Securitization

Wholesale broker firm Hoare Capital has made hires for its specialist credit team before its possible move to new offices in Mayfair, London.

The Federal Deposit Insurance Corp. (FDIC) closed two subsidiaries of a $3.2 billion-asset banking company in Indiana on Friday, bringing the year's bank failure total to 94.

The mortgage insurance division of Genworth Financial has created three new senior management positions, filling the posts with current executives.

In a recent report, Bank of America Merrill Lynch analysts focused on the impact of the House of Representatives passing the Student Aid and Fiscal Responsibility Act of 2009 (SAFRA or HR 3221) by a vote of 253 to 171.

JCR Capital established a new loan restructuring unit to add to its balance sheet investment business.

Prices of commercial real estate like office buildings, malls and hotels fell further in July, according to a measure published by Moody’s Investors Service on Monday.

At the American Securitization Forum (ASF) Sunset Seminar held last Wednesday, speakers were predicting the death of securitization because of the implementation of the Financial Accounting Standard Board’s (FASB) Financial Accounting Standards (FAS) No. 166, Accounting for Transfers of Financial Assets, an Amendment of FASB Statement No 140 and FAS No. 167, Amendments to FASB Interpretation No. 46.

Fitch Ratings hired James Simeons as a senior directorfor ABS business development in the EMEA region.

Month-to-date gross agency MBS issuance totals $90 billion. Ginnie Mae issuance represents 40%, Fannie Mae 38%, and Freddie Mac 22%.

Broker-dearl PrinceRidge Group named William Haley head of its ABS banking group. The new hire is reporting to Ahmed Alali.

The Department of Housing and Urban Development (HUD) is moving to raise the bar for lenders that do business with the Federal Housing Administration (FHA) at a time when that agency's market share, and credit risk, are soaring.

Federal Housing Administration (FHA) chief David Stevens has confirmed that the government's mortgage insurer will see its reserves fall below the 2% minimum level set by Congress but said the agency is tightening its credit standards to bolster the fund.

While some market participants are predicting CLOs will cool down following this summer’s rally, many believe pools of mezzanine debt within CLOs will remain red hot.

Finacity Corporation and Norddeutsche Landesbank Girozentrale (NORD LB) announced the closing of a European trade receivables securitization for JohnsonDiversey, Inc.

Lending through the Federal Reserve Board's discount window grew 5.1% during the past week, to $111.9 billion.

The Federal Reserve Bank of New York announced the results of the latest TALF operations in support of new and legacy CMBS. The New York Fed received loan requests for legacy CMBS in the amount of $1.4 billion, down from $2.3 billion in requests in August that resulted in $2.1 billion in settlements.

Chairman Mary L. Schapiro's opening statement before the U.S. Securities and Exchange Commission (SEC) open meeting stated that the SEC is considering a series of proposals that would considerably bolster the regulatory framework regarding nationally recognized statistical rating organizations (NRSROs).

California Attorney General Jerry Brown today announced that he has issued subpoenas to the three major ratings agencies as part of an investigation into the way they rated securities, such as those backed by subprime mortgages that later went sour as the housing market bubble burst.

Mortgage Industry Advisory Corp. (MIAC) is selling a $1.04 billion package of Ginnie Mae servicing rights backed by mortgages that are mostly located in the Northeast.

Two different funds have bought stakes in PennyMac, Calabasas, Calif., the publicly traded real estate investment trust that invests in and services distressed mortgage assets.