Securitization

The BCP Voyager Master Funds SPC, acting on behalf of and for the account of the Distressed Opportunities Master Segregated Portfolio, extended the expiration date of the fund’s offer for 55 classes of RMBS insured by Syncora Guarantee to June 4.

The Federal Deposit Insurance Corp. said it is refocusing its "Legacy Loan Program" to concentrate on assets held in receivership by the government, which currently total about $18.7 billion.

GMAC Financial Services said it has priced $4.5 billion of debt guaranteed by the Federal Deposit Insurance Corp. through the agency's Temporary Liquidity Guarantee Program.

The Obama administration's Making Home Affordable loan modification program will not show real results until later this summer, according to a key regulator.

European Central Bank (ECB) President Jean-Claude Trichet announced Thursday that the bank would begin its program to purchase covered bonds in July. The program is expected to be fully implemented by June 2010 at the latest.

Standish Mellon Asset Management Company will begin offering two products that would give clients access to securities related to the Term Asset-Backed Securities Loan Facility (TALF), the BNY Mellon subsidiary has announced.

The Securities and Exchange Commission and New York Attorney General Andrew Cuomo yesterday announced they had finalized settlements with several investment banks over allegations the firms had misrepresented the risks of auction-rate securities.

The U.S. Patent Office will grant a patent for Andrew Kalotay Associates’s new CLEAN MBS model, according to representatives for the company.

The shorter the maturity, the smaller the risk — that's supposedly the rule of thumb in lending.

Fitch Ratings said today that the recognition of the need for greater transparency of structured finance transactions is a positive direction for the industry.

The Consumer Mortgage Coalition is urging the government-sponsored enterprises' regulator to suspend the conforming loan limits and allow Fannie Mae and Freddie Mac to purchase single-family loans of up to $1 million.

Breakstone Group — the independent investor and corporate communications firm — formed a subsidiary focusing on credit in today’s volatile and complex capital markets.

Over 90% of the European market is trading at distressed levels and senior bonds still rated triple-A sit squarely in this category, said a panelist speaking at the European Securitization Forum/Information Management Network Global ABS conference today.

Refinancing activity declined last week as expected in response to higher mortgage rates.

GMAC LLC plans to sell its first notes guaranteed by the Federal Deposit Insurance Corp., according to a person familiar with the offering.

WASHINGTON — As the Federal Home Loan banks continue to struggle with charges on their mortgage holdings, the Federal Housing Finance Agency is considering the creation of an insurance fund that could absorb losses at a troubled Home Loan bank.

Jumbo fixed and Jumbo ARM mortgages have experienced the largest increase in 60+ day delinquencies on a percent basis in all seven major product types, which include Alt-A fixed, subprime fixed, Alt-A ARM, subprime ARM and option ARM. The delinquency pipelines for these two products have nearly doubled since November, according to the April delinquencies analysis by FTN Financial.

With the June subscription period of the Term ABS Loan Facility’s (TALF) deadline today, several issuers such as auto companies Ford Motor Co. and Nissan Motor Co. have priced their TALF-eligible deals.

The weakening economy and continued credit crunch led to increases in commercial/multifamily mortgage delinquencies during the first quarter of 2009, according to new figures released by the Mortgage Bankers Association. Between the fourth quarter of 2008 and first quarter of 2009, the 30-plus day delinquency rate on loans held in CMBS rose 68 basis points to 1.85%.

A forward looking indicator of existing home sales rose 6.7% in April from the previous month, according to the National Association of Realtors. NAR's Pending Home Sales Index hit 90.3 in April, up from 84.6 in March to notch its third consecutive monthly gain.