Securitization

There have been shifts in consumer behavior seen through credit scores, according to panelists at an ASF 2011 panel yesterday called Consumer Credit Metrics and Evaluation. The conference is being held this week in Orlando.

NPL buyer Kondaur Capital Corp. introduced its new subsidiary called DKR Collateral Dynamics (DCD), a third-party service that offers a full-range of collateral review ensuring that in "analyzing a note or security instrument all the missing links in the chain of ownership are filled," according to Kondaur Chairman Jon Daurio.

Bank of America Corp. has established a new unit to deal with its mortgage-related headaches.

They've been called "braindead," "negligent," and "otiose." But some trustees of mortgage-backed securities are proving useful to investors after all in repurchase fights.

Barclays Capital is currently marketing the first whole business securitization since the financial crisis.

Commercial property values have fallen 42% from their peak in 2007 and there are roughly $1 trillion in underwater commercial real estate (CRE) loans maturing the next few years that could be difficult to refinance, according to a new report from Trepp.

The Federal Deposit Insurance Corp. (FDIC) Friday named Michael Krimminger, a close aide to Chairman Sheila Bair, as the agency's new general counsel.

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.