Securitization

Syncora Holdings announced the appointment of Duncan Hennes, Edward Muhl, Thomas Norsworthy, and Robert White to its board of directors in connection with the transfer on Nov. 18 of 30,069,049 Syncora shares, previously owned by XL Capital , to a Trust pursuant to the Master Commutation Release and Restructuring Agreement, dated July 28, 2008.

The Department of Education (ED) announced it will purchase Stafford/PLUS FFELP loans for the 2007-2008 academic year at a purchase price of 97% of principal and unpaid interest.

GMAC Financial Services, which controls nearly $400 billion in mortgage servicing rights, has applied with the Federal Reserve to become a bank holding company.

Ambac Financial Group said yesterday that it has commuted two CDO of CDO of ABS exposures and two high grade CDO of ABS exposures.

The prosecutor named to monitor the $700 billion bailout program said Wednesday that the Treasury Department's retreat from the program's original mission would not hurt his authority.

Standard & Poor's said will release the names of the providers of rating-dependent liquidity and credit support to ABCP conduits.

Oak Hill Advisors has hired Fritz Thomas as a managing director, where he will help head up the firm’s business development and client coverage activities.

Fitch Ratings has published a presale report on five money market investor funding facility related (MMIFF) ABCP programs.

Laurie Goodman has joined the New York offices of Amherst Holdings as a senior managing director in charge of research, risk management and business development, effective Dec.8.

The Federal Housing Finance Agency (FHFA) said Monday that the combined debt of Fannie Mae, Freddie Mac, and the Federal Home Loan banks was $6.8 trillion at the end of September, exceeding the total publicly held debt of the United States by $1 trillion.

A structure for overseeing the financial services industry's bailout is coming together.

The European securitization market remains frozen despite new issuance volumes for 3Q08 roughly matching the volume of maturing securities.

ABS issuer Cabela’s said that it will begin disclosing financial information related to notes issued by Cabela’s Credit Card Master Note Trust.

Congress needs to pass legislation that "unlocks" securitized trusts so servicers could sell distressed mortgages to the Treasury Department for restructuring, according to a former Treasury official in the Clinton administration.

Genworth Financial, after recently posting a large third quarter loss, struck a deal over the weekend to buy a $1 billion thrift in Minnesota, which it will use to file an application for a capital infusion under the $700 billion bailout bill.

Cairn Capital appointed Peter Hansell. formerly a managing director in Lehman Brothers’ gobal real estate group, Hansell has been appointed to focus on the development and expansion of Cairn’s existing real estate related activities and to run the firm’s soon-to-be-launched new Ibex Fund.

While economic conditions remain difficult, securitizations in the Gulf Cooperation Council (GCC) still maintain a strong growth potential this region, according to a Moody's Investors Service report.

Although retained deals continue to be the order of the day in Europe, UniCredit Banca per la Casa SpA latest retained RMBS still caused a stir because of its size.

The Federal Deposit Insurance Corp. hopes to complete a deal to sell a majority of IndyMac Federal Bank in December, according to an agency spokesman.

With economic conditions worsening, the U.S. government has stepped up its bailout efforts - doling out $250 billion allotted under the Emergency Economic Stabilization Act (EESA) for equity investments in financial institutions.