Securitization

The securitization market is turning a corner and is headed to some sort of equilibrium, said participants at the tools for conducting due diligence panel at Information Management Network’s (IMN) 15th annual ABS East gathering. The conference is being held this week in Miami Beach.

1010data, providers of the hosted analytics and reporting platform of choice for MBS andABS research and trading, hired Perry DeFelice as director of business development for capital markets customers.

Senior financial supervisors from seven countries today issued a report that evaluates how weaknesses in risk management and internal controls contributed to industry distress during the financial crisis.

Saying all vintages are now susceptible to the severe economic conditions, Fitch Ratings has placed 247 commercial mortgage-backed securities bonds with a balance of $9.3 billion in 22 fixed-rate 2005 transactions on Rating Watch Negative.

JP Morgan has a new CarMax Auto Owner Trust deal in the market. It is the third transaction issued by CarMax Business Services this year.

Fitch Ratings has been in dialogue with the FDIC regarding these issues to seek clarity on how certain transfers and structures will be treated going forward.

U.S. home prices are expected to trough in the next 12 months while default rates on underlying loans in U.K. RMBS will continue to rise, reaching a projected peak in 12 to 18 months time, according to a global survey of RMBS investors.

First American CoreLogic, a member of The First American Corporation family of companies, unveiled its new bond analytics solution – a bond pricing and analytics platform available for non-agency mortgage-backed securities.

Mortgage rates were mostly higher for the week ending October 22, according to Freddie Mac's weekly survey.

Mark Engelhardt has joined Experian Capital Markets as senior director of business development and sales.

DBRS is requesting comments on the proposed rating methodology for U.S. asset-backed transactions (ABS) backed by wholesale auto loans.

Fitch Ratings revised its rating criteria for counterparty risk in structured finance transactions.

The Federal Bank of New York said on its website that investors requested $2.1 billion in loans in the October round of its Term Asset-Backed Securities Loan Facility (TALF).

The International Society of Life Settlement Professionals (ISLSP) has convened a group of industry experts to offer insight into life settlement securitization and commentary on recent congressional hearings.

Jersey Finance has officially launched its office in Hong Kong today to support the promotion of Jersey as an international finance centre in the Asia Pacific region.

MF Global Ltd. has hired James F. O'Sullivan as chief economist.

The roughly $3.3 billion San Diego City Employees’ Retirement System (SDCERS) will seek out global fixed-income managers to possibly replace London, U.K.- based Rogge Global Partners.

Newton, Mass.-based investment manager Hudson Capital Partners has hired Elijah Kaplan, formerly a vice president at Marathon Asset Management, to act as vice president of its capital markets group.

It is unlikely that the U.K. Government will extend its Asset-Backed Securities Guarantee Scheme, primarily as structured finance issuers have not used the scheme to date, said Fitch Ratings.

Mortgage application activity declined in the week ending October 16 in response to slightly higher mortgage rates. Also influencing the results were an adjustment for the Columbus Day holiday. According to the Mortgage Bankers Association (MBA), the seasonally adjusted Refi Index dropped 16.8% to around 2807, while the Purchase Index was down 7.6% to about 268.