ABS

In 2008, college students utilized credit cards more than ever before, according to a new study released by Sallie Mae.

AIR Worldwide Corp. (AIR) said it has provided risk modelling and analytical services for more than $10 billion in insurance-linked securities (ILS) since 1996 and over 56% of total issuance since 2007.

Boutique investment bank Maxim Group has added two new managing directors and an analyst to its leveraged finance team, the firm announced today. The new appointments are part of an ongoing expansion.

The Federal Home Loan Bank of Boston is reporting a huge impairment charge on its investments in private-label MBS and a net loss of $115.8 million for 2008, but the bank expects recent changes to accounting rules will mitigate the impact on its retained earnings.

Genworth Financial, which controls the nation's fourth largest mortgage insurance company, said it failed to meet requirements to receive a large capital infusion under the Treasury Department's Troubled Asset Relief Program (TARP).

Up-in-coupon trades outperformed lately despite increased prepayment risk. The risk resulted from lower mortgage rates and the government's refinancing programs.

Turkey’s Turkiye Garanti Bankasi (Garantibank) has issued a $225 million bond backed by diversified payment rights (DPRs) and due in 2013 in order to refinance a bond with the same maturity date and issued for $250 million in 2005.

The fund purchasing RMBS insured by Syncora Guarantee has once again extended the early consideration period in which it will offer sellers a premium for their assets, Syncora Holdings announced last week.

Standard & Poor’s last week downgraded bond insurer Radian Asset Assurance to 'BBB-' from 'BBB+' in a move related to downgrades of parent Radian Guaranty and all other major U.S. mortgage insurers. The rating remains on negative watch.

Ambac Financial Group last week terminated all its reinsurance transactions with RAM Reinsurance Co., citing its ongoing effort to reduce reinsurance exposure.

Javid Jaberi, a former senior vice president of servicing in charge of loss mitigation for Residential Capital Corp. (ResCap), has joined Fannie Mae, industry sources told National Mortgage News.

Discover Financial Services plans to reduce its work force by about 500 people next month.

Albert Pinzon was recently hired by the New York office of Cozen O’Connor as a member of its business law department. Before this, the new hire was a partner with Stroock & Stroock & Lavan in New York.

The board of the Massachusetts Pension Reserves Investment Management (PRIM) has removed Grantham, Mayo, Van Otterloo from a $230 million emerging markets debt mandate.

Bank of America announced a new head of Americas fixed-income sales as part of its combined global markets team for Bank of America Merrill Lynch.

It's becoming something of a pattern: The government announces a program designed to stabilize financial markets or kickstart lending, but after weeks or months of delay, the goal is shifted or the program simply doesn't work as expected.

Genworth Financial was told by the U.S. Department of the Treasury that the deadline it set for approval by the Office of Thrift Supervision (OTS) of Genworth's application to become a savings and loan holding company passed before the OTS completed its review of the insurance firm's application. The Treasury Department will not extend the deadline.

Mortgage rates moved off their record lows this week, but remain at historically attractive levels.

Huron Consulting Group hired Kevin Gibbons and Peter Walsh as managing directors in the accounting and financial consulting practice that is focused on the financial services sector.

Fitch Ratings upgraded two and downgraded five tranches across the Southern Pacific Financing transactions — the two upgrades were of the Class D and E in SPF 04-A and the downgrades were the Class D and E from SPF 05-B and the class C, D1 and E of SPF 06-A.