CDOs

All the rating agencies have recently issued warnings about or downgraded re-securitizations, known as re-REMICs, and while those deals issued over the last few years appear hardy enough to withstand another housing downturn, their resemblance to infamous CDOs raises concerns.

After the near collapse of the Canadian securitization market in August 2007, 2010 saw a strong resurgence in term ABS issuance in Canada. Among other things, there were 16 public deals with combined total issuance of more than CAD$11 billion. There were also signs of renewed activity in the ABCP market with conduits taking on new deals with originators who had been largely frozen out of this market over the last few years. Overall, there is a general sense of optimism about the market and, as a result of both market forces and government action, it's fair to say that the Canadian securitization market is, if not perfectly well, at least comfortably on the road to recovery.

Michael Callen, executive chairman of bankrupt bond insurance holding company Ambac Financial Group, announced his resignation Friday afternoon.

Standard & Poor’s is considering whether Assured Guaranty’s credit is really 'AA-plus'. The credit-default swap market made that decision a while ago and its verdict is no.

Ambac Assurance Corp.’s rehabilitation plan was accepted Tuesday by a Wisconsin state court.

Cadwalader, Wickersham & Taft hired Joseph Beach for its Charlotte office as special counsel in the capital markets department. His practice will focus on loan finance and securitization.

The American Securitization Forum (ASF) released its detailed agenda for its ASF 2011 conference that will be held in Orlando, Florida from Feb. 6-9.

Sidley Austin promoted Chicago-based lawyer T.J. Gordon to partner in its structured finance and securitization and syndicated and leveraged finance groups.

Martin Fingerhut, previously a partner at Blake, Cassels & Graydon's (Blakes) financial services group and chair of the law firm's structured finance group, is moving to Cassels Brock & Blackwell, another Canadian law firm based in Toronto. Fingerhut was hired as a senior partner and head of the firm's securitization group.

The Securities and Exchange Commission (SEC) published a fact sheet this morning on a rule requiring ABS issuers to disclose the history of both the requests they received and repurchases they made related to their ABS outstanding.

Standard & Poor's put 1,981 structured finance tranches in Europe, Middle East and Africa (EMEA) on creditwatch negative yesterday as a result of the revision of its counterparty criteria.

The Federal Deposit Insurance Corp. (FDIC) will not exercise its authority under the Dodd-Frank Act to reclaim or recover assets transferred by a financial company into a securitization, said FDIC acting FDIC General Counsel, Michael Krimminger in a letter to the industry.

Prudential Financial, PIMCO and Nuveen Investments are launching new dual purpose funds that will focus mostly on leveraged loans but could also invest in high-yield bonds, according to Securities and Exchange Commission (SEC) filings.

This week the Securities and Exchange Commission (SEC) proposed rules that would require most ABS issuers to still file periodic reports for the life of the publicly registered ABS.

Markit has acquired QuIC Financial Technologies,a risk analytics solutions provider.

Bingham McCutchen has elected 13 lawyers to its partnership. The promotions follow a year when the law firm expanded its key practices in the global markets, including launching its Frankfurt-based financial restructuring practice. It also grew its Hong Kong office.

In the Chinese Zodiac, 2011 is the year of the rabbit. But in leveraged finance, 2011 may be the year of the CLO, with this investment vehicle bringing more deals to the leveraged loan market.

Shares of MBIA jumped by nearly one-third in the last week as traders bet that the bond insurance holding company will win or settle a series of lawsuits.

U.S. Bank National Association, which is U.S. Bancorp's lead bank, has completed the purchase of the domestic and European-based securitization trust administration businesses of Bank of America. The deal closed on Dec. 30.

Ever since private-label MBS litigation began, aggrieved investors have faced an uneasy trade-off between cost and thoroughness: They must prove their losses stem from systemic underwriting flaws, but they can ill afford the time and money required to bicker over how each loan was underwritten.