ABS

Three of the largest nonprofit student loan lenders have temporarily withdrawn from lending in the federal family education loan program despite a high-profile plan by the Department of Education (DOE) designed to assist non-bank lenders in financing student loans.

Syncora Holdings said yesterday its discussions with banks to commute $52.9 billion in credit default swap exposures highlight its second phase of restructuring, its "primary objective" in the near term.

Morgan Stanley late Monday became the fourth major securities firm to propose a buy-back of auction-rate securities from retail investors, but the offer was rebuffed by New York Attorney General Andrew Cuomo.

Katten Muchin Rosenman has formed a covered bond team within its structured finance and securitization group.

U.K.'s Financial Services Authority (FSA) fined the Credit Suisse's U.K. operations £5.6 million ($8.35 million) for breaching FSA Principles 2 and 3.

Wachovia Corp.'s net loss in the second quarter widened to $9.11 billion after the Charlotte company increased its legal reserves by $500 million, according to a regulatory filing.

JPMorgan Chase has had losses of $1.5 billion on MBS assets so far this quarter as the U.S. housing slump deepened amid turmoil in credit markets.

BNP Paribas said on Tuesday it hired Adnan Zuberi to run its structured credit desk in New York as part of ongoing expansion of the French banking giant's credit markets business.

JPMorgan Chase has warned in a Securities and Exchange Commission filing that trading conditions "have substantially deteriorated" in the third quarter, affecting spreads on MBS and loans.

Effective immediately, Fannie Mae has increased the cash incentives it will pay servicers for successfully completing workouts, such as repayment plans and making HomeSaver advances to help delinquent borrowers catch up on their payments.

CMBS and multi-family transactions in Europe, the Middle East and Africa (EMEA) are becoming increasingly affected by the continued financial market turmoil and the worsening conditions in some countries real estate markets, Moody’s Investors Service said in a new special report.

The Shariah-compliant investment management firm Japan Islamic Finance said it plans to sell about $1 million of yen-denominated Islamic bonds in a new structure that is based on cash flow generated from marketing Web sites, according to market reports.

Standard & Poor's appointed David Jacob as executive managing director and head of structured finance ratings reporting to Vickie Tillman, executive vice president at the rating agency.

The steering committee of Securities Industry and Financial Markets Association's (SIFMA) asset management group (AMG) has elected its new leadership for 2008 and 2009.

Deutsche Bank’s global institutional asset management business DB Advisors today announced an initiative to enhance transparency of its money market fund reporting.

Mortgage-related bond insurer MBIA, Armonk, N.Y., generated $1.7 billion in net income in the second quarter, but it took a net loss of $706.4 million for the first six months of the year.

Following in Fannie Mae's footsteps, Freddie Mac is doubling its market risk delivery fee to 50 basis points, which will be added to other delivery fees currently in place starting Nov. 7.

Residential Capital, a wholly owned subsidiary of GMAC Financial Services, hired John Vella as senior vice president and managing director of ResCap's mortgage special operations business.

Radian Group today announced it plans on using excess capital in bond insurer subsidiary Radian Asset Assurance to prop up its mortgage insurance business, Radian Guaranty.

Fannie Mae, citing capital concerns and the unsettled state of the funding markets, said on Friday it would be taking a more guarded approach to loan purchases in the near term.