Securitization

Navigating the mortgage debt markets can be tricky in good times, but market participants may find today's market conditions more akin to walking through a minefield.

The Obama administration unleashed its new proposal to regulate the securitization market last month.

As the dog days of summer approach, securitization market players are facing some of the biggest accounting changes in years that will require major changes in relatively short order to their balance sheets, financial disclosures and the systems to generate that information.

The Obama administration set out a white paper recommending far-reaching changes in the regulation of OTC derivatives, but the proposals did not bring anything new to the table.

Excess is what brought about this financial crisis. The only way to curb the intemperance is through increased regulation. Right or wrong? This is the question that this month's issue of ASR grapples with. It appears that the answer is not so clear cut. Various proposals from the government, ranging from accounting rules to financial reform legislation, may have the best of intentions, but they also carry with them a host of potential new problems.

Ford Mortor Credit Co. and Harley Davidson are in the market with Term ABS Loan Facility (TALF)-eligible deals.

Fannie Mae and Freddie Mac have received the green light from their regulator to refinance underwater homeowners with loan-to-value ratios as high as 125%.

The Federal Deposit Insurance Corp. (FDIC) has settled with Advanta Bank Corp. regarding the latter’s alleged deceptive and unfair practices that are in violation of section 5 of the Federal Trade Commission (FTC) Act.

Increases in U.K. credit card delinquencies and charge-offs in May drove to new heights the Fitch Ratings indices tracking these performance variables.

Freddie Mac reported today that 30-year fixed mortgage rates averaged 5.32% with an average 0.7 point for the week ending July 2.

The Obama administration announced Wednesday an increase in the maximum loan-to-value ratio for mortgages under its Home Affordable Refinance Program by 20 percentage points, to 125%.

Data suggests that many banks binged on home equity loans last year and began tightening standards only in the second half — after housing prices had already staged a dramatic retreat.

Home lenders are finding that when you write mortgages for the Federal Housing Administration, the devil is in the details.

Chrysler Financial Services is in the market with a $1.5 billion TALF-eligible auto ABS deal. The offering is led by Deutsche Bank Securities.

Existing home sales bottomed out in the first quarter and sales should be up 3% when the final numbers come in for the second quarter, according to National Association of Realtors.

A strong Consumer Financial Protection Agency would even the playing field so community banks would not have to compete against unregulated mortgage bankers in offering products and services, according to the Treasury Department.

Freddie Mac's board of directors has selected Charles E. Haldeman Jr., a top executive at Putnam Investments, to be its next chief executive, according to a source familiar with the matter.

The Mortgage Bankers Association (MBA) first quarter Commercial Real Estate/Multifamily Finance Quarterly Data Book released yesterday reported diminished demand for commercial real estate, although negative conditions for the sector are waning.

Credit card ABS excess spread has fallen to levels not seen in ten years, according to the latest Credit Card Indexes report from Fitch Ratings. The rating agency added that U.S. consumers are still falling behind and defaulting on their credit cards.

The Luzerne County Retirement System will invest a portion of its portfolio with Term Asset-Backed Loan Facility (TALF) managers, said investment consultant Richard Hazzouri of Morgan Stanley Smith Barney.