Securitization

Big players remain largely absent from the re-emerging private-label residential mortgage-backed securities market.

A common securitization platform is under "full scale development" and should be ready for "significant testing" by next year, spokesmen for the government-sponsored housing enterprises said.

Lawrence Ceriello has joined Morrison & Foerster’s real estate finance group in New York as a partner.

CarMax is planning an $800 million securitization of used auto loans, according to a presale report issued today by Fitch Ratings.

The percentage of loans paying off on their balloon date registered 64.6% -- eight points above the March reading of 56.6%, according to the Trepp April payoff report,

Having recently been approved to underwrite mortgage-backed securities, W.J. Bradley Financial Services is planning to do just that, according to President Kent Usell.

A number of community banks are discovering that bulking up on student loans is easier said than done.

Flagstar Bancorp (FBC) in Troy, Mich., will pay $110 million to settle allegations that it misrepresented the quality of more than $1 billion of private label mortgage-backed securities it sold to investors.

The revival of Europe’s collateralized loan obligation market doesn’t extend to middle market loans, according to Fitch Ratings.

There’s been plenty of talk about using securitization to finance solar energy, but to date, no deals; the Department of Energy’s National Renewable Energy Laborator wants to jumpstart the process.

Santander Consumer USA plans to bring to market $846 million of asset-backed securities backed by a pool of fixed-rate new and used automobile, light-truck and utility vehicle loans.

Sabal Financial Group expanded its commercial mortgage-backed securities business with the launch of a transaction support services division called Sabal Commercial Advisors.

Markit, the global financial information services company, has launched a new service for the pricing of collateralized loan obligation tranches.

Dan Perl, chairman & CEO of Citadel Servicing said that he sees a market for the securitization of private label, non-prime mortgage loans.

ABS Manager Rankings

The primary market for CMBS deals remained relatively quiet on Thursday with only two new deals marketed this week.

Deals issued pre-crisis are past their most perilous years but structural flaws could still prove hazardous for investors.

Until recently private student loans were the laggards in the recovery of the U.S. securitization market, but demand is picking up.

As new deal volume in the private label RMBS market continues to ramp up, so do questions from investors about how these deals will evolve over time.

The first three European CLOs to price since the financial crisis were structured to ease investor worries, and their successively tighter spreads suggest that’s happening, boding well for future deals as they adapt to the current market’s demands.