ABS

Freddie Mac announced that it is changing its program for “relief refinancing mortgages”

Fannie Mae intends to securitize $256 billion of single family loans and $108 billion of multifamily loans to safeguard against major market interruptions and as part of the Liquidity Contingency Plan.

The Securities and Exchange Commission (SEC) charged Boston-based Evergreen Investment Management Co. and an affiliate with securities law violations.

Aside from Capital One Multi-asset Execution Trust Class A (2009-1), Capital One has a $500 million card deal in the market.

Franklin Credit Management Corp., the Jersey City third-party mortgage servicer, has expanded its operations to include Face-to-Face Home Solutions, a door knocking division that tries to reach delinquent borrowers.

In charging former Countrywide CEO Angelo Mozilo with fraud, the Securities and Exchange Commission (SEC) is zeroing in on the lender's payment option ARM business, a controversial product that Mozilo initially embraced and then later cursed.

A Republican Congressman from New Jersey is working on legislation to facilitate the issuance of covered bonds in this country and create a market for these bonds that are collateralized by mortgages which remain in the issuing bank's portfolio.

Manager Activity: AutosFull Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market

Capital One priced a $550 million credit card deal, which was upsized from $500 million.

The Securities and Exchange Commission (SEC) announced fraud charges Thursday against Angelo Mozilo and two other former Countrywide Financial Corp. executives, alleging they hid from investors the severe credit risks the lender was taking.

William Dudley, the president of the Federal Reserve Bank of New York, predicted the securitization market will shrink.

The BCP Voyager Master Funds SPC, acting on behalf of and for the account of the Distressed Opportunities Master Segregated Portfolio, extended the expiration date of the fund’s offer for 55 classes of RMBS insured by Syncora Guarantee to June 4.

The Federal Deposit Insurance Corp. said it is refocusing its "Legacy Loan Program" to concentrate on assets held in receivership by the government, which currently total about $18.7 billion.

GMAC Financial Services said it has priced $4.5 billion of debt guaranteed by the Federal Deposit Insurance Corp. through the agency's Temporary Liquidity Guarantee Program.

The Obama administration's Making Home Affordable loan modification program will not show real results until later this summer, according to a key regulator.

European Central Bank (ECB) President Jean-Claude Trichet announced Thursday that the bank would begin its program to purchase covered bonds in July. The program is expected to be fully implemented by June 2010 at the latest.

Standish Mellon Asset Management Company will begin offering two products that would give clients access to securities related to the Term Asset-Backed Securities Loan Facility (TALF), the BNY Mellon subsidiary has announced.

The Securities and Exchange Commission and New York Attorney General Andrew Cuomo yesterday announced they had finalized settlements with several investment banks over allegations the firms had misrepresented the risks of auction-rate securities.

The U.S. Patent Office will grant a patent for Andrew Kalotay Associates’s new CLEAN MBS model, according to representatives for the company.

The shorter the maturity, the smaller the risk — that's supposedly the rule of thumb in lending.