Securitization

In a report released this morning, Merrill Lynch analysts talked about a proposal that the market allow certain re- REMIC classes that are economically the same as pass-throughs to basically be remade into passthroughs.

Seyfarth Shaw established a covered bonds team to assist clients with covered bond offerings addressed by the U.S. Treasury Department.

Equity Trust and The Bank of New York Mellon now have a global referral agreement where both companies refer potential business opportunities for structured finance services to each other.

Centerline Holding Co., a New York-based alternative asset manager with a focus on real estate funds, said it has reduced its workforce by about 20%.

GMAC Financial Services expressed some doubt about its ResCap's mortgage unit's future in preliminary third-quarter results that show a substantial net loss at ResCap is likely to be the main contributor to an even larger net loss for the company as a whole.

MBIA and Ambac Financial Group continue to be hit by exposure to the U.S. housing market, adding to their loss reserves as they posted third quarter losses.

Mission Capital Advisors is now accepting bids for a portfolio of performing, sub-performing and nonperforming commercial mortgage loans that are secured by various commercial real estate in Florida, with a balance of more than $62 million.

An extension Syncora Holdings and its subsidiaries reached to extend the negotiation period with counterparties on credit default swaps and other financial guarantee contracts has now expired, the company said in a filing with the Securities and Exchange Commission Monday night.

Popular, Puerto Rico's largest mortgage lender, has completed the sale of loans and servicing assets from its U.S. mortgage subsidiary to units of Goldman Sachs.

Deutsche Bank Securities hired Peter Hornick for its i nstitutional client group (ICG) within the global markets division as a managing director and head of credit sales for North America .

Ron D’Vari, CEO of NewOak Capital, proposed today that government guarantees of nonperforming mortgages be modified requiring borrowers’ giving up equity participation. The proposal, which is named Government Equity Modification (GEM), "is one of the most viable and timely answers to the current mortgage credit crisis,” according to D'Vari.

Markit and Creditex, together with 14 major credit derivative dealers, have determined a price to facilitate the settlement of credit derivative trades referencing the subordinated debt of Landsbanki Islands hf in Europe’s first ever Credit Event Auctions.

Freddie Mac will not be issuing a Reference REMIC security during the week of Nov. 17.

Schulte Roth & Zabel International hired Nick Terras as a partner in the investment management group.

CWCapital Investments (CWCI), a full service commercial real estate investment management company, launched a new risk management group, and has hired former Moody’s Investors Service CMBS head Tad Philipp as managing director of the group.

The Tygris Commercial Finance Group named Lawrence G. Hund as its chief financial officer. Hund will oversee all of Tygris’ treasury, accounting, tax, planning and analysis and financial operations.

U.S. Department of Housing and Urban Development (HUD) appointed Michael Flynn as HUD's acting general counsel. Flynn was formerly the general deputy general counsel to the Department.

The insurance-linked securitization (ILS) market is beginning to feel the credit pinch as malfunction in the financial markets touches every corner of

Moody's Investors Service said last week that the industrial property markets remain rather resilient in terms of supply/demand and vacancy rates, but the supply and demand volatility ratios indicate transition risk in some markets.

The U.K. government announced new rules that will better protect homeowners facing repossessions. This after a call from several U.K. charities highlighted that nationalized banks were aggressively and recently pursuing the option.