Securitization

Mortgage executives are balking at what amounts to a souped-up Sarbanes-Oxley Act for servicers.

Royal Bank of Canada (RBC) is in the market with two Golden Credit Card Trust deals, series 2010-1 and 2010-2. The underwriter on the credit-card-backed transaction is RBC.

Hedge funds’ take on the wide array of new regulations being proposed for CDOs, credit default swaps and derivatives, in addition to taxes on risk retention, is simple: Bring it on.

Valex Consulting, a Philadelphia based application development and software consulting firm, has been hired to redevelop and enhance the Access Versalign's Access Channel software platform.

Standard & Poor's rocked the boat last month when it offered an unsolicited take on Redwood Trust 's private mortgage bond deal.

The Senate rejected a derivatives substitute Wednesday 59 to 39 that would have struck a prohibition that would force banks to spin off their swaps trading desks.

The Senate Wednesday evening approved by unanimous consent an amendment that will exempt "qualified mortgages" from the 5% risk retention provisions in the Wall Street Reform bill.

The 30-year fixed mortgage rates dipped below 5% for the first time since the end of March as expected.

Churchill Financial announced that Olympus Partners, a Stamford, CT-based private equity firm, has bought the asset management firm.

George Skelton joined Societe Generale Corporate & Investment Banking in New York this week as a director in its cross asset solutions group. He is coveringr institutional accounts for the distribution of structured credit products.

Thomas Fahey will be lending his global fixed-income expertise to Loomis, Sayles & Co. as a senior macro strategist, a new role at the firm.

A new report issued by the National Credit Union Administration (NCUA) on last year's failure of Eastern Financial Florida Credit Union (EFFCU) found that the one-time high-flying CU was brought down by risky investments in CDOs as well as loan losses and other concerns.

The Senate just rejected a Republican measure to eliminate a provision in the regulatory reform bill that requires ABS issuers to retain "skin-in-the-game," or take steps to ensure that their loans meet standards to reduce risk.

Ambac Financial Group late Tuesday estimated that it will report a first-quarter net loss between $650 million and $750 million, according to documents filed to the Securities and Exchange Commission.

Bond insurers Assured Guaranty and MBIA each released first-quarter earnings Monday, and while their results were vastly dissimilar, they shared at least one thing in common — each company’s stock quickly tumbled afterward.

Deutsche Bank Securities analysts expect nominal spreads to be very volatile as a result of Greek debt issues, and to bounce in the opposite direction to rates, they said in research released this week.

The Federal Deposit Insurance Corp.'s (FDIC) board of directors yesterday approved a Notice of Proposed Rulemaking (NPR) clarifying the safe harbor protection in a conservatorship or receivership for financial assets transferred by an insured depository institution (IDI) in a securitization or participation.

Ginnie Mae guaranteed over $32.6 billion in MBS in April. The agency also reported that in March, 1.85% of the single-family loans in Ginnie Mae guaranteed securities were 90-days or more delinquent, down from 2.02% last February.

The Senate adopted an amendment 63 to 36 on Wednesday that would establish minimum mortgage underwriting standards, including banning yield spread premiums and no documentation loans.

Moody's Investors Service today downgraded 36 classes of notes in 23 Greek structured finance transactions and placed one class of notes in a CDO transaction on review for possible downgrade.