ABS

Moody’s Investors Service booted a major future flow deal out of the investment-grade club today, downgrading three kinds of Class A notes of Petroleum Export Limited to ‘Ba1.’

U.K. banks plan to renegotiate terms with their borrowers rather than calling in loans that are in default.

Standard & Poor’s Monday dropped MBIA Insurance Corp. to junk status, lowering the insurer’s credit rating to 'BB+' from 'BBB'. The outlook is negative.

CMBS investors received $1.35 billion in loans from the Federal Reserve via the Term Asset-Backed Securities Loan Facility (TALF), according to reports released Monday.

Fitch Ratings hired Charles Gamm as a senior director to head the rating agency’s Canada office.

As 'negative equity' increases home owners are increasingly likely to default on their mortgages — even if they can afford to pay them, according to a recent academic study.

Efforts by Financial Services Committee chairman Barney Frank, D-Mass., to get community bankers behind his Consumer Financial Protection Agency (CFPA) bill might require giving banking regulators more say over consumer regulations.

The Federal Reserve accepted all 59 bonds, totaling $1.4 billion, presented in September’s Legacy CMBS TALF subscription. However, JPMorgan Securities analysts said that this still doesn’t explain the Fed’s methodology on how it accepts or rejects bonds for the program.

Climbing unemployment in Spain has had a negative impact on the collateral performance of consumer loan ABS, said Moody's Investors Service in its Annual European Consumer Loan ABS Sector Review.

Effective Oct. 1, the proceeds on Federal Housing Administration (FHA)-insured reverse mortgages will be reduced by 10% — a swift policy change that has spurred lenders to beat the deadline so their clients can borrow more.

The ABX September remittance data did not exhibit anything dramatically different

The recent property acquisitions reported over the last two weeks are signs that the U.K. commercial property investment market may be headed towards revitalization. However, while these tentative signs are a credit positive for CMBS, the individual credits may be affected differently if “share deal” structures are used, Moody’s Investors Service analysts said.

Chase closed its credit card deal Chase Issuance Trust Class A (2009-8), which was upsized to $410 million from $375 million.

The serious delinquency rate on Freddie Mac guaranteed single-family loans broke the 3% mark in August, the highest reading ever posted by the mortgage giant.

Permanent Master Issuer Trust‘s final placement was tighter than spread guidance and demand was higher than expected. The positive reception is likely to lead to other U.K. master trusts tapping the market in the near future, market analysts said.

Two additional mortgage vulture funds went public this week — both as REITs — but their IPOs failed to catch fire with investors.

The housing reports released over the week showed some encouraging signs, but also raised concerns about further stabilization if the government does not extend and expand the homebuyers tax credit.

Citifinancial Auto is in the market with a $1.408.8 billion auto ABS deal. The offering, which is eligible under the Term ABS Loan Facility, is lead managed by Citigroup Global Markets.

The Securities and Exchange Commission’s (SEC) proposed rules for rating agencies received a mix review from market participants this week.

Like chameleons, American Express and Discover changed their skins to survive the financial crisis. They may actually be getting used to the camouflage.