Securitization

On Oct. 24, the Federal Housing Finance Agency (FHFA), along with Fannie Mae and Freddie Mac, announced significant changes to the Home Affordable Refinance Program (HARP).

The PrimeX indices experienced a sharp dip in October that drew a lot of attention.

The market for public sector and corporate bonds in Hong Kong's offshore renminbi market hit boom mode in about July 2009. The Chinese government removed some currency restrictions, and issuance accelerated. But the effect was only fully articulated in 2010, when RMB140 billion ($22 billion) in bonds were printed, from RMB40 billion the previous year.

The unpaid invoices that the Spanish regional governments owe medical companies have, by all accounts, grown to unwieldy levels. Combined pharmaceutical and medical technology companies are waiting on about €9.7 billion ($13.8 billion) in past-due bills of this nature (see tables below).

The ABS market faces myriad new regulations causing disruption in some securitization sectors, including the creation of new ABCP conduits.

With most banks still flush with deposits and reluctant to lend, the need for advances from the Federal Home Loan Banks continued to drop sharply during the third quarter, according to a report released Friday by the Office of Finance.

MountainView Servicing Group said it has completed the sale of a $442 million package of Fannie Mae bulk servicing rights.

Fannie Mae Monday morning confirmed to ASR sister publication National Mortgage News that its multifamily unit is the subject of an Inspector General probe being conducted by the Federal Housing Finance Agency (FHFA).

Obvion issued a €744.3 million ($1.3 billion) Dutch RMBS dubbed STORM 2011-IV B.V.

MF Global filed for Chapter 11 protection today, less than a week after being downgraded to junk status.

Greek banks and RMBS transactions are at risk of losing interest payments because a Greek housing agency has delayed, if not frozen, paying interest subsidies, according to Fitch Ratings.

The week kicks off with the usual auto deals, a timeshare ABS and a tobacco settlement revenue bond offering.

JPMorgan Chase late last week rebutted federal claims that it misled four now defunct corporate credit unions into buying $1.5 billion of risky MBS and pointed the finger — as National Credit Union Administration's (NCUA) own internal reviews have — at the management of the failed corporates and at NCUA's own examiners.

Manager Activity: Autos Book Runner Amount (US$ Mil) Rank Mkt.

Bank of America, which has vowed to reduce its overall risk in mortgages, is close to completing the sale of a $50 billion package of Freddie Mac mortgage servicing rights, according to advisors close to the deal.

FBR Capital Markets has made large cuts to its leveraged finance group, including high yield trading staff.

Buckley T. Ratchford, head of global bank loan trading and distressed investing at Goldman Sachs, will leave the firm at year’s end, according to an internal memo obtained by ASR sister publication Leveraged Finance News.

The Commercial Real Estate Finance Council in Japan plans to revive CMBS by implementing new market standards.

CarMax Business Services and World Omni Financial Corp. are in the market with auto securizations.