Securitization

The International Swaps and Derivatives Association (ISDA) announced that its board of directors elected three new members.

Chief executives from a number of leading European insurers that form the Pan-European Insurance Forum (PEIF) published a paper called Insurance View: Regulatory Consequences of Financial Crisis.

February remittance reports — for the January collection period — showed monthly aggregate 60+ day delinquencies climbing 66 basis points, 91 basis points, 118 basis points, and 224 basis points (compared with rises of 56 basis points, 54 basis points, 158 basis points, and 167 basis points last month) for series 06-1, 06-2, 07-1, and 07-2, respectively.

The Council of the Islamic Financial Services Board (IFSB) has recently adopted two new capital requirements standards for Sukuk securitizations and other real estate investments.

Markit and Creditex, along with six major credit derivative dealers, announced the results of a credit event auction conducted to facilitate settlement of loan-only credit default swap (LCDS) trades referencing Ferretti first-lien loans.

The International Swaps and Derivatives Association (ISDA) announced that major industry participants have committed to the use of central counterparty clearing for CDS in the European Union (EU).

Waves of CMBS downgrades are following in the wake of Moody's Investors Service's review of large loan and single borrower U.S. CMBS ratings, in which the rating agency found the current economic recession is hurting cash flows and likely to lead to a marked increase in term defaults.

JPMorgan Chase has decided to close its warehouse lending division and is giving its non-bank customers just a few months to secure new lines.

The $700 billion already allocated to the Troubled Asset Relief Program (TARP) is unlikely to be sufficient to accomplish all of its goals, President Barack Obama said Tuesday in a speech to both chambers of Congress.

Barclays Capital said that in the upcoming February remits, analysts from the firm expect delinquencies to generally increase as a result of the recent deterioration of roll rates and lower day count. These projections were made in a recent report.

CastleOak Securities plans to add a high yield team and hopes to get the group up and running as soon as possible, according to President and CEO David Jones.

U.K. law firm Ashurst announced that a team of 10 partners will be joining the firm's new offices in New York and Washington. The partners all come from McKee Nelson.

Markit launched the first multi-bank, cross-asset client valuations platform. The initiative was first announced in February last year.

Ambac Financial Group this morning reported a fourth quarter net loss of $2.34 billion in 2008, which compares to a $3.27 billion fourth quarter net loss in 2007.

The Irish Exporters Association (IEA) warned that many exporters have now reached a critical point in their cash flow management, as credit insurance underwriters have cancelled or substantially reduced the credit cover extended to them in Ireland.

Moody's Investors Service has tweaked the way it devises its financial strength rating to gauge if banks will need a bailout.

U.S. home prices slid further down in December, concluding a quarter that saw an 18.2% drop in home prices from year-ago levels, according to a measure published by Standard & Poor’s.

Bank of America has decided to combine the wholesale and correspondent lending divisions of Countrywide Home Loans into one unit, placing executive Doug Jones in charge of both.

Interactive Data Corp. said its fixed-income analytics business has released a new application programing interface (API) for its BondEdge offering.

The U.K. government is set to disclose further details on a scheme to stem the rising tide of repossessions.