ABS

Last week, JPMorgan Chief Executive Officer Jamie Dimon said that the credit crunch was nearing an end.

The ABS market continued to see sunny skies last week, as the Senate Banking Committee was close to approving a bill that would set up a $300 million Federal Housing Administration loan guarantee program, and appoint a regulator that would oversee both Fannie Mae and Freddie Mac, initiatives that, according to one trader, will made ABS "a safer place to put money."

A Ukrainian bank has launched its - and the country's - second existing asset deal. Regardless of whether lead arranger UBS will hit up institutional investors or underwrite until sunnier times bring tighter market pricing, the transaction will be a step forward for an emerging market country that's an infant in securitization.

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

World Bank Group member IFC and Standard Chartered Bank announced that they have collaborated on the launch of the first-ever issuance of notes backed by loans to microfinance institutions in Africa and Asia.

Mortgages rates were mostly lower this week, according to Freddie Mac. The largest declines were in the adjustable rate products.

As part of its effort to wind down much of its entire structured products portfolio, Merrill Lynch is shedding more of its staff in that area.

Moody's Investors Service has announced that it would be introducing two supplemental measures to its structured finance ratings aimed at enhancing their transparency and information content.

The Securities Industry and Financial Markets Association (SIFMA) said it supports the ongoing efforts to gain economic integration and regulatory convergence. Examples of such moves are ongoing efforts by the Transatlantic Economic Council (TEC) aimed at increased cross-border cooperation.

Wachovia CEO Ken Thompson says the bank plans to cut one third of its fixed-income staff and make a 10% reduction in corporate and investment bank support staff.

Amlin, Lloyd's largest insurers, plans to launch a new investment management partnership to be headed by John Wells and Luca Albertini. Both hires were previously with Swiss Re.

Denver-based The Chotin Group has announced changes in its management team. Effective today, Helen Dickens, president and chief operating officer assumes all responsibility for The Chotin Group’s asset management division. Dickens replaces Zach Pashel, who is leaving the company to pursue another opportunity.

Fremont General Corp. said Friday that it expects to file for bankruptcy protection, because it cannot file its financial information in a "realistic time frame" to obtain shareholder approval for the pending sale of some assets and deposits to CapitalSource.

Prudential Capital Group announced that Thomas Downey, Roger Finn, and David Scully have joined as vice presidents in its commercial asset finance unit, which is headquartered in Atlanta.

The U.S. government has recently been aggressively pursuing measures to help the beleaguered housing market. One measure that has been getting a lot of attention would allow Fannie Mae, Freddie Mac and Ginnie Mae to purchase mortgages greater than the conventional conforming loan limit, which is $417,000 according to the Economic Stimulus Act of 2008.

This week, Mexico's Credito Inmobiliario is likely to become the first originator to collateralize a pool of construction bridge loans since before Fitch Ratings reported on heightened risk in the sector and Moody's de Mexico put Metrofinanciera's loan securitizations on downgrade review. Both events took place the third week of April.

At first blush, mortgage delinquencies in Ireland appear higher than almost anywhere in Europe. But the data can be deceptive if it includes the Irish "specialist" market, since the rest of Europe is limited mainly to prime lending.

Wintrust Financial Corp. in Lake Forest, Ill., has weathered the real estate downturn in part by specializing in the business of financing insurance premiums, and now it wants to free up capital for more traditional lending by securitizing premium-finance loans on its books.

With ABCP markets disrupted since last summer, the Bank of Canada began soliciting feedback in early March on its proposed eligibility criteria for accepting ABCP as collateral for borrowings under its Standing Liquidity Facility (SLF). The Bank of Canada's actions are an attempt to inject liquidity into a constrained ABCP market in Canada and to promote minimum acceptable standards of disclosure and transparency, which should benefit all market participants.

If there has ever been a time to make a campaign for mortgage insurance, current market conditions dictate that the time is now.