Securitization

It was a productive year for special servicers in 2009, but there's a lot more where that came from, according to a new Fitch Ratings report.

Milestone Merchant Partners is now officially offering for sale a $20 billion package of residential servicing rights on behalf of the Federal Deposit Insurance Corp. The offering has been rumored for several weeks.

CQS hired Jason Walker and Jessica Hadad. Walker will serve as portfolio manager for the CQS ABS Fund, focusing on European RMBS and global CMBS. Hadad joins as an ABS analyst concentrating on due diligence.

Moody's Investors Service has placed 40 RMBS re-securitization tranches with a current outstanding balance of $500 million on watch for possible downgrade.

The Obama administration's reluctance to put forth a plan for Fannie Mae and Freddie Mac only increases the chance that the GSEs will become permanent arms of government.

The Federal Deposit Insurance Corp. (FDIC) is dusting off yet another tactic originated during the savings and loan crisis for dealing with its current failure load.

Over the past month, foreclosure-to-REO (F2R) transition rates rose significantly across sectors and vintages and in the negative amortization and Alt-B space, Barclays Capital analysts said. This is the second month it increased.

DebtX launched availability of DXMarket Datasm, a new information service that offers loan buyers with more analysis and insight about transactions executed at www.debtx.com.

LyondellBasell is looking to raise $3.25 billion in exit financing, the Houston-based company said late Thursday. The package will include both junk bonds and a senior term loan facility.

The Treasury Department and the Department of Housing and Urban Development (HUD) today released February data for the Home Affordable Modification Program (HAMP).

The Federal Deposit Insurance Corp. (FDIC) is reportedly preparing to sell $3 billion worth of loans from AmTrust Bank, said a Bloomberg report, citing people who are involved in the sales. AmTrust is the a Cleveland-based lender seized by FDIC last December.

GMAC Financial Services has hired Goldman Sachs to start the process of selling the company's money-losing mortgage unit Residential Capital Corp., according to a new published report.

GMAC Mortgage's (GMACM) corrective actions related to an unusual servicing practice that could hurt ratings on nearly $6 billion of RMBS it services are scheduled for completion by April 1, according to a Moody's Investors Service report.

Loss severities on distressed RMBS loans will probably increase this year as several key government support programs expire, Fitch Ratings said in a report.

The Federal Deposit Insurance Corp. (FDIC) extended its temporary protection for securitized assets from failed-bank seizures or the safe harbor to Sept. 30.

Kohlberg Kravis Roberts & Co. has promoted four professionals in its asset management department to run the firm's special situations and leveraged credit strategies.

Altrius Capital Management launched an institutional investing division at the start of the year, an official at the 12-year old firm told ASR sister publication Investment Management Weekly.

Senate Banking Committee Chairman Chris Dodd announced today that he is unable to reach a deal with Sen. Bob Corker and plans to introduce a bill next week on his own with the goal of pushing it through the committee along party lines if necessary before the Easter recess.

Kevin Jackson, previously a director in convexity products at Bank of America Merrill Lynch, will be joining Wells Fargo Securities as part of the firm's efforts to bolster its residential financing, origination, and trading activities.

Connecticut Attorney General Richard Blumenthal has filed suit against Moody’s Investors Service and Standard & Poor’s for allegedly enabling the “worst economic downturn in the nation since The Great Depression” due to their issuance of “tainted” ratings to risky subprime investments.