Securitization

Moody’s Investors Service sees “encouraging” signs for the emergence of a New Zealand covered bond market following a proposal from regulators for a comprehensive legal framework and the first-time issuance this year of this product.

The number of mortgages with negative equity fell nearly 2% in the third quarter from the previous quarter mostly due to foreclosures, according to a CoreLogic report issued Monday morning.The third quarter report shows there are 10.8 million single-family loans or 22.5% of all mortgages under water, compared to 11 million in the second quarter.

Anyone expecting a quick and narrow resolution of mortgage servicers' troubles from foreclosure process failures probably hasn't talked to Iowa Attorney General Tom Miller, who heads the 50-state coalition investigating the industry.

Though regulators have so far been vague about what kinds of national servicing standards they hope Congress will enact next year, momentum appears to be growing behind the concept.

Moody's Investors Service has assigned a provisional rating to two classes of Notes issued under the €520 million ($692 million) small- and medium-sized enterprise (SME)CDO dubbed FTPYME TDA CAM 9, FTA.

Citibank has filed an S-3 with the Securities and Exchange Commission to issue under its Citibank Credit Card Issuance Trust.

The second-largest CMBS loan called Beacon Capital Partners Seattle & D.C. portfolio, was modified, according to a Standard & Poor's report.

State Street will be selling investments worth roughly $11 billion while taking a $350 million loss on the securities.

BDO Valuation Advisors has hired Greg Adams as director and national real estate practice leader, the firm announced.

The National Credit Union Administration (NCUA) is selling as much as $1.2 billion of its corporate bailout bonds this week backed by student loan assets owned by the failed corporate credit unions.

Morgan Stanley is the latest target of MBIA's quest to win back more than $2 billion of claims it paid on MBS that went bust during the financial crisis.

DoubleLine Capital, the brainchild of portfolio manager Jeffrey Gundlach, revealed in a Securities and Exchange Commission (SEC) filing Monday that “employees and former employees” have been questioned by federal investigators.

A report from Fitch Ratings said the manufactured housing sector, which historically has had "problematic performance," has been relatively stable in 2010.

There have been some relative improvements seen in cCMBS delinquencies recently but also some continuing concerns, suggesting that market—while improving in some respects — still could have some hurdles to clear before it bottoms out.

One of the innocent casualties of the mortgage bust/housing bubble was the secondary market for servicing rights.

An updated CoreLogic 2010 Mortgage Fraud Trends Report finds that while overall mortgage fraud has increased by 20% compared to its lowest level in 2009, refinance fraud increased by 30%.

Ally Bank is in the market with an auto ABS called Ally Auto Receivables Trust (AART) Series 2010-5. Standard & Poor's and Fitch Ratings are rating the deal.

November prepayments were slightly faster than projected, although speeds overall remained fairly benign considering current mortgage rate levels.

SL Green Realty Corp. and Gramercy Capital Corp. agreed that SL Green will purchase investments from Gramercy for a $390.8 million aggregate price, including the assumption of $265.6 million in debt.

Wilmington Trust was appointed as a member of the unsecured creditors’ committee in the bankruptcy of Credit-Based Asset Servicing and Securitization (C-Bass), which filed for chapter 11 on Nov. 12 in the U.S. Bankruptcy Court for the Southern District of New York.