Securitization

Airgas announced the signing of a two-year, $295 million accounts receivable securitization agreement, replacing the previous $345 million agreement which expires this month.

Earlier this week, Citigroup underwrote a new $500 million CLO, ending a year-long drought that saw no new vehicles consisting of widely syndicated loans.

The Federal Deposit Insurance Corp. (FDIC) announced its third issue under its Structured Sale Guaranteed Notes 2010-L2 series.

There has been a flurry of non-TALF activity right after the program ended earlier this month.

Rep. Scott Garrett (R-NJ) introduced the U.S. Covered Bond Act today, with support from Rep. Paul E. Kanjorski (D-PA) and Financial Services Committee Ranking Member Spencer Bachus (R-AL) as leading co-sponsors. This legislation, according to a press release from Garrett's office, aims to help facilitate a robust covered bond market in the U.S. to add liquidity and certainty to our nation's capital markets.

RBS Securities (RBS) appointed Paul Jablansky as managing director, senior consumer ABS and non-agency residential strategist within its global banking and markets (GBM) division in the Americas.

Sheila Bair, the chairman of the Federal Deposit Insurance Corp. (FDIC), said today that she expects the new rules on safe harbor protection for securitizations will be proposed in the next month or two.

A federal judge has dismissed a shareholder lawsuit against Canadian Imperial Bank of Commerce (CIBC) and four executives for allegedly misleading investors about the bank's exposure to securities backed by subprime mortgages.

Freddie Mac is coming to market with a $1.1 billion MBS backed by multifamily loans. The various passthrough certificates in the bond are collateralized by 68 recently originated multifamily mortgages from Freddie approved seller/servicers.

As an alternative to foreclosure, the government's forthcoming program to spur short sales may prove just as ineffectual as the push to modify loans.

After eroding amid ballooning job losses, the credit profiles of customer rosters at major card lenders have generally recovered, and in some instances, became stronger than at the beginning of the recession as issuers cull the ranks of their customers.

The 30-year fixed mortgage rates remained below 5% in the week ending March 18, averaging one basis point higher from last week to 4.96%, according to Freddie Mac's weekly survey.

He's not a state attorney general, but David Grais may soon become the lawyer that Wall Street hates most.

Wells Fargo signed into the second-lien modification component of the Obama Administration’s Home Affordable Modification Program (HAMP).

Janney Montgomery Scott named former Bear Stearns executive Brent Giese to head the firm’s newly created whole loan group. Joining Giese is former Bear colleague, James Stauss.

The Federal Open Market Committee (FOMC) issued a statement Tuesday indicating that the Federal Reserve will follow through with its plans to end its purchases of agency MBS this month as well as with plans to end Term Asset-Backed Securities Lending Facility (TALF) supporting loans backed by new-issue CMBS in June.

GMAC Financial Services has come to market with a $22 million package of nonperforming residential loans that were culled from securitizations.

Despite lower mortgage rates, both refinancing and purchasing activity declined in the week ending March 12.

The Bank of England proposed the extension to the pool of eligible collateral in the in its discount window facility to include portfolios of loans.

Investors remain unconcerned about the U.S. credit rating despite the warning issued last week by Moody’s Investors Service of a potential negative credit watch.