Securitization

Javid Jaberi, a former senior vice president of servicing in charge of loss mitigation for Residential Capital Corp. (ResCap), has joined Fannie Mae, industry sources told National Mortgage News.

Discover Financial Services plans to reduce its work force by about 500 people next month.

Albert Pinzon was recently hired by the New York office of Cozen O’Connor as a member of its business law department. Before this, the new hire was a partner with Stroock & Stroock & Lavan in New York.

The board of the Massachusetts Pension Reserves Investment Management (PRIM) has removed Grantham, Mayo, Van Otterloo from a $230 million emerging markets debt mandate.

Bank of America announced a new head of Americas fixed-income sales as part of its combined global markets team for Bank of America Merrill Lynch.

It's becoming something of a pattern: The government announces a program designed to stabilize financial markets or kickstart lending, but after weeks or months of delay, the goal is shifted or the program simply doesn't work as expected.

Genworth Financial was told by the U.S. Department of the Treasury that the deadline it set for approval by the Office of Thrift Supervision (OTS) of Genworth's application to become a savings and loan holding company passed before the OTS completed its review of the insurance firm's application. The Treasury Department will not extend the deadline.

Mortgage rates moved off their record lows this week, but remain at historically attractive levels.

Huron Consulting Group hired Kevin Gibbons and Peter Walsh as managing directors in the accounting and financial consulting practice that is focused on the financial services sector.

Fitch Ratings upgraded two and downgraded five tranches across the Southern Pacific Financing transactions — the two upgrades were of the Class D and E in SPF 04-A and the downgrades were the Class D and E from SPF 05-B and the class C, D1 and E of SPF 06-A.

BNP Paribas launched two new capital guaranteed funds for French retail investors, Tie Break 3 and Tie Break 5, according to market reports.

The Spanish SME loan securitization sector continues to deteriorate at an accelerating pace as a result of the weak macro outlook and the intense pressure on Spain’s housing and construction businesses, according to Merrill Lynch research.

The securitization process that led to the subprime meltdown has been "absolutely discredited" and retention of a portion of the credit risk is one way to reform the mortgage market, according to a Senate Banking Committee staffer.

The Federal Reserve expanded its purchases of GSE MBS by $750 billion in March to sustain the refinancing boom and keep mortgage rates low, according to the minutes of the last Federal Open Market Committee (FOMC) meeting.

Cabela priced a credit card transaction, the class A of which is Term Asset-Backed Loan Facility (TALF)-eligible.

The Department of Justice (DOJ) is moving closer to forming a national mortgage fraud task force to investigate and prosecute real estate and mortgage related crimes, according to government officials familiar with the matter.

The House Financial Services Committee might hold a hearing before it moves to mark up and vote on a major regulatory bill that would restrict subprime mortgage lending and lender compensation.

Changes in how banks and financial institutions value securities on the heels of new accounting rules likely won’t bring about changes in their ratings, Standard & Poor's said Wednesday.

Alpha Natural Resources completed an accounts receivable securitization program, which is authorized for up to $85 million of funding, according to a release from the company.

iServe Servicing, a wholly-owned subsidiary of National Asset Direct, hired Richard Cimino as CEO.