Securitization

In the two weeks since announcing its restructuring, MBIA said its public finance company has already received five requests to provide bond insurance in both the primary and secondary market.

Securities Litigation and Consulting Group (SLCG) hired Joseph Prendergast as principal in its Virginia office.

GMAC Financial Services today announced that Jeffrey Brown has been appointed to the position of corporate treasurer.

Moody's Investors Service reported that the U.K. credit card charge-off index is exhibiting a marginally increasing trend while the delinquency index generally rose in the past year.

The Australian Securitization Forum (ASF) appointed lawyer Stuart Fuller as its new chairman.

The Bank of New York Mellon completed its acquisition of JPMorgan Trust Bank in Japan.

Fitch Ratings awarded Oakwood Global Finance a European residential master servicer rating and special servicer rating.

As part of the U.S. government's Financial Stability Plan, the Department of the Treasury and the Federal Reserve Board just announced additional terms that would clarify the application of the Term Asset-Backed Securities Loan Facility (TALF).

Cantor Fitzgerald & Co. promoted Shawn Matthews to the position of CEO. He had served as head of its capital markets group. He will be responsible for Cantor’s debt capital markets, investment banking and equity capital markets businesses.

Critics of the Obama administration's loan modification proposal say that it would not adequately address consumers' nonmortgage debt loads or the second liens on their homes, and that many borrowers would end up defaulting again.

Deutsche Bank Securities analysts expect President Obama's housing plan to boost prepayments substantially.

BNP Paribas Corporate and Investment Banking appointed Sebastien Cottrell to the firm's U.S. structured credit trading team.

CastleOak Securities hired Gene Gallagher and Roy Jones to its fixed-income sales and trading team.

BlackRock Solutions is looking for a U.K.-based senior portfolio manager who would oversee its sterling and euro businesses.

VTB Capital structured the first rated cash CLO of non-SME corporate loans and bonds with the ultimate risk located in the Russian Federation.

The U.K. government announced further details regarding the implementation of its Asset Protection Scheme.

Freddie Mac's Conventional Mortgage Home Price Index's purchase-only series, which excludes refinancing data, registered the largest annual decrease in its 39-year history during 2008.

Five of the 10 Federal Home Loan Banks that have thus far released unaudited 2008 financial results have taken fourth-quarter net losses and at least four of those have recorded "other than temporary impairments" for the year linked to private-label MBS market deterioration that the FHLBanks Office of Finance's warns could continue.

The Federal Deposit Insurance Corp. (FDIC) approved an interim rule Friday that will institute a one-time special assessment of 20 cents per $100 in domestic deposits on the banking industry in order to quickly restore federal reserves.

Standard & Poor's has put 3,279 ratings of first-lien prime jumbo U.S. RMBS from 2006 and 2007 on CreditWatch Negative, citing an increase in projected losses to 40% from 30%.