Securitization

The Bank of Cyprus Group completed the securitization of a mortgage loan portfolio in Greece.

The Spanish savings bank Cajasur has asked the European Central Bank (ECB) for an extra €200 million ($ 275.7 million) following Fitch Rating's downgrade last month of the banks long-term ratings, according to market reports.

The International Association of Credit Portfolio Managers (IACPM) has elected Mark Hughes, RBC Capital Markets’ global head of credit, as its chairperson.

Distressed credit portfolio manager Michael Holmberg has joined Neuberger Berman Group, leaving behind the firm he founded.

Leveraged loan investors are in an uproar over the fees they pay to obtain a credit estimate — a private rating on an individual loan — from Moody’s Investors Service.

President Barack Obama has signed two housing bills that will provide relief for troubled homeowners that need to refinance, and will crack down on mortgage fraud.

The Treasury Department is prepared to lend roughly $7 billion to GMAC Financial Services, the parent company of the nation's sixth largest residential servicer, according to published reports.

The legislation President Obama is about to sign, overhauling the credit card industry, may indeed cut off access to credit as many issuers warn.

The Senate has approved a housing bill that revamps the FHA Hope for Homeowners program and strengthens federal deposit insurance, clearing the measure for the President Obama's signature.

Fannie Mae plans to put in place a new head of its single-family mortgage business on June 1 ahead of a retirement set to take place at the end of the month.

Fixed mortgage rates eased slightly this week, according to Freddie Mac.

Fitch Ratings revised its outlook for a number of European structured finance sectors as the global economic downturn continues to weigh on the performance of securitization transactions in the region.

Real estate investment firm Redwood Real Estate Partners said yesterday that it has launched a new investment fund focused on the distressed residential real estate market called Occasio Distressed Residential Fund or Occasio ResCap, a release from Redwood stated.

The Bank of England committee voted to continue with its asset purchase program financed by the issuance of central bank reserves and to increase its size by £50 billion ($79.25) to a total of £125 billion.

Avenue Capital Group, a New York-based hedge fund founded by Marc Lasry and Sonia Gardner, has decided not to sell its high yield bond and leveraged loan division due to the recent rally in the markets.

Extremely high redefaults are forcing Fannie Mae to scale back its HomeSaver Advance program, which uses small personal loans to enable delinquent homeowners to catch up on their mortgage payments.

The chairman of a House Financial Services Committee panel yesterday suggested Congress ought to consider legislation making it easier for investors to sue credit rating agencies for "grossly inaccurate" ratings, as lawmakers sharply criticized the agencies for their failure to accurately rate structured finance products and other securities.

Lewtan Technologies, provider of ABSNet, released a new product called ABSNet Loan.

Mission Capital Advisors said it is currently accepting bids for a commercial real estate mortgage loan and real estate owned (REO) portfolio with a $441 million outstanding balance.

The House passed by a 367-54 vote a bill that revamps the Federal Housing Administration's (FHA) Hope for Homeowners' program and gives the U.S. Department of Housing and Urban Development (HUD) secretary discretion in setting insurance premiums on refinancings of underwater borrowers.