Securitization

A recent federal appeals court decision is likely to cause the delay of dozens of pending Dodd-Frank Act regulations.

The Senate nomination hearing for Richard Cordray, who's tabbed to become the first director of the Consumer Financial Protection Bureau (CFPB), has been postponed until Sept. 6.

The ABS market is seeing autos dominate the market again with two deals from GE and Hyundai Capital America (HCA).

Barclays Capital promoted its head of European leveraged to cohead of EMEA leveraged finance, ASR sister publication Leveraged Finance News has confirmed.

Walker & Dunlop named Michelle Warner and Edward Williams as co-heads of its FHA finance division. They will be responsible for all aspects of the Federal Housing Adminstration (FHA) finance program.

The Mortgage Bankers Association (MBA) fears that when the Federal Housing Finance Agency (FHFA) finally unveils its servicing fee structure proposal it will contain just one compensation model, and is appealing to the agency to include more.

Fannie Mae purchased $41.4 billion of home mortgages from its seller/servicers in June, its best purchase month of the second quarter, and a sign that originations in the primary market may be on the upswing.

A scholarship fund in Bingham McCutchen partner Edward Gainor’s memory has been established by the law firm at his alma mater The George Washington University (GWU) Law School. Gainor died July 22 of a heart attack.

CarMax Business Services via its CarMax Auto Funding yesterday filed an amendment to an S-3 filing it submitted with the Securities and Exchange Commission (SEC).

The 30+ delinquency rate on CMBS shot up in July to a record 9.88%, according to a report by Trepp. This comes after two consecutive declines in the delinquency rate in May and June.

The Chicago city ordinance establishing mortgage lender liability for vacant buildings that are caught in the foreclosure process will be credit negative for RMBS deals, Moody's Investors Service said.

National lender and servicer Carrington Mortgage Services (CMS) has expanded its mortgage origination unit by purchasing certain assets of American Home Equity Corp. (AHE). Mortgage lender AHE is based in Irvine, CA based.

The mortgage operations at Ally Financial lost $127 million for the second quarter due to its legacy portfolio, down from profits of $34 million in the first quarter and $230 million for the second quarter 2010.

David Stevens arrived as a commissioner at the Federal Housing Administration (FHA) in 2009 vowing to restore financial discipline to a government housing body facing the stresses of a post-crash world.

The CMBS market continues to feel the ripple effect of last week's announcement from Standard & Poor's that it would stop rating new conduit/fusion CMBS deals, with yet another transaction pulled from the market because of the rating agency's move.

The proposed Qualified Residential Mortgage (QRM) rules have a better chance at harming the housing market than they have at addressing underlying weaknesses in the securitization process. They are an overreaction to the excessive risk-taking during the housing boom.

A Brazilian regulation that goes into effect today ratchets up the default probability of mezzanine tranches in domestic ABS, said Moody’s Investors Service in a release.

BNP Paribas hired Christian Wulf as director in charge of Latin America for the firm's aviation finance group.

By Richard DeKaser's calculations, it takes just 16.5% of the average consumer's income to make payments on a 30-year mortgage for an average priced home. The last time the ratio was this low was 1968.

The Loan Syndications and Trading Association (LSTA) today submitted to joint regulators a 20-page comment letter explaining why managers of Open Market CLOs are not subject to the risk retention provisions of the Dodd-Frank Act.