Securitization

Bank of America Corp.'s deal on Monday to sell its unwanted Canadian card assets is the latest example of how smaller acquisitions are fueling a slow revival in the credit card portfolio sales market.

Distinctive features related to principal forgiveness in an unusual modification program Ocwen recently started could improve efforts made to resolve underwater loans in securitizations, according to a Moody's Investors Service report Monday.

BlueMountain Capital Management (BMCM) closed on a $361 million CLO. The new vehicle, BlueMountain CLO 2011-1, is the fourth that the investment management company has brought to market, but its first since the financial crisis. The first three vehicles were issued in 2006 and 2007.

Mortgage fraud continued at elevated levels in fiscal year 2010 and the Federal Bureau of Investigation (FBI) continues to "dedicate significant resources to the threat," the agency said in its FY 2010 Mortgage Fraud Report.

An "unprecedented crackdown." That's how Commissioner David Stevens described a get-tough program that took place under him at the Federal Housing Administration (FHA) from mid-2009 until April of this year. As part of the push, the FHA's Mortgage Review Board issued more administrative actions against lenders in Stevens' first year than it had in the prior eight years combined.

Credit card delinquencies fell to their lowest point in 17 years in the second quarter as consumers remained cautious about taking on more debt and issuers continued their conservative approach to lending, TransUnion Corp. said Tuesday.

Several units of Mexican cement maker Cemex recently closed a 4.2-year, Ps2.5 billion ($204 million) facility backed by their trade receivables, according to a release by Finacity Corp., which arranged the deal. Ixe Casa de Bolsa was the sole underwriter. Both HR Ratings and Standard & Poor's rated the deal triple-A on their respective national scales.

Fitch Ratings has affirmed the U.S. long-term foreign and local currency Issuer Default Ratings (IDRs) and Fitch-rated U.S. Treasury security ratings at 'AAA'.

Moody's Investors Service's index of cumulative defaults for Spanish RMBS rose to 1.98% of the original balance in June compared to 1.89% in March.

More homeowners say they are under water on their mortgage and more Americans are pessimistic about house prices, according to a quarterly consumer survey by Fannie Mae.

The National Information Center released consolidated financial statements for bank holding companies for 2Q11.

Bank of America Corp. said Monday that it is selling an $8.6 billion credit card portfolio in Canada and plans to unload $19 billion of card loans in Europe as it works to exit the international card business.The Charlotte, N.C., company has agreed to sell its Canadian portfolio to TD Bank Group for an undisclosed amount, though TD said in a separate release that it will pay a "modest premium" on the portfolio.

Even though more nationwide consumers are paying their credit card payments on time, mortgage delinquencies of 60-days or more have increased since 2007, according to an Experian report.

Fitch Ratings has finalized its new criteria for projecting losses on prime RMBS.

U.S. subprime credit default swap prices recovered in July after being adversely affected in June by the Maiden Lane auctions and the problem looks unlikely to recur, according to Fitch Solutions' index.

There is no plausible manner for Bank of America Corp. (BAC) to disclaim the Countrywide Financial Corp. (CFC) bonds, according to analysts from Covenant Review.

When it comes to qualified residential mortgages (QRM), industry and consumer groups like to say they are united, arguing that too strict a QRM definition will result in disqualifying many otherwise creditworthy borrowers. But not everyone is of that mindset.

TICC Capital closed on its $225 million CLO transaction Wednesday. The senior notes of the CLO were issued by a newly formed special purpose vehicle in which a wholly-owned subsidiary of TICC owns all of the equity.

Credit-default swaps on Bank of America, the nation's largest residential servicer, this week surged to the highest level since April 2009 before paring those gains.

The debate about the viability of the super-senior structure in the current environment experiences a resurgence, Fitch Ratings said today.