Securitization

Refinancing activity plunged in the final two weeks of 2009 due to a jump in mortgage rates and consumers being distracted by the holidays.

The International Derivatives Clearing Group (IDCG) board of directors appointed Garry N. O’Connor as CEO of IDCG.

In continuing its hiring spree from last year, the roster for Jeffrey Gundlach’s bond investment management firm has continued to grow in size thanks to a multitude of departures at The TCW Group.

Despite an increase in home sales, the housing market continues to face "strong" headwinds due to tight credit conditions and high foreclosure rates, according to Federal Reserve governor Elizabeth Duke.

A recently finalized rule from the Federal Housing Finance Agency (FHFA) will likely translate into new members for the Federal Home Loan banks, but is not expected to contribute greatly to the system's bottom line.

Tidewater Finance Co. is in the market with a $115.3 million auto ABS deal called Tidewater Auto Receivables Trust 2010-A. The offering is led by BB&T Capital Markets.

Fitch Ratings launched its Basel II supervisory formula approach (SFA) tool that calculates capital charges on a set of unrated tranches of standard securitizations.

GMAC Financial Services — which is considering selling its troubled residential division — said it will take $3.8 billion of mortgage-related charges in the fourth quarter.

Assured Guaranty named Nicholas Proud senior managing director, international. He will head the company’s international credit enhancement business.

Ford Motor Credit Co. is in the market with an auto floorplan ABS deal. The $591.1 million transaction is lead managed by Bank of America Merrill Lynch, Citigroup Global Markets, Goldman Sachs, and RBS Securities.

Robert G. Shoback resigned on Dec. 31 from his post as senior managing director of Ambac Financial Group and its bond insurer subsidiary Ambac Assurance Corp., the parent company announced today in a filing with the Securities and Exchange Commission.

The Committee on Rules of Practice and Procedure has proposed an amendment to a bankruptcy rule that could have profound implications for the market for distressed loans, trade claims and securities, the Loan Syndications and Trading Association (LSTA) said.

Ginnie Mae is contemplating selling the $1.3 billion residential servicing portfolio that it recently seized from Lend America of Melville, N.Y.

Commercial real estate loans held by commercial banks and in CMBS are experiencing higher delinquency rates than CRE loans held by other investors, according to a new report from the Mortgage Bankers Association (MBA).

Investment manager The TCW Group has voluntarily withdrawn from the U.S. Department of the Treasury’s Public Private Investment Program (PPIP), the firm said on Monday.

Knight Capital Group said that Knight Libertas U.K. appointed Ronald E. Thompson, Jr. as

WorldVest is initially aiming to raise roughly R$173 million ($100 million) in a Brazilian receivable investment fund (FIDC) that the merchant bank announced yesterday, according to CEO Garrett K. Krause.

Nixon Peabody has further expanded its securitization and structured finance practive by hiring Sarah Nelson who joins the firm as counsel in the global finance practice.

Clear Capital updated its systems to accept the American Securitization Forum Loan Identification Number Code (ASF LINC) — a new standardized universal code that creates greater data transparency at the collateral level.

Delinquent balances on U.S. credit cards reached record levels while defaults surged higher in December 2009, as reported in the latest Fitch Ratings' Credit Card Index.