Securitization

The International Finance Corp. (IFC) has helped establish the first residential property system in Azerbaijan, which should foster the development of the local mortgage market.

Ginnie Mae said that it has issued a record $34.5 billion in MBS in March, which brings its total to $89.7 billion in 2009, compared with $38.9 billion for the first three months of 2008.

Morrison & Foerster Wednesday said it has created a dedicated group to represent real estate companies, anticipating a wave of business related to the industry’s growing need for liquidity and deleveraging.

Allen & Overy has advised the U.K. Department for Business, Enterprise and Regulatory Reform (BERR) on the first guaranty documentation to be signed as part of the government's £10 billon ($14.7 billion) working capital guaranty scheme.

In its quarterly performance update on European CMBS, Fitch Ratings said that default at loan maturity remains the major risk in the sector.

The Federal Reserve Bank of New York said Tuesday that it lent $1.7 billion through the Term Asset-Backed Securities Loan Facility (TALF), dramatically less than the $4.7 billion it distributed when the program launched last month.

A credit card and two auto Term ABS Loan Facility (TALF)-eligible securitization deals priced today.

docGenix and Markit announced a strategic initiative combining docGenix’s inSight analytics service with Markit’s document management platform.

Tension is evident in the mortgage servicing industry as federal regulators along with state lawmakers and consumer protection groups are coming after servicers, according to speakers on the legislative roundup panel at the SourceMedia Mortgage Servicing Conference in Dallas.

Standard & Poor's issued a report stating that the rating agency expects additional downgrade risk for recently issued CMBS.

Henderson Global Investors hired Ganesh Rajendra as head of advisory and research in the firm's structured products team. He will focus on global structured debt markets, including mortgages and ABS.

Broadpoint Capital added Brian Zucker as a managing director in its debt capital markets division, the company announced today. The move is part of the New York-based firm’s larger expansion of its debt capital markets group.

The European Central Bank (ECB) said there is a risk that the financial integration process in Europe will slow down as a result of the financial and economic crisis.

Despite some divergence between figures reported by Nationwide's index and Halifax's index for March, the two indices showed that U.K. home prices are stabilizing.

The Association of British Insurers (ABI) plans to introduce a new fund sector to help consumers find the right money market fund for them to invest in.

As the Obama administration continued to hammer out details of its foreclosure prevention program with major banks, the Treasury Department on Monday unveiled a coordinated plan to thwart loan modification fraud schemes that are cropping up around the country.

Last week in the mortgage market, supply continued to ramp up — averaging $4.4 billion per day on average compared with $3.4 billion the previous week.

Federal bank and thrift regulators are warning servicers the redefault rate on loan modifications where the homeowner's monthly payment is unchanged or increased is "unacceptably high." They said servicers should strive to reduce and make the payments more affordable.

Consumers that are trying to modify their mortgages are carrying, on average, about $19,000 in additional unsecured debt, and this poses a major obstacle to rewriting such loans, according to the Consumer Credit Counseling Service (CCCS).

The First Marblehead Corp. sold its ownership interest in NC Residuals Owners Trust. The Trust is the owner of the residual interests in all fifteen of the student loan lender's National Collegiate Student Loan Trusts ("NCSLT").