Securitization

U.S. mall owner Developers Diversified Realty Corp. (DDR) kicked off new CMBS issuance by selling $400 million of securities on Monday under the Federal Reserve’s Term Asset Backed Loan Facility (TALF), which is the first offering under the new-issue CMBS TALF.

Moody's Investors Service said that certain swap-related issues frequently encountered in recent ABS and RMBS transactions across the Europe, Middle East and Africa (EMEA) area could have negative ratings impact.

New York City-based real estate firm Stonehenge Partners hired Richard Dansereau as managing director of the firm’s investment management division.

GMAC announced Monday that Al de Molina has resigned as its chief executive and from the board.

Residential delinquencies increased for the 11th straight quarter, hitting an all-time high of 6.25% for the period ending Sept. 30, according to new figures released by TransUnion.

Investment bank Aladdin Capital Holdings has purchased the synthetic CDO business of European specialist credit management company Solent Capital Partners.

Commercial property debt continued to see more delinquencies in October, according to several rating agencies, and one rating agency voiced concern about how these problems will impact small and mid-sized regional banks.

Chargeoff rates continued to drop throughout the credit card industry in October, bolstering the view that the sector is beginning to pull out of a devastating cycle of credit losses.

Ford Motor Co. is in the market with a $1.027 billion auto loan ABS called FORD Auto Owner Trust 2009-E or FORDO 2009-E.

JPMorgan’s head of credit trading for North America is leaving his position, according to several reports. Eric Rosen will step down from his role but may take another with the bank.

Moody's Investors Service assigned definitive ratings to the notes to be issued by Navistar Financial Dealer Note Master Owner Trust Series 2009-1 or NAVMT 2009-1, which is the first series of dealer floorplan notes to be issued by Navistar Financial Corp. since 2005.

Federal Reserve Board chairman Ben Bernanke said Monday that the central bank will continue to support the mortgage market while bank lending remains constrained.

With nobody looking over its shoulder, the Federal Housing Administration (FHA) has been "very vigilant" in not resetting area median home prices to their current levels, a National Association of Realtors' (NAR) lobbyist said at the group's convention in San Diego.Noting that the agency is using 2006-level prices to set loan limits for individual markets, Megan Booth, an NAR senior policy representative, told a convention session that the "dramatic drop in house prices" over the last three years would result in lower loan limits in numerous places. With the conforming loan limit remaining at $417,000 for another year — and $729,750 in high-cost areas — the ceilings on loans that can be insured by the FHA also will not change in 2010 unless the agency recalculates the median prices for the nation's 3,300-plus counties.But Booth indicated the government fears any decline in the limits would rock local housing markets. NAR, meanwhile, will use the next 12 months to push to make the 2010 limits permanent. "No. 1 on our agenda is liquidity," said the group's new president, Vicki Cox Golder, a Tucson land broker. "Without funding, we can't get people into homes."

Brazos Student Finance Corp. wants to be the first student loan lender to ask institutional investors to voluntarily tender, at a discount, illiquid auction-rate securities (ARS) in exchange for new floating-rate notes, about a year after a much larger and more complex offer failed.

SJ Berwin promoted associate Vanessa Therrode to partner and head of its structured finance practice.

Credit Logement, the largest French provider of mutual guarantees on residential loans, said it would not exercise the calls on the first callable dates of two of its outstanding series — FRES 2004-2 and FRES 2005-1 series — that will happen on Dec. 21 and 27, respectively.

Advisory service firm AgFe, set up by former Morgan Stanley employees, is looking to place a €820 million ($1.38 million) bid list on behalf of either the European Central Bank (ECB) or the Bundesbank, according to market reports.

Standard & Poor's European CLO performance index report for September shows that all of the CLO cohorts except 2006 experienced an increase in the percentage of assets rated in the 'CCC' category — 'CCC+', 'CCC', or 'CCC-'.

Nomura Securities International joined as a liquidity provider for Tradeweb's leading online dealer-to-client TBA-MBS marketplace.

Financial industry representatives are scrambling to find a strategy for responding to the massive regulatory reform bill the Senate Banking Committee aims to pass by early December.