Securitization

Student loan lender Nelnet is in the market with a $660 million FFELP-backed asset-backed transaction.

Nissan Motor Corp. filed an S-3 registration yesterday with the Securities and Exchange Commission (SEC) to issue an ABS deal under its Nissan Auto Receivables Owner Trust.

The 30-day delinquency rate on securitized multifamily mortgages hit 9.87% in February, up 16 basis points from January, according to Trepp.

Stifel, Nicolaus & Co. has further developed its “full-service capital markets platform” with the creation of an asset management and portfolio advisory division, the St. Louis, Mo.-based institutional brokerage and investment-banking firm said yesterday.

Greece looks serious about resolving its financial crisis on its own. Yesterday the country announced fiscal measures to reign in the mountain of rising debt its so crucially needs to control.

One of Fannie Mae's new loan-quality guidelines goes against the grain of traditional mathematics teaching.

The aggregate value of CRE loans priced by DebtX that back CMBS rose to 76.7% as of Jan. 29, up from 75.9% as of Dec. 31. Loan values dipped from 81.3% compared with January 2009.

Yesterday, the Federal Reserve proposed a rule amending Regulation Z or the Truth in Lending Act.

Lender Processing Services opened its Washington, D.C. office. This gives LPS the ability to pursue opportunities with new government partners.

Freddie Mac reported a decline in fixed mortgage rates for the week ending March 4 with 30-year mortgage rates falling back through 5% to 4.97% from 5.05% last week.

Student Loan Corp. is in the market with a Term ABS Loan Facility-(TALF) transaction backed by private student loans.

Despite ongoing litigation, less than stellar ratings and continued losses on structured finance products, MBIA managed to post positive net income last year.

Barclays Capital is taking orders from investors on at least one Federal Deposit Insurance Corp. (FDIC) structured note deal with two others on the way as the government moves to monetize at least $4 billion worth of product, according to hedge fund and investment bankers familiar with the matter.

JPMorgan Chase Commercial Mortgage Securities Corp has filed a registration document to come to market with a $1 billion CMBS offering, according to a Dow Jones report. The article added that the last time the company came to market was in December with a $500 million CMBS.

Chrysler Financial Services America's over $2 billion auto lease transaction has priced. The lead managers on the Term ABS Loan Facility (TALF)-eligible deal are Barclays Capital, BNP Paribas, Deutsche Bank Securities, Goldman Sachs and JPMorgan Securities.

PennyMac Mortgage Investment Trust, Calabasas, said its chief investment officer, Michael Muir, has resigned effective March 2. No reason was given for his departure.

Broker dealer BTIG hired James Zurovchak for its RMBS sales team. Zurovchak, who was hired as a director in RMBS sales, will also be trading agency CMOs. He was formerly from Source Capital Group, an NY-based RMBS boutique broker dealer, where he also focused on RMBS sales.

Bingham McCutchen hired Lizzie Baird as a partner in its broker-dealer group. Baird joined Bingham’s Washington, D.C. office from O’Melveny & Myers.

One of the questions posed by the recent financial crisis is whether bond insurers will ever cover mortgage securities risks outside of the municipal sector again.

Standard & Poor’s would like input from loan market participants on a proposed metric that would estimate a CLO’s recovery value.