Securitization

The year may have started off quietly for European securitizations, but it exploded on the covered bond front.

The auto pipeline is filling up with securitizations that are due to price by mid-week. Santander Consumer USA (SC USA), Mitsubishi Motors Credit of America (MMCA) and Ally Bank are all in the market with their respective auto transactions.

Banks will be better buyers of CMBS supply once new origination volumes pick up this year, according to a JPMorgan Securities report.

Current management of the Fannie Mae and Freddie Mac conservatorships is contributing to tight mortgage credit conditions, holding back a recovery in the housing market, according to a Federal Reserve Board official.

Conventional prepayments slowed as expected in December as a result of slightly lower refinancing activity in November. This was partially offset by an increase in the number of collection days to 21 from 20.

Albert Sohn, previously head of securitized products at Credit Suisse, will move into alternative investments in asset management at the bank. In his new position, Sohn will manage structured credit and residential real estate assets, according to an internal memo obtained by ASR.

Ally Bank has filed with the Securities and Exchange Commission a propectus supplement to issue an auto securitization under its Ally Auto Receivables Trust 2012-1.

The MBS sector was off to the races as 2012 trading got underway and participants returned from the year-end holiday break. Books opened back up while the supply/demand technical outlook appeared very favorable.

The November Mortgage Monitor report from Lender Processing Services (LPS) showed that mortgage delinquencies at the end of last November were close to 25% less versus the January 2010 peak.

PHH Corp., which this week ousted its CEO amid perceived liquidity concerns, may start selling some of its huge holdings of mortgage servicing rights, according to industry analysts.

Mortgage bankers funded $26.6 billion of Jumbo loans during the third quarter of 2011, a handsome 30% gain from the same period a year earlier, according to new survey figures compiled by ASR sister publication National Mortgage News (NMN) and the Quarterly Data Report.

One day after his appointment as the director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray sent a clear signal that he intends to move aggressively to enforce the agency's expanded authority.

In a report released today, Moody's Investors Service stated that its outlook is stable on REITs operating in all of the major property sectors, including office, retail, industrial, multifamily, healthcare and lodging industry.

Talks to sell Citigroup's high-risk-borrower lender, OneMain, have been put on hold given the depressed macroeconomic environment, according to several media reports.

Wells Fargo & Co. has agreed to pay nearly $1 million in restitution to Maryland residents who lost their homes to foreclosure after receiving so-called "Pick-a-Payment" mortgages.

As any entrepreneur, boss or parent can attest, the key to avoiding disappointment is managing expectations. Got a B student at home? Expect a C, and when he walks in the door with an A, voila! Happy days!

Delinquencies on home equity lines of credit rose a scant two basis points in the third quarter to 1.93%, according to new figures compiled by the American Bankers Association (ABA).

Two high ranking Democratic congressmen plan to hold a hearing later this month in Chicago to highlight the failure of mortgage servicers to adequately maintain foreclosed properties.

SLM Corp. or Sallie Mae is in the market with SLM Student Loan Trust 2012-1 worth $765 million.