ABS

Obscure clauses in securitization documents could spell big losses for banks if Congress passes mortgage bankruptcy legislation.

Ginnie Mae's MBS program reached $27.3 billion in January. For the full-year 2009, Ginnie Mae MBS issuance stands at $108.95 billion, compared with $43.3 for the first four months of full-year 2008.

Sens. Chris Dodd, D-Conn., and Carl Levin, D-Mich., introduced a credit card reform bill Wednesday that would rein in a slew of common practices in advance of hearing the Senate Banking Committee is holding on card consumer protection.

Lehman Brothers Holdings' Structured Asset Securities Corp. and LB Rose Ranch filed for bankruptcy, both entities want to wind down along with their parent firm, according to published reports.

Mission Capital Advisors is now accepting bids for a commercial real estate mortgage loan and REO portfolio with an outstanding balance of $221,355,915 million.

Chuo Mitsui Trust International, the global arm of Chuo Mitsui Trust and Banking, Japan’s second largest trust bank, is expanding its business to London.

The Austin, Texas-based Amherst Securities Group, a broker-dealer specializing in RMBS, said it has hired executives to expand its reach in securitized products.

The official number of attendees at the American Securitization Forum's (ASF) just concluded conference was higher than expected.

Encore Bank, a subsidiary of Encore Bancshares, appointed Robert W. Brown as senior vice president of Encore Bank.

Moody's/Economy.com is forecasting the housing market will hit bottom by the end of this year and house prices will remain flat in 2010.

Democratic leaders are rushing to pass the massive economic stimulus bill and they are urging the House and Senate conferees to agree on a final bill quickly so the House can vote on the bill this Thursday.

In what could be another nail in the coffin of the loan brokerage industry, The PMI Group of San Francisco confirmed Wednesday that it will no longer insure any mortgages brought to them by third-party originators unless these firms have a warehouse line of credit.

DBRS said there are no changes needed in its CMBS rating methodology because of the current market conditions.

Delinquencies in U.K. credit card trusts hit a new high in December 2008, according to Fitch Ratings.

BOK Financial (BOKF) has named Ben Cowen as president of its mortgage unit called BOK Mortgage.

James Lockhart spoke at the American Securitization Forum conference held in Las Vegas this week.

Sandra Thompson, director of the division of supervision and consumer protection at the Federal Deposit Insurance Corp., (FDIC) stated that "we are all facing tough times," which has "caused the government to intervene."

Fitch Solutions will preview two new products at the American Securitization Forum’s (ASF) annual conference that starts this weekend.

The American Securitization Forum (ASF) just announced that Sandra Thompson, director of the division of supervision and consumer protection at the Federal Deposit Insurance Corp. (FDIC), will be speaking at the opening program of the ASF 2009 conference this Monday.

The Federal Reserve Board on Friday released details on the haircuts it plans to take on collateral accepted under a program aimed at reviving consumer lending.