Securitization

Auto companies are lining up their multiple asset-backed offerings this week. Equipment ABS issuers are also joining the mix of automobile securitizations.

The Department of Justice (DoJ) and the Housing and Urban Development, along with 49 state attorneys general, filed their joint $25 billion agreement with the nation's five largest mortgage servicers in court Monday.

Amherst Securities Group (ASG) examined the historical performance of the non-agency market throughout the housing crisis in a report published late Friday.

Agency MBS certainly dominate the market today in many respects, but as one aspect of the recent strategic plan for the GSEs highlights, the private-label market can be considered ahead of them in terms of loan-level disclosure and it is time for that to change.

Moody's Investors Service has downgraded Ocwen Loan Servicing's rating as a special servicer to 'SQ2-' from 'SQ2'.

Almost a year after credit card loans hit bottom, banks have given little slack in credit lines.

According to Leveraged Commentary & Data (LCD), a unit of Standard & Poor's, leveraged loan issuance is down by half versus last year, which S&P analysts said is potential constraint for CLO issuance.

Philips Electronics N.V., the Netherlands-based electronics giant, priced a $432 million credit tenant lease Friday, according to a source familiar with the transaction.

Just about every week so far in 2012 has had a headline or tape bomb to deal with and this week was no exception. In fact, there were two that directly hit the MBS sector, which are the Federal Housing Administration (FHA) mortgage insurance premium announcement and February prepayments.

In one of the most ambitious suits of its kind so far, Space Coast Credit Union has filed suit against several investment banks and rating agencies for the sale of $150 million of CDOs to Eastern Financial Florida Credit Union, the huge Florida credit union that failed in 2009 then was acquired by Space Coast.

Auto sales are gaining strength, which can further boost auto securitization issuance, analysts stated.

The outstanding amount of home mortgages as of 4Q11 fell $40 billion quarter-over-quarter and $240 billion year-over-year to $10.3 trillion, Standard & Poor's analysts noted this morning, citing the Federal Reserve flow-of-funds data.

It may be a buyer's market for residential servicing rights but that isn't stopping mortgage banking firms from unloading their legacy housing receivables in an attempt to clean up their balance sheets.

Ongoing pressure on the credit ratings of some of the largest financial institutions could result in a minor shakeup in the ranks of CLO trustees.

Moody's Investor Service this week went “negative” on the mortgage insurance industry, citing the sector's weak financials and calling its future “unclear.”

Continental Airlines this afternoon sold $892.14 million of passthrough certificates through a deal called Continental Airlines 2012-1 EETC.

The Federal Reserve Board today released action plans for supervised financial institutions HSBC North America Holdings, Ally Financial, and IMB HoldCo.

Servicers have increasingly opted to stop advancing principal and interest payments on delinquent subprime loans. This trend can have broad implications for bond values, FTN Financial analysts said in a report.

Sen. Chuck Grassley took the Justice Department to task Wednesday for its fair lending settlement with Countrywide Financial Corp., saying it will have minimal economic impact for affected borrowers.

For the week ending March 8, Freddie Mac reported 30-year fixed mortgage rates averaged 3.88%, down two basis points from last week and one basis point above the recent 3.87% record low.