Securitization

Germany has approved its draft bill that aims to help banks transfer structured securities, such as ABS and CDOs, to a government-backed unit on a voluntary basis.

The chairman of the U.K. Financial Services Authority (FSA) Lord Turner said that the FSA’s detailed analysis of the mortgage market was highlighting a very complex situation where the FSA had to take account of short-term trends as well as design the appropriate long-term policy. These remarks were made at at the FSA’s mortgage conference held yesterday

The Board of Directors of the Bank for International Settlements (BIS) has appointed Diego Devos as general counsel.

Advanta Corp.'s decision to let its securitization funding vehicle unwind and stop lending to account holders could unsettle a market for credit card-backed securities that has just started to rebound.

Rabobank announced that it plans to tender for the Classes B, C, D and E of the Skyline 2007 CMBS deal.

Chase is in the market with two credit card deals — Chase Issuance Trust Class B (2009-1) and Chase Issuance Trust Class C (2009-2) Notes via JPMorgan Securities.

Paramax Capital Partners (Paramax) and Maria Fiorini Ramirez (MFR) have forned a new partnership to target investment opportunities arising from the U.S. Treasury’s Public-Private Investment Programs (PPIP).

The Department of Housing and Urban Development (HUD) will ask Congress for expanded commitment authority for Ginnie Mae and the Federal Housing Administration single-family program, allowing the government to insure up to $400 billion of new mortgages in fiscal 2010.

Advanta Corp.'s board of directors has approved a plan designed to significantly limit the credit card company’s credit loss exposure as well as maximize its capital and its liquidity measures.

Broadpoint Capital, a broker-dealer subsidiary of Broadpoint Securities Group, hired Matthew Swope and Bradley Bennett to the firm’s debt capital markets division, both as vice presidents and fixed-income analysts.

Primus Asset Management, a wholly owned subsidiary of Primus Guaranty, has entered into a definitive agreement to acquire CypressTree Investment Management, according to a press release.

The International Organization of Securities Commissions’ (IOSCO) technical committee published Unregulated Financial Markets and Products – Consultation Report that was prepared by its task force on unregulated financial markets and products.

DLA Piper has hired Ronald Borod and Jonathan Black as partners at the firm's corporate and finance practice.

Fitch Ratings appointed Ben McCarthy as managing director and head of the structured finance group in Asia Pacific.

A House-passed mortgage reform bill makes it tough for borrowers to get traditional adjustable-rate mortgages that are considered safe enough so lenders don't have to retain 5% of the credit risk when they sell or securitize the ARM.

Lend America, Melville, N.Y., has launched a new Web site for institutional investors looking to monetize their distressed residential mortgage portfolios.

Fitch Ratings Monday downgraded bond insurer Financial Security Assurance (FSA) to 'AA'-plus from 'AAA'. The ratings remain on rating watch negative.

JPMorgan Securities analysts, in their mortgage research, recommended that investors who are seeking call protection consider adding exposure to investment property MBS. They believe prepayment profiles should be similar to loan balance paper.

The stress test results are raising doubts that the government's next financial stability project — a plan to let banks get rid of toxic assets — is still needed.

American International Group (AIG) reported a $4.35 billion ($1.98 per share) loss for the first quarter that included a $1.9 billion charge for restructuring costs at AIG Financial Products Corp. (AIGFP).