Securitization

The latest ABX remittance data showed that CDR levels increased modestly in July, as average values for each index ranged from flat to up 1.4 points, according to Bank of America Merrill Lynch analysts.

The Securities and Exchange Comission (SEC) said today that it will open up a public comment period on the new rules presented under the Dodd-Frank Reform Bill. This will before the official comment periods have started.

PHH Corp. has named Smriti Laxman Popenoe as executive vice president and chief risk officer effective Sep. 13. Popenoe will be responsible for the design and implementation of an enterprise-wide risk framework and will work with the firm’s business units to identify, effectively manage and mitigate credit, market and operational risks.

Fannie Mae has provided $5.9 billion in investment to the multifamily rental housing market in 1H10.

Several significant initiatives have helped to increase transparency in the global structured finance market, making it possible for rating agencies to assign credit ratings to structured finance issues without the cooperation of the relevant issuer or arranger, according to Fitch Ratings.

Three major trade associations have announced support for H.R. 5823, a bill seeking to establish a covered bond market in the U.S. that is currently being debated by the House Financial Services Committee.

Credit card issuers have dropped many policies that lawmakers deemed unfair and barred under the CARD Act, but some new practices that could put consumers at risk are increasing, according to a report from the Pew Health Group's Safe Credit Cards Project.

After Ford Motor Credit Co.'s (FMCC) ABS sale had been reportedly pulled last Wednesday, along with a planned sale from another unamed issuer, the firm is pushing through with its auto ABS offering called Ford Credit Auto Owner Trust 2010-B.

A fight is brewing between regulators and Congress over how to develop a covered bond market, with the latest salvo expected to be fired as soon as Tuesday, when the House Financial Services Committee could begin voting on a bill tackling the issue.

Wyndham Worldwide Corp. said it completed a term securitization transaction involving the issuance of $350 million of investment-grade ABS notes called Sierra Timeshare 2010-2 Receivables Funding.

House and Senate committees have approved the Department of Housing and Urban Development(HUD) appropriation bills that extend the $729,750 loan limit through September 2011.

REIT The Carson Cos. has formed Carson Advisors. The new unit was created to partner and invest with public and corporate pension funds, sovereign wealth funds, endowments, foundations and high net worth investors.

Spain's Ahorro y Titulizacion said it is working on a €22.9 billion ($29.7 billion) securitization for the Instituto de Credito Oficial, a Spanish government agency that lends to businesses, according to a Reuters report.

It will take five years to turn the new federal financial reform law into rules and regulation, an industry expert from the Securities Industry and Financial Markets Association (SIFMA) said last week.

Fitch Solutions appointed Neil Smith as the managing director for its research services group.

Five of Spain's smaller regional lenders, known as cajas, were among the seven banks to fail the European Union stress test.

Federal Reserve Board Chairman Ben Bernanke said that U.S. housing policy, with its reliance on Fannie Mae and Freddie Mac, is "not sustainable."

Lewis Ranieri, the co-inventor of MBS, believes the yield on the 10-year Treasury could fall to as low as 2.5% this year.

Onex Credit Partners, a unit of private equity firm Onex Corp, has hired Jack Yang, a loan market veteran who helped expand Highland Capital Management’s credit strategies business, as a managing partner. This hire indicates that Onex is looking to expand its leveraged finance business.

Some European market players said that there is increasing appetite by outside buyers for European ABS.