ABS

As an alternative to foreclosure, the government's forthcoming program to spur short sales may prove just as ineffectual as the push to modify loans.

After eroding amid ballooning job losses, the credit profiles of customer rosters at major card lenders have generally recovered, and in some instances, became stronger than at the beginning of the recession as issuers cull the ranks of their customers.

The 30-year fixed mortgage rates remained below 5% in the week ending March 18, averaging one basis point higher from last week to 4.96%, according to Freddie Mac's weekly survey.

He's not a state attorney general, but David Grais may soon become the lawyer that Wall Street hates most.

Wells Fargo signed into the second-lien modification component of the Obama Administration’s Home Affordable Modification Program (HAMP).

Janney Montgomery Scott named former Bear Stearns executive Brent Giese to head the firm’s newly created whole loan group. Joining Giese is former Bear colleague, James Stauss.

The Federal Open Market Committee (FOMC) issued a statement Tuesday indicating that the Federal Reserve will follow through with its plans to end its purchases of agency MBS this month as well as with plans to end Term Asset-Backed Securities Lending Facility (TALF) supporting loans backed by new-issue CMBS in June.

GMAC Financial Services has come to market with a $22 million package of nonperforming residential loans that were culled from securitizations.

Despite lower mortgage rates, both refinancing and purchasing activity declined in the week ending March 12.

The Bank of England proposed the extension to the pool of eligible collateral in the in its discount window facility to include portfolios of loans.

Investors remain unconcerned about the U.S. credit rating despite the warning issued last week by Moody’s Investors Service of a potential negative credit watch.

Markit's new synthetic total return swaps ndex — Markit IOS Index — appears to have seen good participation on its first day, Barclays Capital analysts said.

NewOak Capital appointed Donald Layton as senior advisor and co-chairman of its investment committee.

There has been a flurry of non-TALF activity right after the program ended earlier this month.

Yesterday, StructuredFinanceNews.com reported that Feri EuroRating Services and LACE Financial Corp. created a joint sales cooperation venture designed to allow each organization to provide additional research and ratings products to its clients.

Jefferies appointed Mark Green as a managing director and head of CMBS capital markets.

Citigroup has underwritten $500 million for a new CLO that will be managed by FS COA Management, an affiliate of Fraser Sullivan Investment Management. And the CLO could price this week, according to Bloomberg.

The mortgage industry is becoming increasingly worried that if risk retention language for MBS in a new bill from Sen. Chris Dodd is not clarified, nonbanks could disappear, the nation's megabanks will get even larger, and consumers will have fewer retail choices.

Many have argued that loan quality today has got to be better than the last time anyone issued new private-label RMBS on a regular basis, and now how much better has even been publicly quantified, which could add to momentum for new issuance.

Sidley Austin’s London-based international finance group restructured approximately €3.5 billion ($4.8 billion) of debt including around €1.13 billion of CMBS notes issued by Fleet Street Finance Two.