ABS

A structure for overseeing the financial services industry's bailout is coming together.

The European securitization market remains frozen despite new issuance volumes for 3Q08 roughly matching the volume of maturing securities.

ABS issuer Cabela’s said that it will begin disclosing financial information related to notes issued by Cabela’s Credit Card Master Note Trust.

Congress needs to pass legislation that "unlocks" securitized trusts so servicers could sell distressed mortgages to the Treasury Department for restructuring, according to a former Treasury official in the Clinton administration.

Genworth Financial, after recently posting a large third quarter loss, struck a deal over the weekend to buy a $1 billion thrift in Minnesota, which it will use to file an application for a capital infusion under the $700 billion bailout bill.

Cairn Capital appointed Peter Hansell. formerly a managing director in Lehman Brothers’ gobal real estate group, Hansell has been appointed to focus on the development and expansion of Cairn’s existing real estate related activities and to run the firm’s soon-to-be-launched new Ibex Fund.

While economic conditions remain difficult, securitizations in the Gulf Cooperation Council (GCC) still maintain a strong growth potential this region, according to a Moody's Investors Service report.

Although retained deals continue to be the order of the day in Europe, UniCredit Banca per la Casa SpA latest retained RMBS still caused a stir because of its size.

The Federal Deposit Insurance Corp. hopes to complete a deal to sell a majority of IndyMac Federal Bank in December, according to an agency spokesman.

With economic conditions worsening, the U.S. government has stepped up its bailout efforts - doling out $250 billion allotted under the Emergency Economic Stabilization Act (EESA) for equity investments in financial institutions.

The new Spanish government fund Fondo de Adquisicion de Activos Financieros (FAAF) will start operations this week.

Aggressive rate cuts over the past week - the Bank of England's (BofE) 150 basis points easing along with the European Central Bank's 50 basis points cut - are likely to improve loan affordability in existing household credit.

The Spanish government announced the launch of a mortgage deferral measure to aid unemployed, old-age pensioners and self-employed borrowers struggling to pay their mortgages. Although the move could potentially bailout a significant number of struggling homeowners, there could be a potential downside for existing Spanish RMBS deals.

The automotive sector was in the spotlight last week. House Speaker Nancy Pelosi called for an emergency and limited financial assistance package for the beleaguered industry. President-elect Barack Obama also asked for immediate help for the automobile companies.

Recent events in the financial markets have highlighted the importance of parties to a 1992 Master Agreement1 understanding the termination mechanics following an event of default. It is now more vital than ever for the Non-defaulting Party to have a clear and effective close-out mechanism to replace the terminated derivative transaction as quickly as possible.2 In contrast to a Termination Event, which may be triggered without the fault of either party and is designed to close out a Transaction following an event that substantially alters the Transaction's economic profile, an Event of Default arises where the fault of a party triggers termination. The purpose of this article is to briefly examine the consequences of an Event of Default and the subsequent process by which the Non-defaulting Party can terminate an Agreement.

The ABS market suffered yet another week of frozen new issuance and paltry trading activity in the secondary market.

The Federal Housing Finance Agency (FHFA) announced a new streamlined loan modification program last Tuesday.

Resecuritizations or ReREMICs are following the trajectory of the ABS market pretty closely.

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

The two financial guarantors who have remained relatively spared from the crisis are now coming together.