Securitization

Kondaur Capital Corp., an active investor in distressed and underperforming mortgages, is marketing a $79 million MBS collateralized by $263 million of nonperforming loans (NPL).The bond is being underwritten by Royal Bank of Scotland in what appears to be a private placement, the offering. A copy of the offering prospectus was provided to National Mortgage News.

Only seven banks failed the European stress test results for financial institutions. The question remains whether the test has done enough to ensure the strength of European financial institutions.

The Securities and Exchange Commission (SEC) has proposed to Congress to amend the definition of “security” under federal securities laws to include life settlements.

CMBS' loss seems to be the credit tenant lease (CTL) market’s gain. The latter has shown robust growth in the face of the financial crisis and in its aftermath, mainly owing to the shutdown of the CMBS and conduit markets.

Bank of America Merrill Lynch has arranged a $300 million CLO, surprising market participants who, after the worsening of the debt crisis overseas, weren’t expecting to see new CLOs for some time. In fact, other deals are in the works as well, sources say.

General Motors Co.'s deal to buy AmeriCredit Corp. says as much about the state of consumer finance as it does about the auto industry.

The Securities and Exchange Commission (SEC) will give securitization issuers six months to omit credit ratings from ABS registration statements filed under Regulation AB, the SEC announced Thursday in a 'no action' letter.

Sales of existing single-family homes fell 5.6% in June, following a 1.6% decline in May, a decent showing in the wake of federal tax credits for homebuyers expiring in the early spring.

Ambac Financial Group Friday completed the sale of RangeMark Financial Services, the advisory services company it helped launch.

Three trade associations — American Securitization Forum (ASF), Securities Industry and Financial Markets Association (SIFMA), and the CRE Finance Council — have all issued comment letters to the U.S. Treasury on GSE reform.

General Motors will acquire AmeriCredit in an all-cash transaction valued at approximately $3.5 billion, the firm announced today.

The Mortgage Bankers Association has appointed Kathy Marquardt as associate vice president of commercial servicing and council coordinator, effective Aug. 9.

Mortgage application activity increased 7.6% in the week ending July 16 with refinancing and purchase activity higher.

The Financial Industry Regulatory Authority (FINRA) fined Deutsche Bank Securities $7.5 million for negligently misrepresenting delinquency data in connection with the issuance of subprime securities, the regulator said today.

The CRE Finance Council said today that overall the final Financial Reform Bill included provisions intended to address the unique nature of commercial real estate finance and to promote a coordinated regulatory approach.

The repeal of Section 436(G) of the Securities Act of 1933 --- what the Wall Street Journal in an article this morning called an “unintended consequence” of the Dodd-Frank Wall Street Reform and Consumer Protection Act --- is likely to open rating agencies to unprecedented liability for the quality of their ratings on ABS transactions, according to Barclays Capital analysts.

Credit conditions are improving for some of the top card issuers but the effects of new regulations and long-term unemployment will continue to challenge their portfolios' performance.

BTIG will continue to expand its U.S. fixed income sales and trading platform with the addition of several hires to its structured products grouphigh yield, high grade, and convertibles.

Syncora Guarantee on Wednesday will begin paying insurance claims on regularly scheduled payment dates following the approval of its remediation plan by its regulator.

As if Greece didn't have enough on its plate, now banks looking to securitize Greek assets face a 'AA' threshold on many of the country's deals. This is a result of its sovereign and domestic downgrade to triple-B that happened a month ago.