Securitization

The Obama administration is slated to release its GSE reform proposal on Friday as previously reported by StructuredFinanceNews.com.

BNP Paribas brought on Timothy Bitsberger, a former Treasury Department official and Freddie Mac treasurer, to create and lead an official institutions coverage team for the Americas.

The new chairman of the House GSE subcommittee is looking for "immediate steps" Congress can take to reign in Fannie Mae and Freddie Mae and reduce their role in the mortgage market.

The Obama administration appears to be trying to take a card from Republicans' playbook as it announces options this week for a new housing finance system.

Deustche Bank filed an S-3 with the Securities and Exchange Commission (SEC) to issue a CMBS.

Mortgage rates surged in the week ending Feb. 10. According to Freddie Mac, 30-year fixed mortgage rates averaged 5.05% with an average 0.7 point, up 24 basis points from the previous week.

Mercedes-Benz is marketing a 144A $750 million auto lease securitization deal. The four-tranche fixed-rate, transaction called Mercedes-Benz Auto Lease Trust 2011-A (MBALT 2011-A) is backed by a pool of closedend retail automobile lease contracts and related new motor vehicles.

A new rule in Europe—Article 122a of the Capital Requirements Directive, which calls for originators, sponsors or original lenders in an arbitrage CLO to retain at least 5% of the vehicle’s equity on their balance sheet—has European loan market participants worried about the future of these funds, and places a kink in a market that, after two years of inactivity, is just starting up again.

Ally Credit Canada issued its first public retail loan issuance in 2011, a $745 million auto ABS transaction.

Global financial information services firm Markit will be rolling out its Markit MBX, Markit IOS and Markit PO agency mortgage index series, according to a release from the firm.

Royal Bank of Scotland (RBS) appointed Scott Eichel has been appointed global head of securitized products and head of U.S. credit for its markets franchise within its global banking and markets unit.

A rising number of secondary assets are achieving lower loss severities upon dispositions of troubled loans, which could lead to a decline in overall REO loss severity by the end of 2011, a Barclays Capital report said.

The Royal Bank of Scotland and Wells Fargo have begun marketing a $1.3 billion CMBS expected to be placed via the 144A market.

While Republicans and Democrats largely agree that the government's Home Affordable Modification Program (HAMP) is a failure, the two sides disagree sharply on what to do about it.

Panelists at ASF 2011 looked at the business implications of securitization policy reforms given that there are supposedly over 200 rulemakings and over 19 provisions associated with securitization in the Dodd-Frank Act.

CMBS can make a relative comeback this year, although issuance will likely still be a far cry from what it was at the height of this market.

With the administration supposedly set to come out with its GSE reform package on Friday, panelists at ASF 2011 held in Orlando this week were hopeful that the government will offer at least some short-term alternatives to reduce its involvement in the MBS sector, even if an actual proposal is not forthcoming.

Data presented in the student loan panel at this week’s ASF 2011 held in Orlando showed that enrollment rates remain steady and exhibit continues growth. Simultaneous with this, however, is the increase in education costs.

A panel at ASF 2011, which is being held in Orlando this week, discussed the implications of the legislative mandate under 939A of the Dodd-Frank Act to reduce reliance on credit ratings. Panelists also explored potential alternatives to credit ratings.

ABS issuance will be slightly north of last year’s, according to panelists in today’s 2011 market outlook panel at ASF 2011. The conference is being held in Orlando this week.