Securitization

Stephen L. Ledbetter, senior vice president of MBS for the Ginnie Mae, is leaving the agency for a senior position at the Federal Deposit Insurance Corp. (FDIC), according to officials familiar with the matter.

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

The percentage of HAMP modifications completed by mortgage servicers fell 10% in July from the prior month while the percentage of proprietary restructurings rose 11%, according to new government figures.

While the sudden departure of Bank of New York Mellon CEO Robert Kelly late Wednesday might have come as a surprise to some industry observers, it was actually a change Rochdale Securities Bank analyst Dick Bove called for two weeks ago.

Although Bank of America – for now – is committed to staying in warehouse finance, it may exit that business as well.

The Federal Reserve Board's decision to hold public hearings and extend the comment period on Capital One Financial Corp.'s planned acquisition of ING Direct has drawn the ire of House Financial Services Chairman Spencer Bachus.

Discover Financial Services has agreed to purchase $2.5 billion of private student loans from Citigroup, as the lender continues diversifying beyond its main credit card business.

The Federal Housing Finance Agency is on the verge of filing a barrage of civil claims against investment banking firms that packaged nonprime loans into MBS while misrepresenting the quality of the underlying collateral, according to a new published report.

Golub Capital Partners is preparing a $300 million CLO. Golub Capital Partners CLO 10 is a managed cash-flow CLO collateralized primarily by broadly syndicated first-lien senior secured corporate loans, according to a presale report by Moody’s Investors Service.

IKB Deutsche Industriebank has filed a suit against JPMorgan Chase based on losses that occurred over its RMBS, according to a Reuters report.

The delinquency rate for U.S. commercial real estate (CRE) loans backing CMBS fell 36 basis points in August to 9.52%.

Sol Systems launched a new financing platform that provides investors and developers with the tools they need to originate, evaluate, finance, and construct renewable energy projects.

The Financial Stability Board said it plans to focus on five areas where more detailed work is warranted to help gauge the case for further regulatory action.

Nonprime lender/servicer Springleaf Financial late Wednesday priced a $242 million nonprime residential MBS at a yield of 4%, according to market reports.

U.S. District Judge William Pauley set a Sept. 21 hearing to consider requests from some investors to move the case against Bank of America Corp.'s $8.5 billion settlement to the Manhattan federal court from a New York state court, according to a Reuters report.

The Federal Reserve Board said it plans a formal enforcement action against the Goldman Sachs Group and Goldman Sachs Bank USA.

HSH Nordbank has filed a suit in the New York state court against JPMorgan Chase over losses on $159 million RMBS it purchased from the bank, according to a Reuters report.

Major League Baseball's (MLB) Club Trust Securitization has been rated 'A-' by Fitch Ratings.

With the private-label mortgage market virtually nonexistent and the GSEs in trouble, Ginnie Mae has come to the forefront to fill the void that these other sources of credit have left.

Volatility in the capital markets has pushed industry participants towards safe-haven assets such as covered bonds.