Securitization

The Regional Bond Dealers Association (RBDA) has called on the Financial Industry Regulatory Authority (FINRA) to suspend the Trade Reporting and Compliance Engine (TRACE) reporting of agency debt trades until bank dealers are required to comply with similar rules.

Volkswagen Bank began marketing its EUR475 million ($648 million) auto loan receivables securitization deal, Diver Seven.

The creation of an independent Consumer Financial Protection Agency (CFPA) would not impair safety and soundness regulation of banks, according to a majority of business economists.

The Canadian covered bond market is flourishing, even without covered bond legislation to bolster the sector.

Mary Coffin, the executive vice president of loan servicing and post-closing at Wells Fargo Home Mortgage will be traveling to upcoming home preservation events in some of the more distressed areas of the country like St. Paul and Minneapolis, as well as Los Angeles, Oakland and Miami, to learn how better to underwrite customers for loan modifications.

A little-noticed provision tucked into regulatory reform legislation by the Treasury Department is causing a furor among large institutions, which say it would effectively ban all derivative transactions between banks and their affiliates.

Babson Capital Management closed five CLOs with over $1.7 billion under management. Included in the transaction are Victoria Falls CLO, Diamond Lake CLO, Clear Lake CLO, Summit Lake CLO, and St. James River CLO.

Home lenders are smarting these days as Fannie Mae and Freddie Mac make them repurchase bad loans. But a multibillion-dollar windfall, courtesy of the GSEs, will mitigate lenders' pain.

The recent prepayment reports for Freddie Mac highlighted the better underlying credit in loan balance paper as this credit experienced lower delinquency buyouts.

Bingham McCutchen hired Martin Teckler to its structured transactions practice group as a Washington-based of counsel.

Linklaters launched its structured finance practice in Amsterdam by hiring Kees Westermann, who will head up the new practice.

The Federal Deposit Insurance Corp. (FDIC) began its courting of pension funds interested in buying assets of distressed bank holding companies.

The U.S. Treasury said today that there should be no uncertainty about its commitment to the GSEs and said Fannie Mae and Freddie Mac continue to play a vital role in the housing market in the current crisis.

The budget tabled yesterday by the Canadian government promised to create a legal framework for Canadian covered bonds.

GMAC Financial Services has auctioned off $250 million of problem mortgage assets, using Citigroup as its broker on the deal.

The Federal Deposit Insurance Corp. (FDIC), in an effort to get rid of residential and construction loan assets from failed banks, has priced two note offerings totaling $1.8 billion to "robust market demand," according to a source familiar with the transaction.

The Federal Deposit Insurance Corp. (FDIC) is planning to extend its "safe harbor" policy past March 31 while the board of directors continues to work on new securitization standards.

The market focus in Europe is now on the first true U.K. RMBS since the 2007 issue from Santander U.K., FOSSE 2010-1. The deal priced and closed today.

The Term ABS Loan Facility (TALF) is scheduled to close on March 31 for loans backed by all types of collateral except newly issued CMBS. The program will be ending on June 30 for loans backed by newly issued CMBS.

Steve Abrahams has been named the head of Deutsche Bank Securities securitization and MBS research.