Securitization

Santander Consumer USA is in the market with a $526.3 million auto receivable deal named Santander Consumer Acquired Receivables Trust 2011-S1 (SCART 2011-S1) managed by Citigroup Global Markets.

With fears mounting that the GSEs may soon alter servicing compensation in a significant way, at least one Wall Street firm is making the rounds offering a 'sale leaseback' deal to some of the nation's largest holders of MSRs, ASR sister publication National Mortgage News (NMN) has learned.

The Obama administration's proposals to support the development of a covered bond market and limit large bank access to the Federal Home Loan Bank (FHLB) advance window could weaken the FHLB System, according to a new report from Moody's Investors Service.

Four major industry trade groups are urging Senate Judiciary Committee members to vote against a bill that allows U.S. bankruptcy courts to set up loss mitigation programs where homeowners and servicers can negotiate a loan modification.

Prestige Financial Services (PFS) is in the market with Prestige Auto Receivables Trust 2011-1 (PART 2011-1), a six-tranche subprime auto loan receivables managed by JPMorgan Securities. The deal is worth $221.62 million.

New rules from Mexico’s banking regulator are an auspicious move for future securitizations from this sector, according to Maria Muller, senior vice president at Moody’s Investors Service.

As previously reported by StructuredFinanceNews.com (see related story via this link), last week the American International Group (AIG) in a letter to the Federal Reserve Bank of New York (New York Fed) offered to repurchase all of the RMBS held by Maiden Lane II LLC (ML II) for $15.7 billion in cash.

Wyndham Worldwide Corp. is in the market with Sierra Timeshare 2011-1 Receivables Funding (Sierra Timeshare 2011-1), a $250 million transaction.

Former Fannie Mae CEO Daniel Mudd, who oversaw the GSE's huge expansion into nonprime investing and securitization, late last week received a "Wells Notice" from the Securities and Exchange Commission (SEC) indicating that he may face civil charges for allegedly misleading investors about the company's financial condition.

After uncovering significant problems in the foreclosure process, the 50 state attorneys general and several federal agencies delivered a 27-page list of demands to the five largest mortgage servicers, requiring upgrades and changes throughout their systems.

Denver-based asset management and structured finance firm The Chotin Group Corp. hired Paul Isherwood as chief investment officer who will oversee analysis, trading and management of Chotin’s proprietary investment portfolios.

Far more than any trader's profane emails, due diligence reports from the securitization boom could worsen the financial industry's litigation headaches — and conceivably expose some firms and individuals to criminal charges.

The Federal Housing Finance Agency (FHFA) extended the Home Affordable Refinance Program (HARP) another year.

In a Federal Deposit Insurance Corp. (FDIC) statement released today on the legislative proposals to create a U.S. covered bond market, the agency said that it has "significant concerns" regarding the United States Covered Bond Act of 2011 (H.R. 290).

Australian RMBS issuer Perpetual is in the market with SMHL Securitisation Fund 2011-1 worth A$600 million.

When David Stevens took over in July 2009, the Federal Housing Administration (FHA) was in such dire financial straits that he says there was a real threat of the agency being temporarily shut down.

Larry Goldstone, once a top player in the Jumbo and "super" Jumbo market through his now defunct firm Thornburg Mortgage, is trying for a comeback in the business.

Portfolio managers are trying to assess the damage the repricing tidal wave has inflicted on their funds, with most dreading what their returns will look like once the water recedes, while other say the damage will be light.

Provident Funding Associates, the second largest privately held nonbank mortgage lender in the U.S., this week filed a registration statement with the Securities and Exchange Commission to create a publicly traded REIT by raising $300 million in capital.

The Federal Reserve Bank of New York has received a formal offer from American International Group (AIG) to repurchase the assets in Maiden Lane II, LLC (MLII).