ABS

This Monday the Financial Accounting Standards Board (FASB) will be discussing fair value measurement. The discussion is expected to last 90 minutes.

MGIC Investment Corp., the nation's largest mortgage insurer, said it would defer by 10 years an interest payment on $390 million worth of subordinated debentures, igniting a steep selloff in its stock during the morning of March 12.

Bond insurer MBIA faces a suit filed in the Federal District Court for the Southern District of New York. The filing alleges its decision to split its mortgage and other structured finance exposures from its public finance obligations hurts its ability to meet its obligations to policyholders.

The Term Asset-Backed Securities Loan Facility (TALF), will probably attract hedge funds as new buyers of ABS, according to a report from Standard & Poor's released today.

Freddie Mac said the Obama administration's housing plan may cost it $30 billion.

The Securities Industry Financial Markets Association (SIFMA) is phasing out its indexes tracking auction-rate securities as the credit crisis renders the market inactive.

The Federal Reserve of New York yesterday released a revised set of frequently-asked-questions related to the Term ABS Loan Facility (TALF).

The International Swaps and Derivatives Association (ISDA) launched its Auction Settlement Supplement and Protocol, which is the final stage of the process known as 'hardwiring.' This the process of incorporating auction settlement terms into standard CDS documentation.

The originators of subprime mortgages and securitizers would have to retain an interest in any securities sold to investors under a subprime lending bill House Financial Services Committee chairman Barney Frank, D-Mass., is drafting.

Bank of America (BoA), within 30 days, will make a final decision on the fate of Merrill Lynch's far flung mortgage units, which include two large subprime servicing companies, and a Jacksonville, Fla.-based division that caters to Merrill's wealthy brokerage customers.

Ocwen Financial Corp.'s net loss narrowed 46% from a year earlier to $3.7 million ($0.06 per share) last quarter as the servicer of subprime mortgages cut operating expenses.

BNP Paribas completely eliminated its distressed finance group, a spokeswoman confirmed.

FTN Financial analysts tried to gauge the potential changes to the prepayment landscape as a result of Fannie Mae's and Freddie Mac's streamlined refinancing that have resulted from the government's housing plan.

Freddie Mac reported a decline in mortgage rates this week. "Mortgage rates had room to ease this week following news of a weaker jobs market, which may slow consumer spending and keep inflation at bay," Freddie Mac Chief Economist Frank Nothaft said

Foreclosures increased in February across all regions despite temporary halts by major banks and Fannie Mae and Freddie Mac, according to the latest U.S. Foreclosure Index released by Foreclosures.com.

Ginnie Mae's year-to-date issuance for the 2008 fiscal year jumped to $135.9 billion from $55.2 billion during the first five months of the previous fiscal year.

PNC Bank has decided to pull the plug on National City's warehouse lending operation, giving non-banks that borrowed from the unit 12 to 18 months to find new lenders, ASR sister publication National Mortgage News has learned.

Freddie Mac posted a $23.9 billion loss in the fourth quarter, noting that its regulator has filed a request with the U.S. Treasury for $30.8 billion in new funding to maintain the GSE's net worth position above zero.

NewOak Capital hired Tom McAvity as managing director to market the firm’s advisory, asset-management and capital markets services to the insurance industry and design customized solutions for insurers, banks and pension and endowment funds.

The Federal Home Loan Bank of Seattle has become the first bank in the 76-year history of the system to run out of retained earnings, triggering what once was an unthinkable scenario by "breaking the buck."