Securitization

Numerous mortgage brokers and loan officers apparently rushed to get as many loans as possible into the pipeline before their compensation plans changed this month.

The hit to mortgages Wells Fargo & Co. reported Wednesday echoes the story of many banks this earnings season. The problem for Wells is that home loans are a bigger part of its business.

Capital One Financial Corp.'s net income rose nearly 60% in the first quarter as the credit card lender's chargeoffs fell and it set aside less money for future loan losses.

Sole lead Santander Investment Securities priced today a $160 million, 10-year deal backed by payment obligations linked to a pool of equipment that Mexico’s Corporacion Geo uses to build houses, said a source close to the deal. The yield came to 9.75%. Fitch Ratings and Standard & Poor’s rated the deal ‘BB-’. Fitch said that the rating is linked directly to the ‘BB-’ rating of Corporacion Geo, as the company is on the hook for the payments. The payments are made under the terms of a service agreement entered into by Corporacion Geo, various of its units, and Geo Maquinaria in exchange for the machinery utilization services for Corporacion Geo and its units.

Navistar Financial Corp. (NFC) is issuing a $120.1 million trucking and equipment loan securitization.

RBC Capital Markets appointed Peter Hirsch as managing director and head of U.S. dollar rates and mortgage trading. The new appointee's, who will be based in New York, focus includes coverage of governments, agencies, agency mortgages and derivatives.

Regulators have removed a major barrier in CIT Group's plans to act more like a bank.

Lender Processing Services' (LPS) "first look" report found that the national monthly and yearly delinquency rates continued to decline in March.

The Royal Bank of Canada is marketing a new credit card securitization deal from its Golden Credit Card Trust.

Sales of existing single-family homes rose 4% in March on a seasonally adjusted annual basis, signaling a lackluster start to the spring home buying season.

The Mortgage Bankers Association (MBA) reported an increase in both refinance and purchase activity in the week ending April 15 with applications up 5.3% overall.

The average U.S. credit card chargeoff rate for most major issuers remains on track to continue declining for at least the next few months, according to analysts at Moody's Investors Service.

Refinancings caused loan production to spike in the fourth quarter but independent residential lenders experienced a 24% decline in how much they earned per loan, according to a new report from the Mortgage Bankers Association (MBA).

Consumer Portfolio Services (CPS) is marketing a subprime auto ABS called Consumer Portfolio Services Auto Receivables Trust 2011-A. The $104 million deal is being managed by UBS.

The European Union (EU) and U.S. regulators might be on the same page when it comes to trying to get the securitization market to be more risk averse. However, their different approaches have left a gap that needs to be eventually bridged, industry sources said .

Cantor Fitzgerald's first-ever CMBS called CFCRE 2011-C1, which is backed by 38 loans in 67 properties, priced today.

Auction.com plans to put out for bid at least two commercial real estate (CRE) loan packages per month for the next three months totaling more than $1.86 billion.

Ginnie Mae guaranteed over $24.1 billion in MBS in March, the agency announced in a release today.

The vast majority of credit unions reject the Republicans’ plan to privatize Fannie Mae and Freddie Mac and insist that the government retain a role in the secondary mortgage market, according to a new survey by the National Association of Federal Credit Unions (NAFCU).

BlackRock hired Jack Chandler as global head of real estate. In this new position, Chandler will oversee the firm's global real estate capabilities that extend across the capital market structure and include both equity and debt investment products that have reached around $13 billion in assets under management.