Securitization

Thornburg Mortgage, Santa Fe, N.M., has made plans to discontinue operations after winding down through a bankruptcy filing and a series of asset sales and liquidations, ending a struggle to survive the non-agency liquidity crisis that started in 2007.

Although the Senate Banking Committee voted for the first time to adopt comprehensive credit card reforms Tuesday, the close margin cast doubt on its odds for enactment.

PF2 Securities Evaluations increased its analytical tools for CDOs to prepare for changing Financial Accounting Standards Board (FASB) requirements.

The ability of managers of investment grade corporate synthetic CDOs to trade has been dramatically reduced as a result of structural constraints, a lack of market liquidity and unprecedented spread widening, Fitch Ratings analysts said.

The European System of Central Banks (ESCB) and the Committee of European Securities Regulators (CESR) have published draft recommendations.

Inter-dealer broker Phoenix Partners hired emerging markets specialist Niels Nooy as European head of emerging markets.

The Senate Banking Committee approved sweeping legislation 12 to 11 on Tuesday to rein in credit card practices, with all Republicans and one Democrat — Sen. Tim Johnson — opposing the measure.

Accounting rules need to be more "realistic" so Federal Home Loan Banks and other institutions holding MBS until maturity do not have to take "excessive" writedowns, according to House Financial Services Committee chairman Barney Frank, D-Mass.

Prior to the recent sale of the government-owned IndyMac FSB to an investor group,

The Department of Housing and Urban Development (HUD) is seeking expanded loss mitigation authority allowing the principal amount of an Federal Housing Administration (FHA)-insured mortgage to be reduced by up to 30% to help homeowners avoid defaults.

Broadridge Financial Solutions and Beacon Capital Strategies today announced a multi-year strategic alliance.

The glimmer of hope offered in last week's housing reports (FHFA HPI, and existing and new home sales) was short-lived.

Investment banking firm Sandler O’Neill & Partners hired Thomas Oh and Christopher Connors in the firm’s fixed-income group.

Barclays Capital will not participate in the U.K. government’s asset protection scheme, according to market reports.

The European Commission has taken a step toward modifying the risk weighting of complex securitization products under Basel II.

Despite helping 244,000 at-risk homeowners with loan modifications and repayment plans in February, the Hope Now alliance says the number of foreclosures continues to rise and foreclosures involving prime loans topped subprime by a significant margin.

Fannie Mae has increased its required yield on Federal Housing Administration (FHA)reverse mortgages, which will have the net effect of increasing the interest rate on those loans by 50 to 75 basis points, according to lenders.

Fannie Mae acquired $53.7 billion of mortgages during February, an 86% increase from January, and its best purchase month since June of last year.

World Financial Network National Bank has a credit card offering in the market, the Class A notes of which are TALF-eligible.

Fitch Ratings has reorganized its securitization leadership after the departure of former head of U.S. structured finance John Bonfiglio.