Securitization

Effective immediately, Fannie Mae has increased the cash incentives it will pay servicers for successfully completing workouts, such as repayment plans and making HomeSaver advances to help delinquent borrowers catch up on their payments.

CMBS and multi-family transactions in Europe, the Middle East and Africa (EMEA) are becoming increasingly affected by the continued financial market turmoil and the worsening conditions in some countries real estate markets, Moody’s Investors Service said in a new special report.

The Shariah-compliant investment management firm Japan Islamic Finance said it plans to sell about $1 million of yen-denominated Islamic bonds in a new structure that is based on cash flow generated from marketing Web sites, according to market reports.

Standard & Poor's appointed David Jacob as executive managing director and head of structured finance ratings reporting to Vickie Tillman, executive vice president at the rating agency.

The steering committee of Securities Industry and Financial Markets Association's (SIFMA) asset management group (AMG) has elected its new leadership for 2008 and 2009.

Deutsche Bank’s global institutional asset management business DB Advisors today announced an initiative to enhance transparency of its money market fund reporting.

Mortgage-related bond insurer MBIA, Armonk, N.Y., generated $1.7 billion in net income in the second quarter, but it took a net loss of $706.4 million for the first six months of the year.

Following in Fannie Mae's footsteps, Freddie Mac is doubling its market risk delivery fee to 50 basis points, which will be added to other delivery fees currently in place starting Nov. 7.

Residential Capital, a wholly owned subsidiary of GMAC Financial Services, hired John Vella as senior vice president and managing director of ResCap's mortgage special operations business.

Radian Group today announced it plans on using excess capital in bond insurer subsidiary Radian Asset Assurance to prop up its mortgage insurance business, Radian Guaranty.

Fannie Mae, citing capital concerns and the unsettled state of the funding markets, said on Friday it would be taking a more guarded approach to loan purchases in the near term.

Bankers are holding nothing back in their efforts to squash a proposal designed to revamp card lending practices.

Sorin Capital Management announced that Matt Chasin will join the firm as chief operating officer, partner and member of the investment committee.

Standard & Poor's cut the ratings of 50 tranches from 11 US cash flow and hybrid CDO transactions. The downgraded tranches have a total issuance amount of $5.502 billion.

The National Association of Realtors is urging the Securities Industry and Financial Markets Association to reconsider its policies excluding Fannie Mae and Freddie Mac jumbo loans from "to-be-announced" pools so the two GSEs can obtain better pricing and securitize jumbo mortgages.

Ambac Financial Group, New York, has reported that under U.S. accounting rules it generated net income of $823.1 million in the second quarter despite mortgage-related losses.

UBS AG has tentatively agreed to buy back more than $19 billion of illiquid auction-rate securities it sold to clients, in a settlement that state and federal regulators aim to formally announce Monday.

Manager Activity: AutosFull Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market

The European Securitization Forum (ESF) has remained steadfast about its belief that the European securitization market will return. However, as the credit turmoil intensifies, the beleaguered market looks less likely to be fixed in the short term.

At this year's Information Management Network Global ABS conference held in Nice, France, Turkish originators discussed the multilateral option for selling their DPR deals (ASR, 6/9/08).