Securitization

It’s official: Leveraged loans are back in Europe and they are here to stay.

Pending mortgage-related regulations threaten to become a "tsunami" of burdens that could unintentionally harm an already fragile mortgage industry, Acting Comptroller of the Currency John Walsh said Thursday.

Federal bank regulators need to update their commercial real estate (CRE) guidance to bring standards more in line with how examiners treat loans following the financial crisis, according to a new oversight report.

David Jones, the founder and chief executive of CastleOak Securities, compares his firm to a sports car.

The chief financial officer of nonperforming loan (NPL) investor Kondaur Capital departed the company about 10 days ago – at the same time that the NPL investor’s founder and chairman Jon Daurio was forced out by the firm’s board, National Mortgage News has learned.According to NPL investors and a source at Kondaur, CFO Janice Ramocinski resigned from the privately held firm, whose investors and backers include The Carlyle Group, and Tourmalet Advisors.

The Treasury Department has directed the 20 largest Home Affordable Modification Program (HAMP) servicers to establish "relationship managers" who will provide a single point of contact for homeowners seeking a loan modification.

At yesterday's American Securitization Forum Sunset Seminar on the future of mortgage finance, panelists warned that if GSEs are withdrawn at this time, the housing market will continue its downward spiral.

Mortgage late payments rose in the first quarter to an overall national rate of 8.32%, although the 90-plus day rate and the number of foreclosures started declined, according to new figures compiled by the Mortgage Bankers Association (MBA).

The National Credit Union Administration (NCUA) Board this morning proposed a plan that would allow credit unions to prepay their annual assessments for the corporate credit union bailout, which they project will amount to $2.94 billion, or 38 basis points, for this year and next.

The market for CMBS has staged a comeback this year, and now it appears that there is some interest in restarting the market for CDOs backed by commercial real estate (CRE) as well.

For the week ending May 19, 30-year fixed rates averaged 4.61% with an average 0.7 point, down two basis points from last week. This brings the no-point rate at just below 4.80%.

Pricing on a CLO managed by Symphony Asset Management has been set by Morgan Stanley, according to sources.

The issue of premium capture continues to cause perhaps the most concern in the securities market when it comes to the developing risk retention requirements for securitized product.

The Consumer Financial Protection Bureau's (CFPB) prototypes for a single mortgage disclosure form won praise from industry groups Wednesday for their streamlined format, as well as the unorthodox way they are being developed.

The top regulator of the Federal Housing Finance Agency said Wednesday he won't rush the 12-bank cooperative to correct their balance sheets, but does expect some alteration soon.

Sales of moth-balled, private-label MBS by the Federal Reserve had little impact on market prices, according to the minutes of the Fed's monetary policy committee.

The Securities and Exchange Commission (SEC) voted unanimously to propose new rules and amendments for increasing credit rating transparency and improving their integrity.

Higher Education Loan Authority of the State of Missouri (MOHELA) is in the market with its SLABS series 2011-1 worth $579 million. Fitch Ratings has assigned provisional ratings of 'AAA' to the student loan deal.

Two Harbors Investment Corp. said it is closing on a warehouse facility in partnership with Barclays Bank to aggregate loans for issuance into new Jumbo RMBS, making it the second REIT in this space since the downturn.

Refinancing activity responded to a further decline in mortgage rates, said the Mortgage Bankers Association (MBA). The Refinance Index jumping 13.2% to ~2568 in the week ending May 13.