Securitization

Securitization spreads in Europe have held up and continue to trade at relatively tight levels, said Unicredit analysts.

Tokyo-based Nomura named two former Lehman executives as leaders of its fixed income in the Americas unit, the financial group said today. Charles Spero and Jeffrey Michaels have been named managing directors and joint heads of fixed income for the Americas.

Servicers participating in the Obama Administration's Home Affordable Modification Program (HAMP) have placed over 500,000 borrowers in trial modifications, according to government officials, meeting a benchmark goal several weeks before the Nov. 1 deadline.

Fitch Ratings has downgraded 748 bonds in 479 residential mortgage-backed securities transactions to ‘D’, indicating that the bonds have taken principal writedowns.

U.K. nonconforming residential mortgage-backed securities are expected to continue deteriorating into 2011, according to a recent Moody's Investors Service forecast for asset classes in Europe, the Middle East and Africa.

Arch Chemicals, Inc. announced today that it has entered into a trade accounts receivable securitization facility with PNC Bank and its affiliate, Market Street Funding LLC, which will provide up to $80 million of funding to the Company.

Mortgage rates continued their downward trend with the 30-year fixed mortgage rate declining 7bps to 4.87% with an average 0.7 point for the week ending October 8, according to Freddie Mac"s weekly survey. Rates are at their lowest level since mid-May and are just nine basis points above the record low of 4.78% hit in early April and again in early May.

The Commercial Mortgage Securities Association and The Mortgage Bankers Association (MBA) filed a comment letter with banking regulators to address the proposed risk-based capital treatment of assets coming on the books of banks on January 1, 2010, as a result of FAS 166 and FAS 167.

Two former heads of Deutsche Bank’s Asian distressed debt group have launched their own boutique investment bank, the group announced. SC Lowy Financial Services will focus on trading and advisory services for distressed debt investments in Asia, but the firm will eventually branch out to emerging markets and Europe.

Foxcode Real Estate launched a new private real estate investment fund that is expected to raise $50 million and will take advantage of depressed real estate prices due to the current market environment.

Duane Morris LLP announced that Marc A. Kushner has joined the firm as a partner in its New York office.

Wyndham Worldwide Corporation announced that it has completed two term securitization transactions involving the issuance of $350 million of investment-grade asset-backed notes.

DRI Management Systems appointed Diane Klimek as product manager for the company's newest release of its web-based version of The Default Solution.

The Mortgage Bankers Association (MBA) announced the appointment of Brad Cheney as director of Legislative Affairs.

BTIG LLC, a global broker dealer specializing in institutional trading and related brokerage services, announced it has opened an office in Singapore through its affiliate BTIG Singapore Pte. Ltd.

Megan Rutt has joined Janney Montgomery Scott’s debt capital markets team as a managing director.

Now that a government program to buy up toxic assets finally appears ready to fly, many observers are wondering if there is any need for it.

Fitch Ratings today published rating criteria for repackaged senior structured finance notes and said that not all resecuritizations are eligible for higher ratings.

Tom Koonce will join Mortgage Bankers Association (MBA) as vice president of legislative affairs, effective November 2, 2009.

The performance of many asset classes in the Europe, Middle East and Africa (EMEA) securitization sector will continue to deteriorate throughout the rest of the year and into 2011 as factors such as rising unemployment continue to test the market, said market analysts.