ABS

Bank of America Corp.'s plan to modify 400,000 mortgages is proving to be more complicated than expected - and not only because there are third-party investors involved.

The Securities and Exchange Commission (SEC) last Wednesday delayed a resolution on adopting rules that related to the regulation of credit rating agencies. The Commission will return to the issue on Dec. 3.

The President and CEO of the National Association of Student Financial Aid Administrators (NASFAA) Philip Day wrote Margaret Spellings, U.S. Department of Education (ED) secretary, and Henry Paulson, head of the Department of the Treasury, last week. In his letter, Day welcomed the recent government announcement that suggested a change in the focus of the Troubled Asset Relief Program (TARP) to assist FFELP student loan issuers.

In a down market, only the fittest survive. With financial guarantors facing downgrades and insolvency, Assured Guaranty is pooling its resources with the only other triple-A rated monoline, Financial Security Assurance (FSA).

With November fast approaching December and the end of 2008, ABS market participants have all but written off new issuance activity until at least January.

Weak economic conditions have put capital strains on trust preferred securities (TruPS) issuers, causing a rise in payment deferrals and defaults within pools of these assets, TruPS CDOs.

Even in the current Era of Large Numbers, the third quarter "earnings" reports for Fannie Mae and Freddie Mac were shockingly bad.

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

Babson Capital Management announced a series of promotions today.

Ramesh Singh, head of real estate and securitized (RE&S) products. is departing

Syncora Holdings announced the appointment of Duncan Hennes, Edward Muhl, Thomas Norsworthy, and Robert White to its board of directors in connection with the transfer on Nov. 18 of 30,069,049 Syncora shares, previously owned by XL Capital , to a Trust pursuant to the Master Commutation Release and Restructuring Agreement, dated July 28, 2008.

The Department of Education (ED) announced it will purchase Stafford/PLUS FFELP loans for the 2007-2008 academic year at a purchase price of 97% of principal and unpaid interest.

GMAC Financial Services, which controls nearly $400 billion in mortgage servicing rights, has applied with the Federal Reserve to become a bank holding company.

Ambac Financial Group said yesterday that it has commuted two CDO of CDO of ABS exposures and two high grade CDO of ABS exposures.

The prosecutor named to monitor the $700 billion bailout program said Wednesday that the Treasury Department's retreat from the program's original mission would not hurt his authority.

Standard & Poor's said will release the names of the providers of rating-dependent liquidity and credit support to ABCP conduits.

Oak Hill Advisors has hired Fritz Thomas as a managing director, where he will help head up the firm’s business development and client coverage activities.

Fitch Ratings has published a presale report on five money market investor funding facility related (MMIFF) ABCP programs.

Laurie Goodman has joined the New York offices of Amherst Holdings as a senior managing director in charge of research, risk management and business development, effective Dec.8.

The Federal Housing Finance Agency (FHFA) said Monday that the combined debt of Fannie Mae, Freddie Mac, and the Federal Home Loan banks was $6.8 trillion at the end of September, exceeding the total publicly held debt of the United States by $1 trillion.