Securitization

Lloyds TSB Corporate Markets launched its latest SME CLO. This is the bank's fourth balance sheet securitization from its commercial loan book.

Late yesterday, Freddie Mac released its quarterly Conventional Home Price Index (CMHPI) for the first quarter.

Merrill Lynch appointed James Quigley as president of Merrill Lynch for Latin America and Canada.

Mission Capital Advisors, a boutique investment bank, closed the sale of two residential mortgage loan portfolios totaling $195 million.

Lewtan Technologies announced that it will launch a new portal that provides free access to the most recent remittance reports and original prospectuses for public European securitizations at Information Management Network's Global ABS conference in Cannes that starts this week.

Credit Suisse recently reorganized its structured products group. These changes come after the firm shut down origination activity, cut positions and reduced its risk exposure over the past year, according to an internal memo at the bank.

Citadel Investment Group tapped Bill King as a senior managing director and head of securitized products.

May remittance reports, which represent the April collection period, showed an aggregate rise in the 60+and 90+ day delinquency buckets, as well as rises in foreclosure and REO inventories, Barclays Capital reported. The reports were released today.

Most Spanish securitization transactions issued since August 2007 have been retained by banks with the eligible securities used as potential European Central Bank (ECB) repo collateral.

Security Capital Assurance appointed Elizabeth Keys as senior vice president and chief financial officer effective June 1. Keys will succeed David Shea who will depart from the insurance firm to pursue other options. Shea will serve as an advisor to the firm until June 15 to assist in the transition of responsibilities.

Fitch Ratings has downgraded Residential Capital's (ResCap) RMBS servicer ratings. The rating agency said that servicer ratings also remain on Rating Watch Negative by Fitch, so there's a possibility of a further downgrade down the road.

New home sales bounced by roughly 3% in April to an annualized rate of 526,000 units, the first increase since October 2007, analysts from RBS Greenwich Capital said.

The Financial Accounting Standards Board (FASB) issued last Friday FASB Statement No. 163 or the standard called Accounting for Financial Guarantee Insurance Contracts. This new standard clarifies how FASB Statement No. 60 or Accounting and Reporting by Insurance Enterprises applies to financial guarantee insurance contracts issued by insurance companies. This includes the recognition and measurement of premium revenue and claim liabilities.

Merrill Lynch has tapped Doug Mallach as head of U.S. fixed income, currencies and commodities asset management.

Student loan issuer Nelnet announced that because of recent actions from Congress, including the implementation of H.R. 5715 — a bill that increases the amount of money available from Federal student loan programs — it will continue to originate new Federal student loans to all students, regardless of the school they attend, for the 2008-2009 school year.

A mega-deal collateralizing deduc-tible personal loans has been filed with Brazilian regulators, giving a jolt to a market that had slowed since a banner 2006.

The Bank of England (BoE) reiterated last week that it had no cap on the size of its special liquidity scheme, but said that it will not speculate on how much lending there will be.

Conservative lending practices might be easing banks back into shape, but on the borrowing end, the scenario continues to get messier.

Trouble at Calyon's structured finance subsidiary Omicron Investment Management could serve as a harbinger for the further woes awaiting CDO managers.

With the Federal Deposit Insurance Corp.'s (FDIC) release of a covered bond policy statement and Treasury Secretary Henry Paulson's public support for the creation of a U.S. market for these traditionally European securities, AsR brought together a group of experts for a discussion of how covered bonds work and trade, how they will be treated by regulators and their potential for growth and development in the U.S. The discussion was moderated by Christopher O'leary.