ABS

Lackman Commercial Group in LaJolla, CA, announced that it has hired finance and underwriting experts Joe Gigliello and Brad Rust.

HSBC announced the appointment of John Flint as chief executive of HSBC Global Asset Management.

Despite attractive rate levels, mortgage application activity slipped in the week ending October 9. According to the Mortgage Bankers Association (MBA, the Refi Index was fractionally lower to 3374 from 3377, while the Purchase Index was 5 percent lower to 290.5.

Standard & Poor’s said in a report published today that some of the contributing factors to the near-total depletion of investor-placed issuance in Europe are gradually beginning to abate.

Fitch Ratings downgraded the Insurer Financial Strength (IFS) rating of Assured Guaranty Corp. (AGC) to 'AA-' from 'AA', and the IFS rating of Financial Security Assurance Inc. (FSA) to 'AA' from 'AA+'.

The confusion of whether RMBS bonds will be called has further increased. Although it is likely that entities that have received state aid are at a higher probability to not call their respective bonds, recent actions have added an element of confusion, said analysts at Barclays Capital.

The Australian government will extend the Australian Office of Financial Management (AOFM)s RMBS purchase program. It could now reach AUD 8 billion ($7.25 billion) -- twice the original program - as the government wants to continue to back up a number of second tier mortgage lenders.

Cadwalader, Wickersham & Taft LLP announced that N. Adele Hogan has joined the corporate department of the New York office.

MFC Global Investment Management (MFC) has expanded its global multi-sector fixed-income team with the additions of Rebecca Braeu and Thomas Goggins.

MBH Enterprises LLC announced the formation of Ventras Capital Advisors LLC. The new company will specialize in both residential and commercial real estate funds management and distressed asset management and disposition.

BTIG LLC, a broker dealer specializing in institutional trading and related brokerage services, appointed Vikas Tandon as managing director and head of high yield and distressed analytics with BTIG's Global Fixed Income Group.

Securitization spreads in Europe have held up and continue to trade at relatively tight levels, said Unicredit analysts.

Tokyo-based Nomura named two former Lehman executives as leaders of its fixed income in the Americas unit, the financial group said today. Charles Spero and Jeffrey Michaels have been named managing directors and joint heads of fixed income for the Americas.

Servicers participating in the Obama Administration's Home Affordable Modification Program (HAMP) have placed over 500,000 borrowers in trial modifications, according to government officials, meeting a benchmark goal several weeks before the Nov. 1 deadline.

Fitch Ratings has downgraded 748 bonds in 479 residential mortgage-backed securities transactions to ‘D’, indicating that the bonds have taken principal writedowns.

U.K. nonconforming residential mortgage-backed securities are expected to continue deteriorating into 2011, according to a recent Moody's Investors Service forecast for asset classes in Europe, the Middle East and Africa.

Arch Chemicals, Inc. announced today that it has entered into a trade accounts receivable securitization facility with PNC Bank and its affiliate, Market Street Funding LLC, which will provide up to $80 million of funding to the Company.

Mortgage rates continued their downward trend with the 30-year fixed mortgage rate declining 7bps to 4.87% with an average 0.7 point for the week ending October 8, according to Freddie Mac"s weekly survey. Rates are at their lowest level since mid-May and are just nine basis points above the record low of 4.78% hit in early April and again in early May.

The Commercial Mortgage Securities Association and The Mortgage Bankers Association (MBA) filed a comment letter with banking regulators to address the proposed risk-based capital treatment of assets coming on the books of banks on January 1, 2010, as a result of FAS 166 and FAS 167.

Two former heads of Deutsche Bank’s Asian distressed debt group have launched their own boutique investment bank, the group announced. SC Lowy Financial Services will focus on trading and advisory services for distressed debt investments in Asia, but the firm will eventually branch out to emerging markets and Europe.