ABS

A recent micro-loan securitization, completed by IFMR Capital and Equitas Micro Finance, has enabled the first-ever mutual fund investment into the Indian microfinance sector.

The European Central Bank (ECB) said in a statement that it plans to tighten its rating requirements for banks using ABS as security in its lending operations.

The U.K.'s year-to-year gross mortgage lending could experience a monthly slowdown, but it might start to look a little better on a year-to-year basis.

The House Financial Services Committee approved a series of amendments Thursday designed to enhance oversight of the Federal Reserve and create a government fund to pay for the failure of systemic institutions.

More non-Term ABS Loan Facility (TALF)-eligible transactions are coming to the securitization market.

Five of Ohio's public employee retirement and pension funds announced today that they have filed suit against three national credit rating agencies for allegedly releasing unjustified ratings, which, in turn "wreaked havoc" on their deflating investments during the stock market crash, state Attorney General Richard Cordray said today.

National home prices, including distressed sales, declined by 9.8% in September 2009 compared with September 2008, according to First American CoreLogic and its LoanPerformance Home Price Index.

Bank of America is moving ahead with a $460 million CMBS transaction of assets related to Fortress Investment's 2007 acquisition of Flagler Development Group, according to market reports.

Syncora Holdings appointed Susan Comparato as chief executive officer and president.

GE Capital is in the market with a $508 million credit card deal. The lead manager on the non-Term ABS Loan Facility offering is Citigroup Global Markets.

Even though the recession ended some time this summer, late payments and foreclosures on residential loans continued on an upward course in the third quarter with delinquencies reaching a record 9.64% — a 40% spike from a year ago.

Yesterday House Representatives John Adler (D-NJ), John Campbell (R-CA), Dennis Moore (D-KS) and Gary Miller (R-CA) worked on an amendment offered by Representatives Walt Minnick (D-ID) and Melissa Bean (D-IL) to the House Financial Services Committee financial regulatory reform bill that passed the Committee unanimously.

Mortgage rates declined for the third straight week and are within five basis points of the spring record low of 4.78% on 30-year fixed rates. Meanwhile, 15-year fixed rates set a new record low this week.

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Republican leaders on the House Financial Services Committee are calling for hearings on the financial health of the ailing Federal Housing Administration (FHA) reserve fund, which recently reported a sharp drop in its capital ratio to 0.57%. Citing FHA's deteriorating financial position, Reps.

Christopher Flanagan, head of ABS research at JPMorgan Securities, is said to be joining Bank of America Corp., according to a report from Bloomberg that cited an unidentified source.

The auto ABS market has been seeing activity outside of the Term ABS Loan Facility (TALF), a departure from recent activity in the sector that was mostly focused on TALF deals.

Rep. Scott Garrett (R-NJ) offered an covered bonds amendment that goes a long way to creating a more comprehensive legislative framework for covered bonds in the U.S.

Comptroller of the Currency John Dugan said regulators worldwide should prohibit lenders from making payment-option adjustable-rate mortgages and other negative amortizing products.

The National Association of Insurance Commissioners (NAIC) has selected PIMCO as a third-party modeler to help state regulators determine the risk-based capital requirements for RMBS.