ABS

California Communities, a joint powers agency formed by the California State Association of Counties (CSAC) and the League of California Cities, announced its project to securitize the Proposition 1A loan receivables that will provide local counties and special districts with 100% of the funds loaned to the state.

Goldman Sachs Group's Litton Loan Servicing said Thursday it has agreed to rework mortgages under the Obama administration's Home Affordable Modification Plan (HAMP).

Federal regulators are advising banks that their ownership of a second lien should not influence their decision to modify the first mortgage that they are servicing for other investors.

Today's deadline for the Term ABS Loan Facility (TALF) subscription date saw a variety of deals price from the student loan and credit card sectors, among others.

Northern Rock reported a jump in losses during the first half of the year. The number of bad loans held by the bank, which is 100% owned by the state, tripled in six months.

Political support for the Obama administration's regulatory reform plan is faltering, leaving many to question the Treasury Department's strategy for enactment.

Federal Housing Finance Agency (FHFA) Director James Lockhart's imminent resignation will force the Obama administration to confront the tricky politics of reforming the government-sponsored enterprises sooner than planned.

GMAC may cut losses and the need for capital by sending its home mortgage unit, Residential Capital, into bankruptcy, according to CreditSights.

World Financial Network priced three Term ABS Loan Facility (TALF)-eligible private label credit card deals today, World Financial Network Credit Card Master Note Trust Series 2009-B, 2009-C and 2009-D.

Deerfield Capital Corp. entered into three supplemental indentures on July 31 with the holders of the trust preferred securities issued by each of Deerfield Capital Trust I, Deerfield Capital Trust II and Deerfield Capital Trust III.

Even though Radian Group had a mortgage insurance provision of $142.8 million because of higher delinquencies, the company still saw net profits of $231.9 million ($2.82 per share) for the second quarter. For the same period last year, the Philadelphia-based company lost $392.5 million ($4.91 per share). Still mortgage insurance claims paid of $167.7 million were lower than Radian forecast.

UBS during the second quarter still was working on reducing monoline insurance risks that can be traced partially back to U.S. residential real estate finance exposures, but it said in an earnings report that as of July it had agreed to commute certain trades with insurers, mitigating those bond insurance risks.

Fitch Ratings continues to predict a negative outlook for the U.K. credit card ABS sector. Recent performance trends support this, as they demonstrate a general decline across the sector.

Fitch Ratings has downgraded 270 bonds from 59 residential mortgage-backed securities transactions to 'D.'

The Mortgage Bankers Association Market Composite Index increased 4.4% on a seasonally adjusted basis for the week ended July 31 when compared with the previous week.

Federal regulators are working on providing capital relief for banks that have to bring securitized assets back on their balance sheets due to a change in the accounting rules that goes into effect at yearend.

James Lockhart, the director of the Federal Housing Finance Agency (FHFA) who spent years pressing for stricter oversight of Fannie Mae and Freddie Mac, is expected to imminently announce his resignation, according to several sources.

ConvergEx is collaborating with Standish Asset Management Co.’s global workout solutions group.

Barclays reported a $1.1 billion loss on its U.S. subprime loans during the first half of 2009 but the London banking company still generated £2.98 billion ($5.05 billion) in pre-tax profit for the period.

The Department of Housing and Urban Development has temporarily suspended Taylor, Bean and Whitaker Mortgage Corp., from making new Federal Housing Administration loans and seized the company's $25 billion Ginnie Mae servicing portfolio pending the completion of an investigation by the HUD Inspector General.