Securitization

Sales of single-family existing homes jumped 9.7% in October following an 8.7% jump in September, as first-time buyers rushed to take advantage of the $8,000 tax credit, according to the National Association of Realtors (NAR).

Morgan Stanley hired David Moffitt to lead the securitization effort within the company’s capital markets division, according to a report from Bloomberg.

While investors might be tempted to hedge mortgages short in duration, JPMorgan Securities MBS analysts warned that the Federal Reserve might have inadvertently aggravated extension risk.

The analytics and research unit of Standard & Poor's, called S&P Fixed Income Risk Management Services (FIRMS), and information services firm Experian are forming a strategic alliance to improve transparency in the securitized loan market.

A U.S. district court judge in California has denied a motion by JPMorgan Chase Bank to dismiss a lawsuit that alleges the bank illegally reduced a couple's home equity line of credit.

The American Securitization Forum (ASF) said that George Miller, executive director of the associaton since 2004, will resign his position as of Dec. 16. At that time, Deputy Executive Director Tom Deutsch, who has also been with the ASF since 2004, will become acting executive director.

The sale of $11.5 billion in Jumbo servicing rights belonging to the bankrupt Thornburg Mortgage of Santa Fe has cleared another hurdle but it's still unclear when bids will be taken.

Goldman Sachs’ co-head of U.S. leveraged finance is being transferred to Europe to over see the firm’s bank loan, high-yield capital markets and restructuring group.

Tourmalet Advisors, a Connecticut-based hedge fund, is in the process of raising $500 million to invest in nonperforming mortgages, according to an offering circular provided to National Mortgage News.

A recent micro-loan securitization, completed by IFMR Capital and Equitas Micro Finance, has enabled the first-ever mutual fund investment into the Indian microfinance sector.

The European Central Bank (ECB) said in a statement that it plans to tighten its rating requirements for banks using ABS as security in its lending operations.

The U.K.'s year-to-year gross mortgage lending could experience a monthly slowdown, but it might start to look a little better on a year-to-year basis.

The House Financial Services Committee approved a series of amendments Thursday designed to enhance oversight of the Federal Reserve and create a government fund to pay for the failure of systemic institutions.

More non-Term ABS Loan Facility (TALF)-eligible transactions are coming to the securitization market.

Five of Ohio's public employee retirement and pension funds announced today that they have filed suit against three national credit rating agencies for allegedly releasing unjustified ratings, which, in turn "wreaked havoc" on their deflating investments during the stock market crash, state Attorney General Richard Cordray said today.

National home prices, including distressed sales, declined by 9.8% in September 2009 compared with September 2008, according to First American CoreLogic and its LoanPerformance Home Price Index.

Bank of America is moving ahead with a $460 million CMBS transaction of assets related to Fortress Investment's 2007 acquisition of Flagler Development Group, according to market reports.

Syncora Holdings appointed Susan Comparato as chief executive officer and president.

GE Capital is in the market with a $508 million credit card deal. The lead manager on the non-Term ABS Loan Facility offering is Citigroup Global Markets.

Even though the recession ended some time this summer, late payments and foreclosures on residential loans continued on an upward course in the third quarter with delinquencies reaching a record 9.64% — a 40% spike from a year ago.