Securitization

The auto sector is gearing up for more deals in the pike. AmeriCredit Financial Services and American Honda Finance Corp. are both prepping automobile-backed transactions.

Basis risk is exposing some U.S. FFELP SLABS to considerable short-term volatility, Fitch Ratings said.

Redwood Trust, which recently came to market with a jumbo MBS deal, is already working on a follow-up bond offering, according to industry officials familiar with the matter.

Assured Guaranty late Monday announced its first-quarter operating income was $89.6 million, a 41% increase from the same period one year ago.

American Securitization Forum (ASF) Executive Director Tom Deutsch released the following statement as a response to the Federal Deposit Insurance Corp.’s Notice of Proposed Rulemaking (NPR) regarding safe harbor in the event of a bank failure.

The Federal Deposit Insurance Corp. (FDIC) on Tuesday revamped its securitization proposal, mandating that depositories hold a 5% risk retention piece, but exempting loans sold to the GSEs and into bonds guaranteed by Ginnie Mae.

The European Union (EU) unveiled a €750 billion($952 billion) bailout package yesterday to help stabilize the euro against the U.S. dollar.

The Federal Deposit Insurance Corp. (FDIC) will take another stab today at imposing checks on securitization.

CIT Group's banking subsidiary is operating under a cease-and-desist order, it's still small, and it's paying a rate (13%) on billions in secured debt that many borrowers would laugh at.

Australia-based Westpac Securitisation Management Pty Ltd. filed an S-3 with the Securities and Exchange Commission (SEC) to possibly issue mortgage ABS notes.

Jones Day hired Elizabeth H. Evans as a banking and finance partner in its New York office. Evans was previously at Weil, Gotshal & Manges, where she was formerly a corporate partner.

Babson Capital Management has added a former UBS Funds Management executive to its Australian sales staff, the U.S.-based investment firm announced today.

The number of mortgaged homes with negative equity fell slightly in the first quarter to 11.2 million units, according to figures compiled by CoreLogic.

Among the many types of mortgage-related securities markets being reshaped by some skepticism in the wake of the recent downturn is the collateralized mortgage obligation market.

Mortgage lenders plagued with requests from Fannie Mae to buy back defective loans can now take comfort in the knowledge that they're far from alone.

Mission Capital Advisors is marketing 36 nonperforming CMBS loans with an aggregate outstanding balance of roughy $300 million backed by over 4.6 million square feet of income property real estate located throughout the U.S.

The aggregate value of Commercial Real Estate (CRE) loans backing CMBS that are priced by DebtX dipped to 75.9% as of March 31 from 76.5% as of Feb. 26. Loan values are down from 81.2% as of March 31, 2009.

Industry veteran Rudy Orman has resigned as vice president of Marathon Asset Management, a New York-based private equity fund that invests in distressed residential whole loans and MBS.

HSBC Global Asset Management appointed five new investment professionals to its global multimanager team.

Former Federal Reserve Board Chairman Paul Volcker objected to a provision in the regulatory reform bill that would force banks to spin off their swaps desks.