ABS

Remittance reports for the March distribution date or the February collection period reflected a turnaround in default trends, Barclays Capital analysts said. The gain was around 1 CDR, which follows a steady decline over the past few months.

Sharps SP 1 LLC launched an offer today to exchange 119 different CUSIPs of RMBS and ABS insured by Financial Guaranty Insurance Co. (FGIC) with an aggregate unpaid principal balance of round $9.6 billion.

The top four holders of second mortgages are now on board, but a government program to modify such loans in tandem with first liens will not be up and running for five months.

The Senate approved sweeping student-loan reforms Thursday, including the elimination of subsidies for banks to make federal loans.

While the CLO market still struggles to get back on its feet, the bank loan retail mutual fund market appears to be off and running.

Fitch Ratings has undertaken an in-depth analysis of 34 floating-rate U.S. CMBS transactions, totaling approximately $27 billion, with plans to resolve the Rating Watch Negative status on $25.5 billion of these bonds in the coming weeks.

New adjustments made to the Home Affordable Modification Program (HAMP) and to the Federal Housing Administration (FHA) programs will expand flexibility for mortgage servicers and originators to assist more unemployed homeowners and to help more people who owe more on their mortgage than their home is worth because their local markets saw large declines in home values.

Societe Generale Corporate & Investment Banking (SG CIB) appointed Naseem Haffar as its U.S. head of loan sales and trading.

American General Financial Services, a subsidiary of AIG, will be coming out with two deals backed by legacy mortgage assets within the next two weeks.

Northern Rock and Bradford & Bingley, two U.K. lenders hard-hit by the financial crisis and subsequently nationalized, are being integrated.

Citigroup has committed to participate in 2MP, the second-lien program of the U.S. government’s Home Affordable Mortgage Program (HAMP).

Barclays Capital launched new Pan European ABS Benchmark Bond Indices measuring both fixed and floating ABS.

CIFG Holding named David A. Buzen as the insurance firm's president aside from his current position as chief operating and chief financial officer. Buzen will continue to report to Chief Executive Officer Lawrence P. English.

Ambac Assurance Corp. (AAC) is handing over its subprime mortgage-related contracts to its state a regulator.

LyondellBasell, a global petrochemical and fuel company, priced $2.7 billion of senior secured notes due 2017 in a private placement under Rule 144A and Regulation S.

World Financial Network is in the market with a $100.8 million credit card-backed transaction. The lead manager on the five-tranche offering is Barclays Capital.

Sidley Austin hired Antony Bryceson as counsel in the investment funds, advisers and derivatives practice in its London office.

The Federal Deposit Insurance Corp. (FDIC) has priced an over $653 million offering under its Structured Sale Guaranteed Notes 2010-L2. The sole bookrunner on the deal is Barclays Capital

Fannie Mae and Freddie Mac completed more than 73,300 permanent mortgage loan modifications through January under the Home Affordable Modification Program (HAMP).

Fannie Mae and Freddie Mac will not be buyers — or active sellers — of MBS while they remain in conservatorship, Treasury Secretary Timothy Geithner declared Tuesday.