FSA has hired John Dare as managing director in its asset finance group, reporting to Rick Holzinger. At FSA, Dare will lead the group responsible for underwriting specialized asset-backed transactions in the U.S., such as insurance securitizations, aircraft pooled lease transactions and future-flow securitizations. Dare joins from MBIA, where he headed the global financial institutions group. He joined MBIA in 1998, when it acquired CapMAC, where he served as treasury manager.
FGIC hired Eddie Lee as a director in the secondary structured credit markets group, where he will source secondary structured products across asset classes in both the U.S. and Europe. In his new position he reports to group Managing Director Alex Masri. Lee previously worked as a principal in the structured securities group at Banc of America Securities, where he originated and executed CDOs.
RBC Dain Rauscher announced that its fixed-income business would be renamed RBC Financial Group, effective immediately. "Uniting the bank's fixed income units under one name eliminates confusion and cements an integration begun in earnest a year ago," the company states in a release. "With all of our fixed-income people now working together under one brand, our clients have better access to RBC's balance sheet, global distribution and our world class fixed income expertise," said head of global debt markets Richard Pilosof. The move extends the RBC Capital Markets name to Minneapolis-based RBC Dain Rauscher's fixed-income group, as well as the Charleston, South Carolina operations that were acquired with the W.R Hough purchase.
KeyCorp will acquire the CMBS servicing business of Dallas-based ORIX Capital Markets, bringing KeyCorp's CMBS portfolio to more than $70 billion versus the roughly $45 billion it currently totals. KeyCorp expects to retain all ORIX employees associated with the servicing operation, the company stated in a release. The eleventh largest CMBS servicer as of June 30, the acquisition will move KeyCorp into the top five, based on portfolio size.
Andrew Davidson & Co. developed a new prepayment model for sub-prime loans to replace its existing model, built using loans originated by GMAC-RFC from January 2000 through December 2004. Details of the new model for 30-year and 15-year fixed-rate home equity loans are available in Quantitative Perspectives, the company's periodic research publication. "We have determined that there are common features to prepayments across product types. This model utilizes the same framework as our prime mortgage models, taking into account turnover, rate/term refinancing, cash-out refinancing and credit cure," said AD&Co. President Andrew Davidson.
Vintage Filings launched its new ABS Filings on Demand product, aimed at issuers seeking to alleviate the burden placed on them by the Securities & Exchange Commission's Regulation AB, which goes into effect Jan. 1. With its new service, Vintage will electronically file term sheets, computational materials, and collateral term sheets registered with the new Form S-3, according to the company. "With the new SEC regulations set to go into effect at the beginning of the year, we decided to offer our customers what they have come to expect, a cutting edge filings product that achieves their SEC compliance needs, while allowing them to focus on their core business," said Vintage CEO Shai Stern.
Fitch Ratings announced the launch of its U.S. ABCP S.M.A.R.T. update last week, which will report any monthly performance updates to its list of roughly 80 ABCP programs. Upon being updated, the entire list of program performance may be viewed on the company's subscription-based website.
Barclays plc announced that it planned to sell back its 30% stake in a joint venture with California based Countrywide Financial Corp. by next April. Under the agreement, Countrywide provided support services for Barclays' home loan originations in Britain. Barclays now plans to process mortgages in-house with hopes that the move will revitalise its home loan business. The bank said it has appointed Mike Rogers as its new head of mortgages.
Sallie Mae announced that it has earned the U.S. Department of Education's "Exceptional Performance" designation for the second year in a row. The classification is awarded to qualified lenders and loan servicers under the FFELP program. As a result of the designation, Sallie Mae will receive 100% reimbursement on federally guaranteed student loan default claims submitted between Oct. 19, 2005 and Oct. 18, 2006.
Standard & Poor's announced today a new global agreement with data management systems provider, Soliton Inc., to manage the acquisition and integration of S&P's securities data and reference data for financial clients. The agreement enables Standard & Poor's clients to automate the acquisition, integration, and management of S&P's securities and reference data, through Soliton's TimeSquare data platform. "By offering our clients a cost-effective solution to integrate and manage our data, our customers will be able to take full advantage of the breadth and quality of our securities data coverage", said S&P Senior Vice President Frank Ciccotto.
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