Securitization

Barclays, London, is shifting $12.3 billion in problem assets from the recent U.S. mortgage/financial crisis into a new third-party vehicle in a deal it will fund over 10 years through a $12.6 billion loan to the third party involved.

Chase's credit card deal was upsized once again to $2.775 billion. It was initially upsized to $2.525 billion from $2 billion.

Finacity Corp. and Norddeutsche Landesbank Girozentrale (NORD/LB) have facilitated the

Standard & Poor's published revised methodologies and assumptions it uses to rate global CDOs backed by corporate debt.

Mortgage rates eased a further three basis points on fixed rate loans, according to Freddie Mac, to 5.04% with an average 0.7 point on 30-years and 4.47% on 15-years.

Fitch Ratings said today that it does not assign Issuer Default Ratings (IDRs) to special purpose vehicles (SPVs) used in structured finance because of their lack of standalone commercial substance.

Fannie Mae has named former PHH Mortgage chief Terry Edwards — who steered that nonbank through the worst of the mortgage crisis — as its new EVP in charge of portfolio management.

Chase's credit card deal was upsized to $2.525 billion from $2 billion.

This morning's July TIC data that showed that overseas investor holdings of agency bonds, which comprise agency debentures and agency MBS, have dropped by $18 billion in July, as reported in a Bank of America Merrill Lynch report.

Despite mortgage rates holding near their lowest since the end of May, mortgage application activity declined in the holiday-shortened week ending Sept. 11.

The U.S. Securities and Exchange Commission (SEC) is scheduled to meet tomorrow to discuss rules to improve oversight of the credit rating industry.

Interdealer broker ICAP is bolstering its alternative investments business and has hired twin sisters Laura and Linda Prager to co-lead the new group, created to facilitate secondary market trading in hedge funds, private equity funds, real estate funds and other common illiquid assets.

In order for Radian Group to continue writing new mortgage insurance policies in 2010 and beyond, the company is considering a number of alternatives, including reactivating a subsidiary, said chief executive S.A. Ibrahim.

The House of Representatives late Tuesday approved legislation to beef up the Federal Housing Administration (FHA) program — including a provision that encourages the Obama administration to provide support for warehouse lending.

Former top executives at Fannie Mae, PMI, and Countrywide have launched a new advocacy group that will lobby on behalf of what it calls "independent, community and regionally based" mortgage banking firms.

Chase is in the market with a $2 billion credit card ABS deal lead managed by JPMorgan Securities. Co-managers on the transaction are Barclays Capital and Credit Suisse.

A large package of jumbo servicing rights belonging to the now defunct Thornburg Mortgage, Santa Fe, is expected to hit the market during the next few weeks, according to investment banking sources.

Federal regulators expect banks and thrifts to move certain mortgage securitizations onto their balance sheets due to new accounting rules and are seeking comment on the impact it will have on capital ratios.

House Financial Services Committee chairman Barney Frank, D-Mass., said he is working with small banks and credit unions to craft a bill that will create a new consumer protection agency.

The $4.4 billion San Bernardino County Employees¹ Retirement Association