ABS

CIT Group's banking subsidiary is operating under a cease-and-desist order, it's still small, and it's paying a rate (13%) on billions in secured debt that many borrowers would laugh at.

Australia-based Westpac Securitisation Management Pty Ltd. filed an S-3 with the Securities and Exchange Commission (SEC) to possibly issue mortgage ABS notes.

Jones Day hired Elizabeth H. Evans as a banking and finance partner in its New York office. Evans was previously at Weil, Gotshal & Manges, where she was formerly a corporate partner.

Babson Capital Management has added a former UBS Funds Management executive to its Australian sales staff, the U.S.-based investment firm announced today.

The number of mortgaged homes with negative equity fell slightly in the first quarter to 11.2 million units, according to figures compiled by CoreLogic.

Among the many types of mortgage-related securities markets being reshaped by some skepticism in the wake of the recent downturn is the collateralized mortgage obligation market.

Mortgage lenders plagued with requests from Fannie Mae to buy back defective loans can now take comfort in the knowledge that they're far from alone.

Mission Capital Advisors is marketing 36 nonperforming CMBS loans with an aggregate outstanding balance of roughy $300 million backed by over 4.6 million square feet of income property real estate located throughout the U.S.

The aggregate value of Commercial Real Estate (CRE) loans backing CMBS that are priced by DebtX dipped to 75.9% as of March 31 from 76.5% as of Feb. 26. Loan values are down from 81.2% as of March 31, 2009.

Industry veteran Rudy Orman has resigned as vice president of Marathon Asset Management, a New York-based private equity fund that invests in distressed residential whole loans and MBS.

HSBC Global Asset Management appointed five new investment professionals to its global multimanager team.

Former Federal Reserve Board Chairman Paul Volcker objected to a provision in the regulatory reform bill that would force banks to spin off their swaps desks.

Volkswagen has delayed pricing on its Driver One Espana deal yet again, according to market reports.

GMAC may be close to naming a chief financial officer and has considered appointing Barbara Yastine, the former CFO for investment banking at Credit Suisse Group and Citigroup, according to a report by Bloomberg.

Citigroup analysts said that the Greek crisis is not likely to have the same impact on the U.S. financial system as the U.S. mortgage debacle had on European economic activity.

Can Golin Harris do for reverse mortgages what it did for the ubiquitous hamburger?

Large private-equity firms are buying up CLOs to generate higher returns for their investors, and the purchases have helped resuscitate a market that was in severe distress just a year ago.

Prepayments on FNMAs increased slightly less than expected: over 29% to a 34 CPR average versus a projected 36% increase to 36 CPR.

NewOak Capital appointed Mark R. Ruh as managing director and senior portfolio manager of financial services investments.

Volvo Financial Services is in the market with a truck receivables-backed deal underwritten by Bank of America Merrill Lynch and HSBC Securities. The four-tranche offering is worth $615.9 million.