ABS

According to market reports a new stimulus program for mortgages is underway that mirrors the recently closed Cash for Clunker Cars program.

Fitch Ratings said that the new Basel II guidelines will impact providers of liquidity support and credit enhancement to asset-backed commercial paper (ABCP) conduits; but it shouldn’t have any rating impact on these conduits.

Allonhill, a Denver-based national mortgage due diligence and credit risk management firm, announced it hired Mike Hartman to serve as director of sales.

BTIG LLC announced four new hires to its New York fixed income sales team, which expands its coverage in credit, ABS/MBS and emerging markets.

Global financial institutions will have to hold much more capital behind trading books — up to three times as much — when a market risk rule adopted by the Basel Committee on Banking Supervision takes effect by yearend 2010.

The Connecticut Retirement Plans and Trust Funds (CRPTF) selected four firms yesterday as public-private investment program (PPIP) managers.

According to market reports, Nationwide Building Society has mandated Barclays Capital, Citi and JP Morgan as joint lead managers for its inaugural public U.K RMBS benchmark transaction from the Silverstone Master Trust..

According to market reports, the Center for Economic Justice (CEJ) and the Consumer Federation of America (CFA) are opposing an effort to change the way residential mortgage-backed securities are graded.

DTZ has appointed CMBS research veteran Hans Vrensen as global head of research.

As of today Fitch Ratings will also be considered as one of the eligible rating agencies in connection with the Canadian Secured Credit Facility.

Federal Regulators are preparing workout guidance on commercial real estate loans that encourages banks to refinance these mortgages despite declines in property values.

Franklin Templeton Investments named Sonal Desai as director of research for firm’s international bond unit.

Direct Capital Corporation announced that it closed a new three-year $50 million equipment lease-backed bank facility with the lender finance division of Wells Fargo Foothill, part of Wells Fargo & Company.

For the week ending October 15, Freddie Mac said 30-year fixed mortgage rates averaged 4.92 percent with an average 0.7 point, up just five basis points from last week.

The Canadian auto securitization market has exhibited healthy vital signs through the recent economic turmoil, in part because of the existence of robust enhancement and bankruptcy-remote structures, according to a DBRS commentary published today.

The Mortgage Bankers Association (MBA) has adopted a model sale and servicing agreement it anticipates will become the standard form for industry participants to use voluntarily for whole loan purchases and sales that could eventually be securitized.

Panama’s Banco General has short-listed three banks to arrange an issue backed by diversified payment rights, scheduled for early next year, according to two market sources.

Deutsche Bank has nabbed a JPMorgan executive director to co-head its Latin American debt capital markets team.

The Mortgage Bankers Association (MBA) expects economic growth to continue through the rest of 2009 before slowing in the first half of 2010. Unemployment is expected to climb to 10.2 percent by the middle of 2010 before beginning to moderate as economic growth resumes sustained growth in the second half of the year.

Moody's Investors Service has placed the ratings of all classes of notes issued by Monastery 2004-I B.V.,Monastery 2006-I B.V., Chapel 2003-I B.V. and Chapel 2007-I B.V. on review for possible downgrade.