ABS

A Fitch Solutions/Portsmouth Financial Systems desktop application that offers loan-level analytics for the U.S. structured finance market will start with a focus on subprime, alternative-A and prime credit residential mortgage-backed securities.

Former Citigroup senior executives Antonio Cacorino and Frederick Chapey have launched StormHarbour Partners, an independent global-markets firm focusing on capital markets and fixed-income activities through subsidiaries.

Capital Market Risk Advisors (CMRA) and Risk Fundamentals announced a joint venture combining CMRA’s risk management and risk governance consulting services with Risk Fundamentals’ risk transparency software, CMRA said in its release.

S&P Places LSCM Notes on CreditWatch Negative

The Treeline Cos., an owner and manager of more than 2.5 million square feet of office properties throughout the New York metropolitan region, is launching Treeline Realty Advisors, a real estate consulting and asset management division focused on troubled assets.

Russell Investments and Jadwa Investment have launched a new Shariah compliant offering called the Russel-Jadwa Shariah Index family, according to a release from Russell.

The May remittance reports showed subprime collateral having improved delinquency roll rates, lower cure rates, and slower pre-REO liquidation speeds, according to Barclays Capital.

Existing single-family home sales rose 1.9% in May, marking the third consecutive monthly rise, even though the purchase of foreclosed properties and first-time sales declined.

JPMorgan Chase has named Thanh Roetelle the head of warehouse lending for its bank division, putting him in charge of managing the company's five major warehouse lending clients including Quicken Home Loans, industry officials said.

Diana Mead was promoted to chief operating officer of Allonhill, the mortgage due diligence firm reported today.

Ginnie Mae posted $38.98 billion in total MBS issuance in May.

Fitch Ratings said that 15% of mortgage loans in U.K. prime RMBS master trust programs have negative equity. The agency expects that number to increase to 34% if house prices fall in line with Fitch's expectations of a 30% house price decline peak to trough. This would mean a further 14% drop from today's values.

Although Fitch Ratings downgrades for U.K. CMBS are expected to stabilize, the rest of Europe might not have as much luck, according to a Barclays Capital report.

Lender Processing Services (LPS) launched its new proprietary Home Price Index (HPI).

Beacon Capital Markets, which operates an electronic-trading MBS marketplace, plans to add in non-agency MBS, ABS and CMBS starting July 10.

MBA Lowers its Forecast for Mortgage Originations

Integrated Mortgage Solutions, a collateral protection resource for the mortgage servicing industry, has named Gerald (Jerry) Aust as senior vice president of sales and client relations.

Over-the-counter derivatives that are securities-based should be regulated under federal securities laws by the Securities and Exchange Commission, SEC chairman Mary Schapiro told a Senate panel yesterday.

Statement of Financial Accounting Standard (SFAS) 166 and SFAS 167 — which relate to the reconsolidation of off-balance sheet securitizations — are not expected to result in negative rating actions, according to Fitch Ratings.

Non-agency re-remic activity has increased since the beginning of the year, according to a Barclays Capital research report.