Securitization

Nissan Motor Acceptance Corp. has filed an S-3 with the Securities and Exchange Commission (SEC) to issue under its Nissan Master Owner Trust Receivables program.

Alarmed by significant deficiencies uncovered as part of a regulatory review of mortgage servicer practices, the federal banking agencies are preparing formal enforcement actions against the largest servicing firms that they hope will set de facto standards across the industry, according to sources familiar with the situation.

As reported by StructuredFinanceNews.com yesterday (see related story), Redwood Trust on Tuesday filed notice with the Securities and Exchange Commission (SEC) to sell a $292 million MBS backed by Jumbo mortgage loans.

The reduction of the nonconforming loan limits at the end of September will bring an end to the agency Jumbo conforming asset class. This can also cause slower prepayment rates as well as higher refinancing rates available to these Jumbo borrowers.

ING Group, the Dutch-based financial services institution, said today that it has decided to sell the “majority” of its ING Real Estate Investment Management (ING REIM) businesses in two separate transactions worth more than $1 billion.

Bank of America hired former Saxon Mortgage CEO Tony Meola as a default servicing executive in its mortgage division.

CoreLogic, the Santa Ana-based analytics firm, believes existing home sales for all of 2010 may be 15% to 20% lower than reported by National Association of Realtors (NAR).

Redwood Trust on Tuesday filed notice with the Securities and Exchange Commission (SEC), signaling its intention to sell a $292 million MBS backed by Jumbo mortgages.

Now that the White House has decided to pull the plug on Fannie Mae and Freddie Mac, the next question becomes: How do you liquidate roughly $1.5 trillion of MBS and whole loans sitting on their books?

The National Credit Union Administration (NCUA) is preparing its latest offering of corporate bailout bonds, this one $840 million worth of so-called NCUA Guaranteed Notes backed by CMBS.

Ginnie Mae lenders securitized $35.3 billon of government guaranteed residential mortgages in January, a 5% increase from the prior month, according to new figures released by the Department of Housing and Urban Development.

A pair of rulings from federal bankruptcy judges last week is adding a new wrinkle to the role of MERSCorp in state foreclosure proceedings.

A Resource Capital Corp. subsidiary will purchase 100% of the ownership interests in Churchill Pacific Asset Management (CPAM) from Churchill Financial Holdings for $22.5 million, the New York-based real estate investment trust said today in a statement.

There continued to be some mixed signals in CMBS and RMBS markets last week but these still netted out to cautiously optimistic views of the sectors in some respects.

Several auto deals are marketing, boosting the sector's volume once again. Honda Motor Co. is in the market with its $1.025 billion auto ABS offering.

As Spanish savings banks known as cajas merge and create new private banks, covered bonds that pooled together the assets of several cajas will disappear, according to a recent report by Moody’s Investors Service.

European structured finance products continue to absorb elevated credit risks very well from a performance standpoint, according to Unicredit analysts.

The Federal Housing Administration (FHA) increased the annual mortgage insurance by 25 basis points for new mortgage loans starting April 18.

Macquarie Equipment Finance (MEF) is in the market with its first equipment lease securitization deal. MEF is the mid-ticket equipment leasing subsidiary of Macquarie Bank Ltd. (MBL).

Fitch Ratings said that, based on the Obama’s administration confirmation of ongoing support for the GSEs, the rating agency will likely maintain its long- and short-term issuer default ratings at ‘AAA'/'F1+’ and the long-term senior debt ratings at ‘AAA’ for both Fannie Mae and Freddie Mac.