Securitization

To achieve a recovery in both the housing sector and the overall economy, mortgage banks need insight into the misconceptions on how mortgage delinquency and economic stress have impacted borrower behavior. This includes insight into what a "strategic default" is.

Credit ratings have historically played a relatively small role in the European leveraged loan market, which through the 1990s was comprised of privately held companies borrowing almost exclusively from banks.

U.S. dollar funding is gaining traction among U.K. issuers of RMBS and credit card ABS.

Russian middle-tier bank Vozrozhdenie is in the local market with a ruble-denominated RMBS, the first time the issuer has tapped this market. Rated 'Ba3' by Moody's Investors Service, the bank itself is not controlled by the government, making it an anomaly in the current environment.

Fannie Mae acquired $58.4 billion of mortgages from its seller/servicers in October, its best purchase month since January and a sign that low rates are starting to spur new activity in the primary market.

Standard & Poor's changed some of its ratings for National Public Finance Guarantee Corp. (NPFG), the municipal bond insuring subsidiary of MBIA.

Petroplus Holdings AG has implemented a new receivables securitization program, which will provide up to $200 million through the sale of the company’s U.K. receivables.

The American Legion is calling on Congress to extend the $729,750 loan limit on Department of Veterans Affairs (VA)-guaranteed loans before the ceiling drops down to $625,500 on Jan. 1.

American Airlines' bankruptcy could create some collateral damage for Citigroup Inc., which runs the airline's large rewards credit card program.

Pending home sales surged 10.4% to a reading of 93.3 in October from an unrevised 4.6% decrease to 84.5 in September, according to a report released Wednesday by the National Association of Realtors (NAR).

Goldman Sachs head of global leveraged finance is retiring, according to an internal firm memo.

Assured Guaranty has filed suit against JPMorgan Chase Bank with regards to the sale of MBS by Bear Stearns. JPMorgan acquired Bear Stearns in 2008.

ING Bank is marketing a €1.28 billion ($1.72 billion) securitization of prime Dutch residential mortgage loans.

Santander Consumer Finance SA will issue a €912.3 million ($1.34 million) securitization of auto loans.

The Consumer Financial Protection Bureau said Wednesday that it may begin taking consumer complaints related to home mortgages as early as tomorrow.

Edward DeMarco, acting director of the Federal Housing Finance Agency (FHFA), on Tuesday named Richard Hornsby as chief operating officer and Jon Greenlee as deputy director of enterprise regulation.

The Consumer Financial Protection Bureau (CFPB) is initiating a process for streamlining and updating its consumer regulations with bureau officials seeking public input on which rules should be looked at first.

Radian Guaranty is seeking waivers in 12 states of risk-to-capital requirements, even though it does have $600 million in capital at the parent company level available to downstream to the mortgage insurer, chief financial officer Bob Quint said during a presentation at the FBR Capital Markets Fall Investor Conference.

For the week ending Nov. 25, mortgage application activity plunged 11.7%, as reported by the Mortgage Bankers Association (MBA). The results were adjusted for the Thanksgiving Day holiday.

The National Credit Union Administration (NCUA) said this afternoon if filed another suit against a big investment firm over the sale of MBS to failed corporate credit unions, this one naming defunct Wachovia Bank and its subsidiaries as defendants.