ABS

Almost one year after the rating agencies had their first bloodbath of structured finance downgrades, and after months of market outcry for increased transparency and further ratings oversight, the Securities and Exchange Commission (SEC) has responded with an initial set of regulations. But while further ratings disclosure is needed, market pundits agree that these reforms do not solve the root of the problem.

Banco de Credito del Peru (BCP), a pro in the future flows world, is poised to price a deal backed by diversified payment rights (DPRs) shortly. Two of its peers that have yet to tap this market, BBVA Banco Continental and Interbank Peru, are reportedly planning debuts. Why this spark of activity from Peru?

Trading in the ABS market was steady last week as new issuance continued at a steady pace via credit card and auto transactions.

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

Fitch Ratings has been carefully tracking for the last several days last month’s interest shortfalls on certain subprime deals serviced by Ocwen Financial Corp.

Moody’s Investors Service yesterday downgraded to 'Aa3' from 'Aaa' the insurance financial strength ratings of Ambac Assurance Corp., Ambac Assurance U.K. and the debt ratings of Ambac Financial Group and related financing trusts. The rating actions come after a review for possible downgrade that was initiated by the agency on June 4.

Malcolm Knight, the general manager and chief executive officer of the Bank for International Settlements (BIS), said today that he's leaving the BIS at the end of September.

Many Street analysts are talking about the transactions that Ocwen Loan Servicing serviced that reported interest shortfalls seen in some of the senior classes. These were revealed by the May remittance reports.

Washington Mutual (WaMu) said yesterday that it has decided to eliminate the negative amortizing mortgage and WaMu Mortgage Plus loan options, according to published reports.

Risk Management Solutions (RMS) launched a new portfolio management platform today called Miu. The new platform supports the trading of insurance risk using RMS’ leading catastrophe risk analytics.

Fremont General has filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in a follow-up to regulatory approvals for CapitalSource to buy certain assets and liabilities of Fremont Investment & Loan (FIL), according to a company release.

Raiffeisen Zentralbank Osterreich (RZB) closed its €318 million ($492 million) securitization of Italian leases.

Fitch Solutions has launched a new platform called Fitch Risk and Performance Platform. This new platform will provide market-based credit risk analytics, credit default swap pricing and fundamental ratings content, according a release from teh rating agency.

Ambac Financial Group today said it has terminated its relationship with Fitch Ratings after deciding that it no longer had a need for the rating of the market’s smallest credit rating agency.

A survey of recruiters shows lower pay is in store for new hires on Wall Street.

Societe Generale Asset Management (SGAM) appointed Olivier Lecler as CEO of its subsidiary, SGAM Alternative Investments, effective from June 1.

Gatehouse Bankhas has bolstered its sales team with the appointment of Mourad Mekhail as managing director of institutional wealth management. Mourad will be reporting directly into Ewa Gracey, head of distribution.

Morgan Joseph & Co., the New York investment bank, has launched a structured products group, naming Darren Wolberg and Dale Hoffman to serve as co-heads and managing directors of the new analytics and trading unit.

BlackRock has named Curtis Arledge managing director and co-head of U.S. fixed income, within the fixed-income management portfolio group.

Wilmington Finance will cease wholesale mortgage banking originations effective immediately, according to a release from the firm.