ABS

At the Securities Industry and Financial Markets Association's (SIFMA) regulatory reform summit held in New York yesterday, panelists discussed the just-passed regulatory reform bill's impact on the financial industry.

Panelists at the Securities Industry and Financial Markets Association’s (SIFMA) regulatory reform summit discussed the implications of the newly passed financial reform bill on the securitization industry. The gathering was held yesterday in New York.

Moody’s Investors Service has established a new team within its structured finance group. The brand new unit will conduct quantitative analysis and empirical research across asset classes and geographic regions.

Federal Reserve officials expect residential sales will "remain weak" now that the homebuyer tax credit has expired, according to just-released minutes of the June 22-23 Federal Open Market Committee (FOMC) meeting.

The Senate voted 60 to 39 this afternoon to approve sweeping changes to the financial regulatory system designed to address the causes of the 2008 financial crisis.

The U.S. Treasury Department has already started a rigorous implementation planning process to prepare for when the financial reform legislation is finalized.

Some second-mortgage holders are demanding that distressed borrowers giving up their homes through short sales pay off their junior liens — under the table.

Oregon Treasurer Ted Wheeler and Attorney General John Kroger have pursued legal action against Countrywide Financial in order to recoup nearly $29 million in losses that they say the state’s public retirement fund suffered during the mortgage crisis of year’s past.

Regulatory reform survived its last significant hurdle Thursday with the Senate moving to block further changes and hold a final vote on the bill.

With U.S. financial reform nearly through, eyes are turning to the Basel Committee on Banking Supervision, which is hammering out a set of regulatory standards intended to lay the foundation for a global overhaul.

Freddie Mac reported that 30-year fixed mortgage rates for the week ending July 15 remained the same from last week. Current rates are at their record low of 4.57% (with an average 0.7 point).

Mesirow Financial has hired industry veteran Stephen Jacobson to build and lead its credit tenant lease (CTL) team, the company said.

JPMorgan Chase CEO Jamie Dimon said his company was one of "many" broker/dealers that received a subpoena from the Federal Housing Finance Agency (FHFA).

Annaly Capital Management, New York, hopes to raise $1.1 billion through an additional stock offering, using the proceeds to buy MBS.

The Federal Deposit Insurance Corp. (FDIC) will begin taking final bids on the $23 billion AmTrust Bank residential servicing portfolio by the end of July with a winner picked shortly thereafter, investment banking sources said Wednesday.

PERILS has reported that in the first six months of 2010, the total placements of insurance risk deals based on PERILS industry loss index exceeded $250 million.

The Federal Deposit Insurance Corp. (FDIC) closed on a sale of 40% equity interest in a limited liability company (LLC) created to hold assets with an unpaid principal balance of around $1.85 billion from 22 failed bank receiverships. Barclays Capital advised the FDIC on the transaction.

Reinsurance specialist Guy Carpenter appointed Martin Pepper as head of its London-based marine and energy practice effective Aug. 16.

Student loan ABS has been seeing some movement this week.

Subprime residential lending is making a comeback of sorts, except that none of the firms funding the loans call the product "subprime."