Securitization

Franklin Templeton Investments named Sonal Desai as director of research for firm’s international bond unit.

Direct Capital Corporation announced that it closed a new three-year $50 million equipment lease-backed bank facility with the lender finance division of Wells Fargo Foothill, part of Wells Fargo & Company.

For the week ending October 15, Freddie Mac said 30-year fixed mortgage rates averaged 4.92 percent with an average 0.7 point, up just five basis points from last week.

The Canadian auto securitization market has exhibited healthy vital signs through the recent economic turmoil, in part because of the existence of robust enhancement and bankruptcy-remote structures, according to a DBRS commentary published today.

The Mortgage Bankers Association (MBA) has adopted a model sale and servicing agreement it anticipates will become the standard form for industry participants to use voluntarily for whole loan purchases and sales that could eventually be securitized.

Panama’s Banco General has short-listed three banks to arrange an issue backed by diversified payment rights, scheduled for early next year, according to two market sources.

Deutsche Bank has nabbed a JPMorgan executive director to co-head its Latin American debt capital markets team.

The Mortgage Bankers Association (MBA) expects economic growth to continue through the rest of 2009 before slowing in the first half of 2010. Unemployment is expected to climb to 10.2 percent by the middle of 2010 before beginning to moderate as economic growth resumes sustained growth in the second half of the year.

Moody's Investors Service has placed the ratings of all classes of notes issued by Monastery 2004-I B.V.,Monastery 2006-I B.V., Chapel 2003-I B.V. and Chapel 2007-I B.V. on review for possible downgrade.

Lackman Commercial Group in LaJolla, CA, announced that it has hired finance and underwriting experts Joe Gigliello and Brad Rust.

HSBC announced the appointment of John Flint as chief executive of HSBC Global Asset Management.

Despite attractive rate levels, mortgage application activity slipped in the week ending October 9. According to the Mortgage Bankers Association (MBA, the Refi Index was fractionally lower to 3374 from 3377, while the Purchase Index was 5 percent lower to 290.5.

Standard & Poor’s said in a report published today that some of the contributing factors to the near-total depletion of investor-placed issuance in Europe are gradually beginning to abate.

Fitch Ratings downgraded the Insurer Financial Strength (IFS) rating of Assured Guaranty Corp. (AGC) to 'AA-' from 'AA', and the IFS rating of Financial Security Assurance Inc. (FSA) to 'AA' from 'AA+'.

The confusion of whether RMBS bonds will be called has further increased. Although it is likely that entities that have received state aid are at a higher probability to not call their respective bonds, recent actions have added an element of confusion, said analysts at Barclays Capital.

The Australian government will extend the Australian Office of Financial Management (AOFM)s RMBS purchase program. It could now reach AUD 8 billion ($7.25 billion) -- twice the original program - as the government wants to continue to back up a number of second tier mortgage lenders.

Cadwalader, Wickersham & Taft LLP announced that N. Adele Hogan has joined the corporate department of the New York office.

MFC Global Investment Management (MFC) has expanded its global multi-sector fixed-income team with the additions of Rebecca Braeu and Thomas Goggins.

MBH Enterprises LLC announced the formation of Ventras Capital Advisors LLC. The new company will specialize in both residential and commercial real estate funds management and distressed asset management and disposition.

BTIG LLC, a broker dealer specializing in institutional trading and related brokerage services, appointed Vikas Tandon as managing director and head of high yield and distressed analytics with BTIG's Global Fixed Income Group.