Securitization

NewOak Capital appointed Janet Christensen as managing director of marketing, covering institutional clients such as private equities and financial institutions in New York and London.

A growing number of companies are looking to amend their covenants to give them the flexibility to avoid a default.

February conventional prepayments were much faster than expected. Prepayment speeds were projected to increase about 20%, or 4 CPR, but instead were double that: FNMA speeds were 44% higher from January and FHLMC Golds were +52%.

The House approved legislation 234 to 191 on Thursday that would let bankruptcy judges modify mortgages, but the bill's fate in the Senate remains unclear.

A report from the Federal Reserve Bank of St. Louis suggests that the number of subprime mortgage loans terminated between 2001 and 2006 outweighed the number of estimated first-time homebuyers who sought subprime mortgages.

The Mortgage Bankers Association (MBA) released its 4Q08 National Delinquency Survey (NDS) yesterday and reported that the delinquency rate for mortgage loans on 1-4 unit residential properties rose to a seasonally adjusted rate of 7.88% of all loans outstanding. This increased 89 basis points from 3Q08 and 206 basis points compared with year ago.

The ABS market welcomed the additional details disclosed on the Term Asset-Backed Securities Loan Facility (TALF), which the Federal Reserve and U.S. Treasury Department announced on Tuesday.

Freddie Mac launched two new mortgage initiatives under President Obama's making home affordable plan.

A General Motors bankruptcy would have a "materially adverse impact" on GMAC Financial Services (GMACFS), according to the latter company's 10-K filing.

Home values have sunk further below mortgage balances in boom-bust states like California, Florida and Nevada, but the bigger worry now is places where prices have not yet fallen steeply, First American CoreLogic said.

The Treasury Department plans to announce details within the next two weeks on the creation of a public-private partnership for purchases of toxic assets, Treasury Secretary Timothy Geithner said Wednesday.

A stir of activity in a petrified landscape, Banco Internacional del Peru (Interbank) plans to close a two-tranche structured deal for up to $150 million by the beginning of April.

While Spanish banks have launched a stream of guaranteed issues, Dresdner Kleinwort analysts said, those hoping for this to signal a sufficient buying interest in Spanish names, which would potentially also help the Cedulas (covered bond) market stage a revival, are likely to be disappointed.

The finalized details of the U.K. government's Homeowner Mortgage Support Scheme (HMSS) remove some of the uncertainty around RMBS deals, Fitch Ratings analysts said.

House Democrats have agreed to a compromise on pending bankruptcy/cramdown-related legislation that gives preference to interest rate reductions over reducing the loan amount.

Over one-third of outstanding U.S. prime and Alt-A credit RMBS may have bankruptcy carveouts, Fitch Ratings found as part of its review of the cramdown legislation's potential effects on current RMBS transactions.

Cantor Fizgerald, a private partnership, may be one of the smallest of the Federal Reserve’s primary dealer firms, but it certainly has big plans.

The Market Composite Index, an overall measure of mortgage applications, decreased 12.6% on a seasonally adjusted basis to 649.7 from 743.5 for the week ended Feb. 27, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.

President Obama's administration announced new U.S. Department of the Treasury guidelines to allow servicers to start modifications of eligible mortgages under the administration's Homeowner Affordability and Stability Plan.

NewOak Capital has partnered with Fundamental Credit Capital Partners (FCCP) by naming its founder Candice Workman Nonas a managing director at NewOak Capital.