Securitization

Moody's Investors Service Managing Director Mark DiRienz is joining the commercial group at the rating agency, leaving his post as the managing director of the ABS team in the structured finance group (SFG).

New York Mortgage Trust closed its investment of up to $750,000 in senior secured notes issued by New Bridger Holdings the parent company of Bridger Commercial Funding.

CRE Finance Council has hired Michael Flood as vice president of policy and research.

Bank of America completed more permanent Home Affordable Modification Program (HAMP) loan modifications in April than CitiMortgage, JPMorgan Chase, and Wells Fargo combined.

Auto deals are filling up the pipeline. Both Nissan Motor Acceptance Corp. and Santander Consumer USA are in the market with deals from the sector.

Bank of America completed 23,500 permanent Home Affordable Modification Program (HAMP) modifications in April, almost double what it processed the previous month.

Moody's Investors Service has downgraded $2.2 billion of securities backed by Alt-A mortgages issued in 2005 by Residential Funding Co., a unit of what is now Ally Financial.

In the United Kingdom, purchase mortgages have continued their year-to-year rise for the ninth consecutive month, according to a London-based industry trade group.

New, stricter guidelines for interest-only adjustable-rate mortgages at Fannie Mae could further limit the voluntary prepayment volatility of its existing guarantee book, according to a recent report by FTN Financial.

S&P Valuation and Risk Strategies will provide independent valuations for various fixed income securities to GlobeOp Financial Services.

Franklin Templeton Real Estate Advisors (FTREA) hired Julie Rost as vice president, private real estate.

The International Accounting Standards Board (IASB) issued an exposure draft change accounting for the value of certain liabilities resulting from changes in a firm’s credit standing under the International Financial Reporting Standards (IFRS).

Morningstar will be acquiring Seeds Group, a provider of investment consulting services and fund research in France.

WestLB credit structuring head Darren Smith and Cross Point Capital Managing Director Pamela Winchie have written a book that introduces readers to the modeling of cash flow CDOs. The book is titled Cash CDO Modeling With Excel: A Step by Step Approach.

Investec is in the market with an automobile-backed deal called Impala Series No. 1 2010-1. The six-tranched offering is worth A$240 million.

Canadian Imperial Bank of Commerce (CIBC) is in the market with two card deals under its Cards II Trust, series 2010-1 and 2010-2. CIBC is serving as the lead underwriter on the deals.

Clayton Holdings, a risk analytics firm, said it has adopted new Fannie Mae promulgated quality control standards into its product offerings.

Published reports indicated that some of the banks and credit rating agencies that were subpoenaed by New York Attorney General Andrew Cuomo are willing to cooperate with his investigation. Cuomo's probe is looking into the propriety of these firms' relationships.

Federal Reserve Board Chairman Ben Bernanke has told three senators that a provision in the regulatory reform bill that would force banks to spin off their swaps trading desks would be "counterproductive."

While the odds of passage remain strong, the process behind the regulatory reform legislation is increasingly chaotic.