Securitization

The Internal Revenue Service (IRS) is set to implement new rules that will give certain owners and developers of commercial real estate more flexibility to pursue loan modifications even if their loan has been securitized.

Speakers today at a Fitch Ratings Web conference on the Challenges in U.S. RMBS & CMBS said that it won’t be as easy to find bonds that are obvious candidates for resecuritizations.

Oak Hill Advisors, a New York investment management firm, said Monday that it has closed its distressed credit fund at $1.1 billion.

Derivatives and securities dealer Conduit Capital Markets appointed Rakesh Chhabra as chief financial officer.

Fitch Ratings took several rating actions on SLM Corp. or Sallie Mae.

If the Federal Reserve Board suddenly stops purchasing agency MBS on Jan. 1, mortgage rates could jump by 30 basis points to 50 basis points, according to Fannie Mae chief economist Doug Duncan.

President Obama took to Wall Street on Monday to tout his administration's efforts to save the economy from collapse, pledge that government intervention in the markets is beginning to unwind, and make another pitch for regulatory reform.

Dutch firm SNS Bank announced a new tender offer on possibly €1 billion of debt from its RMBS Hermes series.

Reynolds Partners appointed Stuart Macfarlane, previously from Deutsche Bank, to lead its new structured finance section effective immediately.

NewOak Capital has hired William Denton as managing director, head of client development.

The Connecticut Retirement Plans and Trust Funds last week saw four presentations on behalf of AllianceBernstein, Invesco’s W.L. Ross & Co., Marathon Asset Management and Wellington Management Co., according to market reports. These asset managers all looking to manage part or all of the state’s $200 million Public-Private Investment fund.

MBS market participants continue to grapple with is what the Federal Reserve plans to do regarding its MBS purchase program.

A continuing rise in negative home equity and unemployment has led to rating actions on 581 prime RMBS transactions issued between 2005 and 2008, Fitch Ratings said.

Final bids are due next week on a $1.7 billion portfolio of non-performing second liens, according to a senior executive who's involved in the auction.

Mountain Funding has promoted Arthur Nevid to be its chief investment and spearhead the national real estate investment company's plans to acquire $1 billion of distressed real estate debt portfolios over the next two to three years.

Standard & Poor's published refined methodologies and assumptions for rating RMBS deals that are backed by prime, Alt- A, and subprime mortgages.

Lending through the Federal Reserve Board's discount window fell nearly 2% during the past week, to $106.4 billion.

Law firm Nixon Peabody is boosting its distressed investing and trading team by adding two seasoned associates, Patrick Maschio and Roberto Ristorucci. The new hires will be based in the New York City office.

The Government Accountability Office (GAO) entered into the debate over the future of Fannie Mae and Freddie Mac on Thursday, blistering some of the most widely discussed options for revamping the government-sponsored enterprises.

Fitch Ratings published its criteria for rating securitizations of residential mortgage servicer advance receivables. The sector has seen a slow rise in new issuance in recent months.