Securitization

S&P downgraded 242 ratings during 3Q12, for a 1.9 upgrade-to-downgrade ratio, dropping from the record ratio of 3.3 in 2Q12.

Hurricane Sandy is likely to affect coastal and some inland regions of several states, but analysts at Standard & Poor's said today that it was still too early to gauge the effects on residential and commercial real estate.

LPS has reached a settlement with the Colorado Attorney General that concludes the State's investigation of the former document execution practices by LPS units,

Once the Consumer Financial Protection Bureau finalizes several mortgage rules in January, the bureau should be prepared to provide timely guidance on implementation issues, according to three industry groups.

The national two-year default rate went up to 9.1% for the most recent cohort, increasing from 8.8% for the 2009 cohort.

NorthStar Realty Finance Corp priced its $351 million CMBS transaction, 2012-1, at a weighted average coupon of LIBOR + 1.63%, amid concerns, cited by Fitch Ratings, that the structure's triple-A bond lacks sufficient credit enhancement.

Bank of America Merrill Lynch said in a report on Friday that half of all outstanding CMBS conduit loans set to mature over the next five years, would be able to refinance successfully.

It appears that the days of the U.S. Treasury Department doling out money to Fannie Mae and Freddie Mac are just about over, according to a new report from the Federal Housing Finance Agency (FHFA).

Citigroup Global Markets analysts said that they expect a spurt of regulatory activity after the Nov. 6 presidential elections.

Bank of America Merrill Lynch analysts maintain their positive view on student loan ABS given recent reports showing trends that can reduce headline risk in the sector.

Based on volume, this week was one of the quietest weeks since July with many securitization participants were away attending two major conferences through part of the week.

Deutsche Annington agreed to final terms for a refinancing of GRAND, a German mutifamily CMBS transaction, with a group of senior and junior noteholders representing 44% of the total.

Ally has “launched a process to explore strategic alternatives for its agency mortgage servicing rights portfolio and its business lending operations.”

The REO-to-Rent sector has attracted capital and interest from several meaningful REITS, according to a Keefe, Bruyette & Woods report.

Chairman of the House Oversight Committee Rep. Darrel Issa has asked NCUA’s Inspector General to investigate the use of contingency fees in civil suits against banks over their sale of MBS to five failed corporate credit unions.

The board of ResCap Thursday afternoon said it approved a $1.5 billion bid by insurance conglomerate Berkshire Hathaway to buy roughly 47,000 whole loans from the bankrupt mortgage company.

A rise in consolidation prepayments in some recent FFELP that back student loan securitizations is a result of students taking advantage of the Direct Loan Consolidation Program.

Although credit card master trust issuance has increased recently,this year's runoff has exceeded new issuance by about $32 billion, Citigroup Global Markets analysts said.

Subprime lending in the auto sector, which has been driven in part by rising used-vehicle sales, has continued to rise, S&P said in a short note this morning.

Fixed mortgage rates inched up in the week ending Oct. 25 as reported in Freddie Mac's weekly survey.