Securitization

Bank of America late Tuesday said it is "not responsible" for the "poor" performance of mortgages "as a result of a bad economy," and defended its role as a servicer on billions of dollars in outstanding home loans.

Avis Budget Car Rental is marketing 144A ABS backed by rental fleet vehicles. There are two deals — Avis Budget Rental Car Funding (AESOP), Series 2010-4 and 2010-5, according to a Moody's Investors Service presale report.

The £3.4 billion ($5.33 billion) U.K. prime RMBS master trust issue called Arkle 2010-2 was absorbed by the market quite quickly, with fairly little marketing.

The Financial Accounting Standards Board’s (FASB) proposal that would mandate fair value accounting treatment for most banks is not finding any supporters in the institutional investor space, a new study claims.

Existing home sales fell 6.4% in September from the previous month, but October could turn out to be a good month, according to RE/MAX, the national realty company.

On Monday, bondholders of over 25% of the voting rights in more than $47 billion of Countrywide Financiall-issued RMBS sent a notice of non-performance to Countrywide Home Loan identifying specific covenants in 115 pooling and servicing agreements (PSAs) that the holders allege countrywide servicing has failed to perform.

Moody’s Investors Service said the proposed rehabilitation plan to deal with Ambac Assurance Corp.’s segregated account of high-risk insured assets is a credit positive and, if confirmed by the courts, will put the Wisconsin-domiciled bond insurer “one step closer to an orderly run-off.”

Over the next few weeks, the Federal Housing Administration (FHA) will send review teams into several FHA servicing shops to see how they are handling foreclosures, ASR sister publication National Mortgage News (NMN) has learned.

The European Central Bank (ECB) made changes to the language in its guidelines on monetary policy instruments and procedures last week.

The International Organization of Securities Commissions (IOSCO) published recommendations for market interventions and securitization in emerging markets after meeting at Istanbul last week.

If Rep. Scott Garrett has his way next year, covered bonds will become a viable way to provide an array of credit, the conservatorship of the GSEs will be unraveled and the new consumer protection bureau will be repealed.

It seems no one is going to escape scrutiny now that the 50 state attorneys general and the GSEs are requiring almost every servicer to review their foreclosure processing procedures.

American Honda Finance Corp. (AHFC) is in the market with an auto loan securitization called Honda Auto Receivables 2010-3 Owner Trust (HAROT 2010-3). The deal is managed by BNP Paribas and JPMorgan Securities.

The $3.847 billion securitization for the National Credit Union Administration (NCUA) has launched and is expected to price early afternoon today. This is the first in a series of securitizations for the NCUA.

A New York state judge has dismissed a lawsuit filed by hedge fund investors in 2007 against Countrywide Financial Corp. over soured MBS issued during the boom years.

Recent scrutiny of foreclosure executions related to allegations of procedural flaws could affect some securitization prepayments.

The 30-day plus delinquency rate on CMBS edged up in September to a new record of 9.05%, according to Trepp.

First Horizon National Corp. said declines in problem assets may have hit a temporary wall, with further improvement possibly on hold until mid-2011.

The nation's foreclosure crisis has resulted in loan closings being scuttled in some regions of the nation and fears are mounting that if the situation isn't rectified soon it will damage the one area where lenders are posting stellar profits: new originations.

Delinquencies for CDOs backed by commercial real estate (CRE) loans continued to climb in September, Fitch Ratings said Friday.