ABS

Despite mortgage rates holding near their lowest since the end of May, mortgage application activity declined in the holiday-shortened week ending Sept. 11.

The U.S. Securities and Exchange Commission (SEC) is scheduled to meet tomorrow to discuss rules to improve oversight of the credit rating industry.

Interdealer broker ICAP is bolstering its alternative investments business and has hired twin sisters Laura and Linda Prager to co-lead the new group, created to facilitate secondary market trading in hedge funds, private equity funds, real estate funds and other common illiquid assets.

In order for Radian Group to continue writing new mortgage insurance policies in 2010 and beyond, the company is considering a number of alternatives, including reactivating a subsidiary, said chief executive S.A. Ibrahim.

The House of Representatives late Tuesday approved legislation to beef up the Federal Housing Administration (FHA) program — including a provision that encourages the Obama administration to provide support for warehouse lending.

Former top executives at Fannie Mae, PMI, and Countrywide have launched a new advocacy group that will lobby on behalf of what it calls "independent, community and regionally based" mortgage banking firms.

Chase is in the market with a $2 billion credit card ABS deal lead managed by JPMorgan Securities. Co-managers on the transaction are Barclays Capital and Credit Suisse.

A large package of jumbo servicing rights belonging to the now defunct Thornburg Mortgage, Santa Fe, is expected to hit the market during the next few weeks, according to investment banking sources.

Federal regulators expect banks and thrifts to move certain mortgage securitizations onto their balance sheets due to new accounting rules and are seeking comment on the impact it will have on capital ratios.

House Financial Services Committee chairman Barney Frank, D-Mass., said he is working with small banks and credit unions to craft a bill that will create a new consumer protection agency.

The $4.4 billion San Bernardino County Employees¹ Retirement Association

The Internal Revenue Service (IRS) is set to implement new rules that will give certain owners and developers of commercial real estate more flexibility to pursue loan modifications even if their loan has been securitized.

Speakers today at a Fitch Ratings Web conference on the Challenges in U.S. RMBS & CMBS said that it won’t be as easy to find bonds that are obvious candidates for resecuritizations.

Oak Hill Advisors, a New York investment management firm, said Monday that it has closed its distressed credit fund at $1.1 billion.

Derivatives and securities dealer Conduit Capital Markets appointed Rakesh Chhabra as chief financial officer.

Fitch Ratings took several rating actions on SLM Corp. or Sallie Mae.

If the Federal Reserve Board suddenly stops purchasing agency MBS on Jan. 1, mortgage rates could jump by 30 basis points to 50 basis points, according to Fannie Mae chief economist Doug Duncan.

President Obama took to Wall Street on Monday to tout his administration's efforts to save the economy from collapse, pledge that government intervention in the markets is beginning to unwind, and make another pitch for regulatory reform.

Dutch firm SNS Bank announced a new tender offer on possibly €1 billion of debt from its RMBS Hermes series.

Reynolds Partners appointed Stuart Macfarlane, previously from Deutsche Bank, to lead its new structured finance section effective immediately.