.
JPMorgan Chase & Co. announced that it launched a derivatives collateral management tool, named JPMorgan CommanD. Designed to help financial institutions manage the complexities of using collateral against over-the-counter derivatives trades, JPMorgan CommanD enables clients to better mitigate credit exposure and increase derivatives trading cost effectiveness, the company said in a release. The primary target audience JPMorgan has already signed three clients to use JPMorgan CommanD, including an asset manager, a supranational and a government institution.
Radian Group Inc. authorized the purchase of up to three million shares of Radian's common stock on the open market. The purchases will be funded from available working capital. Radian also announced that the company's board of directors approved a regular quarterly dividend on its common stock in the amount of $0.02 per share, payable on Sept. 20.
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