Securitization

KBC Bank reported a surprise profit that was attributed to boosted CDO value from narrowing credit spreads, published reports said.

CIT Group has amended the terms of its tender offer for $1 billion of notes maturing on Aug. 17.

The Obama administration's Home Affordable Refinance Program jumped into second gear in July as Fannie Mae purchased 16,000 HARP refinancings in a single month.

There are signs the housing markets are returning to a more normal state, according to a survey conducted for Relocation.com.

Conventional prepayments in July slowed 16% and 19% overall for 5s through 6.5s for FNMA and FHLMC Gold 30-year MBS — in line with expectations.

Standard & Poor’s lowered its ratings on 37 classes from three RMBS transactions backed by U.S. prime Jumbo, Alt-A, and subprime mortgage loan collateral issued in 2004 and 2006, the ratings agency said.

Negative equity and unemployment pressures have caused Fitch Ratings to take various ratings actions on 767 Alt-A credit RMBS deals.

WASHINGTON- Support for carving up Fannie Mae and Freddie Mac into separate good and bad banks lasted less than 24 hours, with the Obama administration insisting this is not its plan and critics arguing the idea was complex and a tough political sell.

Second quarter 2009 commercial and multifamily mortgage loan originations were 50% higher than during the first quarter of 2009, but remained 54% lower than during the same period last year, according to the Mortgage Bankers Association's (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Banker Originations.

California Communities, a joint powers agency formed by the California State Association of Counties (CSAC) and the League of California Cities, announced its project to securitize the Proposition 1A loan receivables that will provide local counties and special districts with 100% of the funds loaned to the state.

Goldman Sachs Group's Litton Loan Servicing said Thursday it has agreed to rework mortgages under the Obama administration's Home Affordable Modification Plan (HAMP).

Federal regulators are advising banks that their ownership of a second lien should not influence their decision to modify the first mortgage that they are servicing for other investors.

Today's deadline for the Term ABS Loan Facility (TALF) subscription date saw a variety of deals price from the student loan and credit card sectors, among others.

Northern Rock reported a jump in losses during the first half of the year. The number of bad loans held by the bank, which is 100% owned by the state, tripled in six months.

Political support for the Obama administration's regulatory reform plan is faltering, leaving many to question the Treasury Department's strategy for enactment.

Federal Housing Finance Agency (FHFA) Director James Lockhart's imminent resignation will force the Obama administration to confront the tricky politics of reforming the government-sponsored enterprises sooner than planned.

GMAC may cut losses and the need for capital by sending its home mortgage unit, Residential Capital, into bankruptcy, according to CreditSights.

World Financial Network priced three Term ABS Loan Facility (TALF)-eligible private label credit card deals today, World Financial Network Credit Card Master Note Trust Series 2009-B, 2009-C and 2009-D.

Deerfield Capital Corp. entered into three supplemental indentures on July 31 with the holders of the trust preferred securities issued by each of Deerfield Capital Trust I, Deerfield Capital Trust II and Deerfield Capital Trust III.

Even though Radian Group had a mortgage insurance provision of $142.8 million because of higher delinquencies, the company still saw net profits of $231.9 million ($2.82 per share) for the second quarter. For the same period last year, the Philadelphia-based company lost $392.5 million ($4.91 per share). Still mortgage insurance claims paid of $167.7 million were lower than Radian forecast.