Securitization

Bank of America on Monday tapped its legacy servicing chief, Terry Laughlin, as the bank’s new chief risk officer.

So far this year, $66 billion of new deals have been issued in the ABS market. The prime auto loan ABS sector makes up 25% of total volume, while the combined auto ABS sectors represent 57% of total volume. Meanwhile, student loans comprised 21% of the total loan volume, according to Bank of America Merrill Lynch figures.

Trepp has acquired the online REIT information service called REITCafe.

The Federal Deposit Insurance Corp. (FDIC) has issued a final ruling meant to clarify the Orderly Liquidation Authority (OLA) receivership under the Dodd-Frank Act. Moody’s Investor Service considers this ruling to be credit positive for non-bank sponsored ABS, particularly auto loan ABS and equipment leases or instruments.

The Capital Markets and Government Sponsored Enterprises Subcommittee on Tuesday will consider seven new bills to reform the operations of Fannie Mae and Freddie Mac, including one that prevents the Treasury from lowering the current 10% dividend the two pay to the government.

Moody’s Investors Service has downgraded one tranche from the GSAMP 2007-H1 and placed it on review for further downgrade along with five other tranches from thee subprime RMBS deals.

Stewart Lender Services (SLS) has acquired a majority ownership in PMH Financial.

Fear of getting laid off has home shoppers wary of committing to a mortgage, and those who do want to buy a home continue to find it hard to get financing, a survey found.

Vacancies at shopping centers rose for the first time in a year in the second quarter as retail properties lagged the U.S. office and apartment rebound, according to a new report from Reis Inc.

Finacity Corp. announced today in a release that it had paired with Germany's Norddeutsche Landesbank Girozentrale (NORD/LB) to increase an existing trade-receivables securitization for Alliance One international from $100 million to $125 million.

Although residential lenders are starting to ponder cutbacks in their ranks, not all mortgage-related firms are worried about their head counts.

Walker & Dunlop hired Douglas Taylor as senior vice president in its multifamily finance unit.

Apollo Global Management and its subsidiaries bought Gulf Stream Asset Management, which now manages 10 CLOs and has over $3 billion in assets under management.

Sheila Bair today officially stepped down as the Federal Deposit Insurance Corp.'s (FDIC) Chairman.

Babson Capital Management is in the market with a $512 million CLO.

David Tobin, principal of Mission Capital Advisors in New York, attended National Mortgage News' recent Buying and Selling Distressed Mortgage Portfolios Conference and does not agree with those at the conference who said the gaps between bid and ask are too big in this sector.

MountainView Servicing Group, Denver, is offering a forward bulk servicing package where the seller will deliver $25 million to $50 million a month of Ginnie Mae (I and II) MSRs.

While the topic of a House hearing Thursday was supposed to be mortgage servicing standards, the target was really the Consumer Financial Protection Bureau (CFBP).

Prudential Mortgage Capital Co. and affiliated funds of Perella Weinberg Partners’ asset based value strategy have formed a joint venture to originate commercial mortgages for future securitization, the companies said today.

After more than a year of negotiation, one of the most famous CMBS loans ever made has been modified.