Securitization

Refinancing for European CMBS continues to be challenged by a prolonged recovery in the lending market for non-prime properties.

Large multifamily defaults caused a 36 basis point increase in U.S. CMBS delinquencies, bringing them up to 8.59%, according to the latest Loan Delinquency Index results from Fitch Ratings.

With expectations rising that the White House and Congress will allow the GSE loan limit fall to $625,500 next fall, more investment banking firms — and even commercial banks — are exploring the idea of creating jumbo conduits.

As the Treasury’s fourth-quarter 2010 report on the legacy PPIP program last week showed, private-label residential MBS have proven to be a vehicle in some circumstances for generating returns, so it might be worth keeping a cautious eye on the sector and regulatory developments like new rules for due diligence providers that could affect it.

Within the past few months, borrowers across the country have asserted claims against lenders based on the lenders' alleged failure to honor loan modifications pursuant to the federal Home Affordable Modification Program (HAMP). Recently a federal district court in New Jersey issued a decision that may provide a sound basis for opposing such claims.

Radian Group, Philadelphia lost $1.1 billion for the fourth quarter and $1.9 billion for 2010 as the company took a non-cash charge of $841.5 million to establish a valuation allowance against substantially the company's entire net deferred tax assets.

Intex Solutions introduced INTEXcalc, a new end-user application offering transparency, ease of use, and speed in analyzing structured finance securities.

The Federal Reserve Bank of Chicago released a study called The Role of Securitization in Mortgage Renegotiation.

Freddie Mac's multifamily business had $15 billion in volume for 2010, down from $17 billion in 2009. The totals cover both its whole loan and bond guarantee business.

Next week a House Financial Services subcommittee will hold its first hearing on the future of the GSEs by looking at what immediate steps can be taken to stem the losses at Fannie Mae and Freddie Mac.

The European covered bond primary market saw €13.5 billion of benchmark deals issued over the last five trading days.

Mortgage rates remained almost the same in the week ending Feb. 3, according to Freddie Mac.

Credit Suisse hired Dale Westhoff as the global head of structured products research. Westhoff. who will be based in New York, will focus on MBS, ABS and other structured products.

In December, the 30-day plus delinquency rate on multifamily mortgages continued to climb, according to new figures compiled by Trepp.

Ally Bank is in the market with an $1.06 billion auto loan ABS called Ally Auto Receivables Trust (AART) Series 2011-1.

Most people believe the Basel III capital rules are buttoned up. International regulators worked hard, agreed in December to impose tough standards and then gave bankers eight years to meet them.

If only the administration's task in fixing housing finance was as easy as choosing plan A or plan B.

HOPE NOW released its final 2010 loan modification data. The group estimated that 1.76 million homeowners received permanent, affordable loan modifications from mortgage servicers in 2010.

The GSEs are looking at how to better align servicing fees with the servicer’s cost structure and how to create a servicing asset that is more capital friendly under Basel III.

U.K. supermarket retailer Tesco is planning a ₤680.0 million ($1.09 billion) securitization of rental income derived from 21 retail stores located in the U.K.