Securitization

The Mortgage Bankers Association (MBA) took an $8.6 million loss for the fiscal year ending September 30, 2008 as the mortgage crisis took its toll on MBA members and the trade group's revenues fell by 31% to $39.4 million.

In a statement, Moody’s Investor Service's said that the proposed legislation for a U.S. covered bond law does not address the liquidation risk that exists in the current U.S. covered bond programs or contain any alternatives.

Last month, the volume of private-label securitized mortgages that were liquidated through foreclosure was nearly as high as the amount that defaulted for the first time, according to Amherst Securities Group.

The Department of Education’s Straight-A Funding added another Funding Note Issuer (FNI), increasing its authorized amount by $719 million of commercial paper.

BB&T has acquired all of the mortgage warehouse assets from the failed Colonial Bank, except for those associated with Taylor, Bean & Whitaker, a spokesman for the Federal Deposit Insurance Corp. said.

Interest rate volatility has had a large effect on the refinance component of the Mortgage Bankers Association (MBA) Market Composite Index (MCI) in recent weeks.

The Federal Reserve and the Treasury Department have extended the Term ABS Loan Facility (TALF) for newly issued ABS and legacy CMBS until March 31, 2010 and, if needed, might consider further extensions.

Maguire Properties’, a major office REIT focused in Southern California, plan to walk away from seven properties with mortgage debt, including six in CMBS deals, highlights a growing trend in the sector, Barclays Capital analysts said.

James Lockhart, the outgoing director of the Federal Housing Finance Agency (FHFA), will join WL Ross & Co. next month as its vice chairman, the private-equity giant said Wednesday.

The decline in commercial real estate activity appears to be slowing, although it is expected to remain weak into 2010, the National Association of Realtors (NAR) said today.

Former Royal Bank of Scotland loan desk senior vice president has joined FBR Capital Markets, Leveraged Finance News has confirmed. Joseph Brosnan is now in the credit sales and trading group at FBR’s New York office.

The Dutch human resource services provider Randstad Holding launched a €125 million ($177 million) standby facility for the securitization of accounts receivables.

In the last year Joseph J. Murin and Brian Montgomery presided over the resurgence of government lending in the mortgage market. Now they want to help fix Fannie Mae and Freddie Mac.

The recent reversal of some positive technical conditions in the CMBS market supports the need for clarification of the Public-Private Investment Program (PPIP) supporting the sector as well the extension of the TALF program, according to a NewOak Capital report.

Single-family housing starts rose 1.7% in July following a 17% surge in home construction during the previous month.

Freddie Mac appointed mortgage industry veteran Bruce M. Witherell as chief operating officer effective Sept. 14.

Fitch Ratings said today that the performance metrics of commercial real estate (CRE) continues to deteriorate at an unprecedented pace. The CRE market is where significant risk exposure exists for the majority of the rating agency's U.S. bank universe.

Integrated Asset Services (IAS) announced the launch of Statebridge. The new company will provide customized and investor-focused servicing for the mortgage industry.

Most of the major credit card trusts showed generally positive performance over the July

Greek Bank Piraeus Bank Group completed three new loan securitizations totaling €3.5 billion ($4.9 billion).