Securitization

Citifinancial Auto is in the market with a $1.408.8 billion auto ABS deal. The offering, which is eligible under the Term ABS Loan Facility, is lead managed by Citigroup Global Markets.

The Securities and Exchange Commission’s (SEC) proposed rules for rating agencies received a mix review from market participants this week.

Like chameleons, American Express and Discover changed their skins to survive the financial crisis. They may actually be getting used to the camouflage.

Autos are not the only ones in the market. Aside from the AESOP, Mercedes Benz and Ford Motor Credit Co. transactions, two credit card offerings are currently in the market.

Loans are entering delinquency and/or foreclosure at a rapid rate, but are exiting at a very slow rate and this will delay a recovery in the housing market, according to analysts at Amherst Securities Group (ASG).

The government accepted all the collateral offered for the September legacy CMBS Term ABS Loan Facility (TALF) subscription period.

Bank of America Merrill Lynch announced the addition of three senior hires to its Americas fixed-income sales team. The executives, Michael Hokin, Doug Horlick and Robert Grillo, will be based in New York and will report to Bryan Weadock, who is head of Americas fixed-income sales.

Citadel Investment Group will launch a leveraged finance group in October, the Chicago-based hedge fund confirmed. The new unit will be part of its Citadel Securities division and will be based in New York.

Mercedes Benz is in the market with a $1.081 billion auto-loan backed ABS that is Term ABS Loan Facility (TALF)-eligible.

The Federal Open Market Committee (FOMC) announced yesterday it would slow the pace of its plan to purchase $1.25 trillion in MBS, and extend the program through the end of 1Q10. The FOMC is doing this to, "promote a smooth transition in markets."

Large-scale downgrades in CLO ratings, resulting from changes in rating methodology by Standard & Poor’s, will not likely result in a wide-spread sell-off of CLOs, according to a report published Wednesday by Wells Fargo Securities.

The American Securitization Forum (ASF) and Standard & Poor's Fixed Income Risk Management Services (S&P FIRMS) launched a new standardized universal code for identifying critical information about individual loans that are securitized in the MBS and ABS markets.

Mortgage rates remained almost the same for the week ending Sept. 24, according to Freddie Mac.

A heated debate on the potentially destabilizing impact of introducing a European prime RMBS index has been taking place behind closed doors, Henderson Global Investors analysts said.

Ford Motor Credit Co. is in the market with a $1 billion auto loan-backed ABS. It is eligible under the Term ABS Loan Facility (TALF).

Despite signs that "activity in the housing sector has increased," the Federal Reserve Board's policymaking committee said Wednesday that it would continue to purchase debt and MBS from Fannie Mae and Freddie Mac into next year.

Freddie Mac has named veteran banker Ross J. Kari as its permanent chief financial officer, making him the latest member to join the GSE's new senior executive leadership team under recently appointed CEO Charles E. Haldeman. His appointment is effective Oct. 12.

Reverse mortgage lenders are learning that the Federal Housing Administration (FHA) is moving quickly to implement a reduction in the loan proceeds that seniors can receive from a FHA-insured Home Equity Conversion Mortgage (HECM).

Information services provider Experian announced the availability of CreditHorizons for Whole Loan Portfolios, which is a new way for clients to analyze and value their whole loan portfolios.

Dave Richards and Jon Greenbaum have joined the New York-based offices of GoldenTree Asset Management as research analysts, the firm announced this week.