Securitization

Mortgage spreads and rates have fluctuated somewhat in the wake of European and Greek financial concerns that have sent some investors into safe havens such as the benchmark 10-year Treasury, a trend that had driven the latter's yield down to 3.56% at midday.

A four-tranched RMBS deal from RESIMAC is in the market. The A$250 million deal is called RESIMAC Triomphe Trust - RESIMAC Premier Series 2010-1.

Highland Capital Management has promoted Patrick Boyce and Lane Britain to partner. Boyce is currently chief operating officer and chief financial officer at Highland; Britain is a portfolio manager and co-head of research at the firm.

Mortgage application activity was mixed in the week ending April 30 with refinancing activity lower, while purchase activity was higher as borrowers took advantage of the homebuyers tax credit before it expired on April 30.

The 1Q10 trend in French housing lending has confirmed strong activity in the sector, according to data released by the French residential funding monitoring agency (OFMR CL-CSA).

Jenine Fitter joined Digital Risk as senior vice president in client solutions. Her appointment shows the firm's increased focus on the secondary mortgage market.

Goldman Sachs’ top managers told equity analysts at Bernstein Research that their firm has not lost many customers in the wake of a Securities and Exchange Commission (SEC) lawsuit.

Most banks did not tighten lending standards on prime or nontraditional single-family mortgages during the past three months and there appears to have been some relief on HELOC standards, according a new survey of senior loan officers conducted by the Federal Reserve.

Invesco Mortgage Capital has completed its public offering of 900,000 shares of common stock, raising $187 million — cash that will be used for mortgage-related investments.

Fitch Ratings revised its rating criteria for U.S. auto lease ABS to reflect the residual value volatility seen over much of the last two years.

In a report from Trepp, the data provider said that the delinquency rate for CMBS commercial real estate loans continued to rise in April, although the rate of increase slowed compared with March's accelerated pace.

Standard & Poor’s and Experian together will be launching a series of consumer credit default indices.

Assured Guaranty Corp. (AGC) and Assured Guaranty Municipal Corp. (AGM) hired Gregory Raab as senior managing director, RMBS workout.

The 30-day delinquency rate on securitized multifamily mortgages fell slightly in April after a 332 basis point spike in March due to the default of the Stuyvesant Town and Peter Cooper Village project in Manhattan.

PennyMac Mortgage Investment Trust (PMT) started on a new securitization to provide additional capital and increase its investment capacity.

JPMorgan Chase and Ladder Capital Finance are prepping a CMBS worth $800 million in June, according to published reports.

After several quarters of horrendous losses, GMAC's residential mortgage division Residential Capital (ResCap) posted a small profit in the first quarter, but the company attributed the turnaround, in part, to the "extinguishment of debt."

A quarterly survey by two Chicago professors shows a dramatic increase in the number of "strategic defaults" where an underwater homeowner willingly defaults on his mortgage even though he can afford to make the payments.

DLA Piper hired Peter White, Charles Baker, Mark Whitaker and Katie Baynes as partners in the corporate and finance group.

GNMA technicals are expected to be favorable over the near term. In recent research, JPMorgan Securities analysts noted that CMO demand is taking out around 60% of the issuance, while overseas and domestic bank demand has been strong.