ABS

JP Morgan said that adopting the new Financial Accounting Standards Board (FASB) accounting guidance for Variable Interest Entities or VIEs added approximately $88 billion and $92 billion of assets and liabilities, respectively. These were not previously consolidated on its balance sheets under the old accounting guidance.

Chrysler is in the market with a $1.7 billion auto lease deal. JPMorgan Securities is the lead manager on the Term ABS Loan Facility (TALF)-eligible offering.

Mortgage applications dropped last week as a result of higher mortgage rates and bad weather.

CMBS information provider Trepp has agreed to acquire Foresight Analytics, a privately held, California-based firm.

Viking Asset Securitization, a partially supported, multiseller ABCP conduit sponsored by Nordea Bank AB, has added a €87 million ($117 million) trade receivable transaction to its portfolio.

Bucking traditional beliefs regarding secured and unsecured credit, the risk of consumers with high credit scores defaulting on their mortgage is higher than the risk of this group defaulting on their credit cards, according to the FICO Score Trends Service.

Arch Bay Capital has issued a $57.4 million MBS backed by seasoned performing and delinquent subprime loans, garnering a 'AAA' rating on the bond, a sign that the private-label market could come back but only if issuers are willing to make little money on their deals.

MBNA Europe Bank plans to support both its U.K. credit card master trusts, CARDS I and II.

Euromax IV MBS S.A. (Euromax IV) triggered an event of default following a breach of its event of default overcollateralization ratio trigger. It’s likely to be the first of several European collateralized debt obligations to experience event of defaults triggered by a similar situation, Fitch Ratings said.

The Federal Deposit Insurance Corp. (FDIC) received 31 comment letters regarding the advance notice of proposed rulemaking (ANPR) on the safe harbor. The comment period ended yesterday.

President Obama welcomed implementation of the new credit card law on Monday.

The U.S. Department of Veterans Affairs (VA) is reinstating its long standing Vendee Mortgage Trust program.

The Treasury Department is weighing changes to its loan modification program, including forcing lenders to delay foreclosures by at least 30 days if they have denied a borrower a mortgage modification.

Trade Settlement (TSI) launched its fully automated settlement platform for the distressed loan market.

RBS Securities expanded the responsibilities of Scott Eichel, the global co-head of its MBS and ABS businesses. Eichel's role will now include oversight of the bank's U.S. flow credit trading.

Credit card ABS trusts are well-positioned to offset any performance repercussions from changes to credit card regulations that are effective today, Fitch Ratings said.

Fitch Ratings has downgraded 393 bonds in 254 RMBS transactions it was reviewing to 'D,' indicating that the bonds have incurred principal writedowns.

After months of planning, Fannie Mae on Monday finally unveiled new details on its warehouse lending pilot, a $1 billion effort designed to provide additional funding to nonbank residential lenders.

Bank of America Merrill Lynch has hired Todd Kaplan, who was a global former head of leveraged finance at Merrill Lynch before it became part of the Charlotte, North Carolina-based bank. He was most recently the head of investment banking at Citadel Investment Group.

The Federal Home Loan banks have always had an uneasy relationship with Fannie Mae and Freddie Mac, but the fate of the GSEs are more entwined than ever as Congress considers the future of housing finance.