Securitization

Like others in the securitization and private placement markets, John Loofbourrow is paying close attention to the Securities and Exchange Commission's (SEC) proposed changes to disclosure regulations.

DoubleLine Funds Trust launched two open-end mutual funds: the DoubleLine Total Return Bond Fund and the DoubleLine Emerging Markets Fixed Income Fund.

Mortgage rates eased off last week's eight-month high with 30-year fixed mortgage rates falling 14 basis points to 5.07% with an average 0.6 point.

Wells Fargo had 523,336 active trial and completed loan modifications as of March 31. Modifications done outside of the Home Affordable Modification Program (HAMP) made up nearly 380,000 of that total.

GMAC Financial Services has promoted Jeffrey Lemieux, a former executive at Cerberus Capital, to the position of senior vice president of business lending sales in its mortgage division.

Mission Capital Advisors is now marketing two nonperforming CMBS loans with an aggregate outstanding balance of $50,719,954.

The Department of Treasury issued figures in its report on servicer performance for March 2010 that showed that there was a 15% increase in permanent Home Affordable Modification Program (HAMP) modifications completed since February.

The Treasury Department and the Department of Housing and Urban Development will be holding public hearings this summer and fall to solicit advice from all stakeholders on the role the federal government should continue to play in the housing finance system and the future of Fannie Mae and Freddie Mac.

The Congressional Oversight Panel released a report on Tuesday claiming the Treasury Department's new mortgage efforts are too late to have a meaningful impact.

Ginnie Mae will be allowing lenders to securitize single loans beginning in July, according to a report from the Washington Post.

Executives from the nation's four largest residential servicers told Congress on Tuesday that their firms will accept "proportional" modifications on second liens but only when a first mortgage is modified and the principal reduced in a similar fashion.

Europe continues to showcase a line of new prime ABS and this week added a new Spanish auto loan securitization to the mix.

Guy Carpenter & Co. appointed Chris McKeown as president and CEO of North America broking operations.

Mortgage application activity dropped nearly 10% in the week ending April 9 with both refinancing and purchase activity declining.

Aside from Mercedez Benz, BMW is also in the market with an auto deal. The $750 million offering is lead managed by Bank of America Merrill Lynch.

At least two bidders still have an interest in buying National City's warehouse lending group from PNC Financial Services, but time is running out on the unit, according to sources close to the situation.

JPMorgan Chase is working on in-house, targeted principal reduction programs but has strong reservations about the government's efforts to develop a large-scale, broad-based principal reduction program for first and second mortgages.

Not only has Redwood Trust purchased jumbo loans for a planned nonagency MBS, but is actively shopping the mortgages to rating agencies, according to officials familiar with the company's plans.

The Federal Deposit Insurance Corp.'s(FDIC) board of directors approved a Notice of Proposed Rulemaking (NPR) revising the deposit insurance assessment system for large institutions.

Although Sukuk or Islamic bond global issuance for 2010 is expected to be in line with last year's volumes, the sector could experience a boost from a number of legislative and regulatory developments happening over the next few years, a Moody's Investors Service Report said.