Securitization

Moody’s Investors Service noted that the Chapter 11 filing for Extended Stay America is unusual because the disintermediation of the trust structure has been made by individual certificate holders directly pitching their economic interests to a bankruptcy court.

Assured Guaranty Ltd. announced Thursday night that it had agreed to sell 38.5 million of common shares at $11 per share to raise $423.5 million it will use to finance its acquisition of Financial Security Assurance Holdings Ltd.

Three credit card deals are currently in the market — two from Citibank, led by Citigroup Global Markets, and one from First Financial Bank USA.

Ambac Financial Group announced today it is delaying its planned launch of muni-only bond insurer Everspan Financial Guaranty Corp.

The Obama Administration expects Fannie Mae and Freddie Mac to continue playing a key role in housing finance, the government sponsored enterprises' regulator said.

Lawmakers picked apart virtually every element of the Obama administration's regulatory reform plan during a hearing Thursday, but there was one question that dominated: Would it really prevent another financial crisis?

Can an extra $10 in disposable income determine the success or failure of a loan modification application?

Securitizations of consumer loans have rebounded, but whether the business can outlast the government sweeteners that have lured investors back to the market is an open question.

Managing a loan portfolio these days may feel like a roller coaster ride with no seatbelt. In the past six weeks, the car has been inching up the incline, along with secondary loan prices and the number of repayments. However, market participants believe the loan market is about to take another plunge.

Two Term ABS Loan Facility (TALF) investments were approved at a Sacramento County Employees' Retirement System (SCERS) board meeting this week, said Jeff States, CIO with the $4 billion plan.

PF2 Securities Evaluations, a provider of CDO security evaluations and analytics, hired Ilona Roze as a legal associate.

The Rhode Island Student Loan Authority is in the market with a $25 million ABS deal backed by private student loans.

U.S. Secretary of Education Anne Duncan announced that four companies were awarded contracts to service a portion of the approximately $550 billion outstanding federal student loan portfolio held by the Department of Education (DOE).

There was a very slight decrease in the amount of commercial/multifamily mortgage debt outstanding between the end of the fourth quarter 2008 and the end of the first quarter of 2009, according to the Mortgage Bankers Association.

Lending volumes appear to be stabilizing in the United Kingdom, according to the Council of Mortgage Lenders (CML), London.

The National Association of Mortgage Brokers (NAMB) said the financial reform plan proposed by President Obama is flawed because it attempts to tie mortgage broker compensation to the long-term performance of securitized loans.

Fitch Ratings yesterday withdrew the ‘CAM2’CDO asset manager rating assigned to Capmark Investments as a manager of CDOs backed by commercial real estate.

Fitch Ratings launched a new cash flow model for reviewing its portfolio of tobacco settlement ABS transactions, according to a release from the agency.

The annual Asset Securitization Forum (ASF) organizational update, held yesterday, focused on the current state of the securitization market as well as the impact of new government initiatives on the sector.

After surging 77 basis points in the previous three weeks, 30-year fixed mortgage rates finally eased off by 21 basis points to 5.38% with an average 0.7 point for the week ending June 18, Freddie Mac reported today.