ABS

Fitch Ratings announced proposals that would see significant increases in its loss severity assumptions for foreclosed residential property securing defaulted mortgage loans in German RMBS and German mortgage covered bonds.

Walkers, an offshore law firm, announced the addition of Linda Martin and Chinyin Lim, to its London office.

Much of the banking industry continues to resist mortgage bankruptcy reform, but some observers are arguing that bankers would actually see a benefit if the legislation passed.

Moody's Investors Service launched a monthly newsletter focused on credit risks in the automotive industry.

Societe Generale Corporate & Investment Banking appointed Jean-François Despoux as global head of real estate and lodging within its capital raising and financing division.

BNP Paribas share prices slid €3.72 to €26.29 today following the announcement of major changes to its proposed purchase of assets of the Belgian bank Fortis, according to market reports.

Acknowledging the industry's continued need for liquidity, the Federal Reserve said Tuesday that it will extend five support programs to Oct. 30.

Firms that securitize mortgages and other assets will have to take a 10% first loss position on any new issuances under draft legislation being discussed in Congress.

Mortgage banker Residential Capital Corp. (ResCap) — whose parent recently completed a huge debt swap with bond holders — continued to bleed red ink in the fourth quarter, posting another huge loss as both its loan fundings and servicing rights suffered.

Jim Miller, a former managing director at JPMorgan Chase, has joined First American Information and Outsourcing Solutions as managing director of operations for the company's outsourcing and technology business lines.

Citigroup, New York, said it used $25.7 billion of Troubled Asset Relief Program (TARP) funds for its residential mortgage activities in the fourth quarter 2008.

JPMorgan was selected by the Federal Reserve to serve as custodian for its program to buy MBS.

Fitch Ratings unveiled its new model for European RMBS asset analysis, ResiEMEA, at a conference in Frankfurt today. ResiEMEA is an analytical model for the risk assessment of residential mortgage loans in accordance with Fitch's RMBS criteria.

President Barrack Obama is expected to soon sign into law a bill approved by the Senate late Thursday that would expand the State Children’s Health Insurance Program (S-CHIP) and raise tobacco taxes, prompting concern in the muni market about debt service payments on tobacco bonds nationwide.

Following weeks of rumors that Cannes was too big and flashy for an event that’s turning smaller and more sober, ESF/IMN have relocated Global ABS this year to the Hilton Metropole in London.

Broker dealer BTIG has started a fixed income group and hired recently departed executives from UBS and Citigroup. The firm has hired Jon Bass and John Purcell as co-heads of global fixed income.

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

Discover Financial Services said a forthcoming Federal Reserve Board program designed to revive issuance of ABS is "of very high interest" to it.

The Federal Reserve Board may be running into a natural barrier to its ability to bring down mortgage rates, according to analysts at UBS.

Lehman Brothers Holdings — which filed for bankruptcy protection back in the fall — has been shopping around its Alt-A servicing division in recent months but with no takers.