Securitization

Countrywide, which is now part of Bank of America Corp., routinely didn't bother to transfer essential documents for loans sold to investors, an employee testified.

Real estate asset investor Cole Real Estate Investments hired Mitchell Sabshon as executive vice president and chief operating officer.

Specialized asset management firm Dock Street Capital Management (DSCM) has opened an office in Hong Kong.

Credit Suisse expects to see GNMA prepayment speeds rise 10% to 15% during the November period, according to a recent report.

On the surface, the three homes appear to have just one thing in common: foreclosure.

Put-backs of defective mortgages are accelerating and the Federal Reserve Board is growing more concerned about the potential risks to the banking system.

Banque PSA’s AUTO ABS FCT Compartiment 2010-1 priced this week. The securitization's €500 million ($683 million) triple-A rated tranche priced within guidance levels at 135 basis points over the one-month Euribor.

The volatile reaction created by the Federal Reserve's QE2 drove demand down in the consumer ABS sector, Wells Fargo analysts said.

Even if new loan volume under FFELP will be revmoved, Bank of America Merrill Lynch analysts still expect new-issue SLABS volume for 2011 to be comparable to 2010.

The Securities and Exchange Commission (SEC) is reportedly investigating a complex $1 billion investment deal Citigroup arranged leading up to the financial crisis.

European ABCP has stabilized and will likely remain that way. It also has the potential for growth through product innovations, Moody's Investors Service said.

If government support of the mortgage market is reduced – either gradually or immediately – and the private sector doesn't fill the void with investment capital, it could have dire consequences for housing and residential finance, according to a new analysis released by Redwood Trust.

Last week's Chapter 11 filing by Ambac Assurance, which provides insurance on billions of dollars of MBS held by corporate credit unions (CUs), is likely to add to the price tag of the federal bailout of these wholesale institutions.

Santander Consumer USA has upsized its Santander Drive Auto Receivables Trust 2010-3 (SDART 2010-3) to $900 million from $675.2 million.

Voit Real Estate Services hired Darren Tappen as a commercial real estate broker. Tappen specializes in industrial, office and land acquisition, disposition and development in the Phoenix metropolitan area, according to a press statement.

Investors are starting to receive additional details on the loan types — including information on Home Equity Conversion Mortgage (HECM) Savers and FHA modified loans — that issuers are placing in Ginnie Mae-guaranteed MBS.

All four federal bank regulatory agencies are conducting targeted exams of foreclosure practices and policies involving on-site examinations and the sampling of loan files at depositories that control a large portion of the nation's $9.9 trillion in housing receivables.

Barclays Capital and Morgan Stanley have structured a $355 million deal backed by billboard collateral, the first of its kind to be rated by Moody’s Investors Service. The deal securitizes 10,172 billboard faces, associated with 4,982 outdoor advertising structures and related permits, licenses, ground leases and the property on which the billboards stand, according to a Moody’s pre-sale report. In the 12 months through last September the portfolio of billboards brought in $98 million in revenue, generating an operating margin of 61%. Minnesota-based AOA Management Company Limited Partnership will manage the billboards for the deal’s issuer. The agency gave preliminary ratings of ‘A(sf)’ for the $254 million in A notes, ‘Ba2(sf)’ for the $44 million in B notes, and ‘B3(sf)’ for the $57 million in C notes.

With securitization's future paved with uncertainty, coming up with an estimate of what RMBS volumes will amount to depends on a number of variables.

Equifax will be linking its ABS Credit Risk Insight Direct to Lewtan's ABSNet Loan comprehensive database of residential deal and mortgage performance data.