Securitization

The Commercial Mortgage Securities Association (CMSA) today provided Committee Chairman Chris Dodd and Ranking Member Richard Shelby with a letter that urges members to ensure that any regulatory reform bill takes into account the unique nature of commercial real estate finance.

BlackBox Logic, a data aggregation service firm that provides a comprehensive database of loan-level collateral underlying non-agency RMBS, have teamed up with two RMBS research organizations, Columbia Business School and Five Bridges Advisors.

Mortgage Bankers Association (MBA) leaders speaking at the opening session of this year's national servicing conference in San Diego said that current challenges are resulting in a greater spirit of cooperation within the industry and with the government that will continue throughout the year.

Knight Capital Group has hired a new sales and trading team as the firm continues to expand its optional institutional client capabilities with a listed derivatives group.

The International Organization of Securities Commissions (IOSCO) technical committee has published details on the template for the global collection of hedge fund information.

The European Union's (EU) statistical authority Eurostat said on Wednesday that debt figures provided by the Greek statistical authorities were incomplete and did not include a questionable swap operation. This puts into question the reliability of the Greek deficit.

The New York Federal Reserve rejected five bonds for the February Legacy CMBS TALF subscription period while accepting 51.

SecondMarket, a New York-based secondary market for illiquid assets such as private-label RMBSl and CMBS, has raised $15 million from Asian investors.

The Securities and Exchange Commission (SEC) approved the Financial Industry Regulatory Authority (FINRA) — the U.S. brokerage industry’s main regulator — plans for collecting trading data on ABS and MBS for the Trade Reporting and Compliance Engine (TRACE), according to a Bloomberg report.

JP Morgan said that adopting the new Financial Accounting Standards Board (FASB) accounting guidance for Variable Interest Entities or VIEs added approximately $88 billion and $92 billion of assets and liabilities, respectively. These were not previously consolidated on its balance sheets under the old accounting guidance.

Chrysler is in the market with a $1.7 billion auto lease deal. JPMorgan Securities is the lead manager on the Term ABS Loan Facility (TALF)-eligible offering.

Mortgage applications dropped last week as a result of higher mortgage rates and bad weather.

CMBS information provider Trepp has agreed to acquire Foresight Analytics, a privately held, California-based firm.

Viking Asset Securitization, a partially supported, multiseller ABCP conduit sponsored by Nordea Bank AB, has added a €87 million ($117 million) trade receivable transaction to its portfolio.

Bucking traditional beliefs regarding secured and unsecured credit, the risk of consumers with high credit scores defaulting on their mortgage is higher than the risk of this group defaulting on their credit cards, according to the FICO Score Trends Service.

Arch Bay Capital has issued a $57.4 million MBS backed by seasoned performing and delinquent subprime loans, garnering a 'AAA' rating on the bond, a sign that the private-label market could come back but only if issuers are willing to make little money on their deals.

MBNA Europe Bank plans to support both its U.K. credit card master trusts, CARDS I and II.

Euromax IV MBS S.A. (Euromax IV) triggered an event of default following a breach of its event of default overcollateralization ratio trigger. It’s likely to be the first of several European collateralized debt obligations to experience event of defaults triggered by a similar situation, Fitch Ratings said.

The Federal Deposit Insurance Corp. (FDIC) received 31 comment letters regarding the advance notice of proposed rulemaking (ANPR) on the safe harbor. The comment period ended yesterday.

President Obama welcomed implementation of the new credit card law on Monday.