Complete news archive

  • Capital retention

    Dan Rosen, ceo and co-founder, and Benoit Fleury, head of fi...

    Q: How and when did R2 Financial Technologies become involved in the structured credit market?
    A:     We started in this business by conducting groundbreaking research on how to price complex credit derivatives and structured finance assets for one of the largest structurers on Wall Street. That engagement helped us gain a deep understanding of the analytical .......

    Provider Profile 23 June 2010

  • CDO manager named in SEC suit

    The US SEC has charged an investment adviser and three of his affiliated firms with fraudulently managing investment products tied to the mortgage markets as they came under pressure three years ago. The complaint has been filed in New York.

    The SEC alleges that ICP Asset Management defrauded four multi-billion-dollar CDOs at the direction of owner and president Thomas Priore. .......

    Job Swaps 23 June 2010

  • Credit fixed income group launched

    Cowen Group has launched a credit fixed income group, appointing Kevin Reynolds head of the group and Leonard Sheer as an md. The pair was recruited from Gleacher & Company and will be primarily responsible for fixed income and credit product origination and execution, including public and private debt placements, exchange offers, consent solicitations and tender offers.

    "We are thrilled .......

    Job Swaps 23 June 2010

  • TBW chairman charged with securities fraud

    The US SEC has charged the former chairman and majority owner of Taylor, Bean & Whitaker Mortgage (TBW) - Lee Farkas - with orchestrating a large-scale securities fraud scheme and attempting to scam the US Treasury's TARP.

    The SEC alleges that through TBW Farkas sold more than US$1.5bn worth of fabricated or impaired mortgage loans and securities to Colonial Bank. .......

    Job Swaps 23 June 2010

  • Fannie Mae DUS entity created

    Guggenheim Partners has formed a new CRE entity called Pillar Multifamily. The firm has also acquired certain assets and assumed certain liabilities of Bulls Capital Partners, a Fannie Mae Delegated Underwriting and Servicing (DUS) multifamily lender.

    In addition to acquiring Bulls' assets, Pillar has retained most members of the Bulls team, including coo Mark Van Kirk and chief production officer .......

    Job Swaps 23 June 2010

  • Boutique names investment strategy head

    Braver Stern Securities has hired Scott Buchta as md and head of investment strategy. He has over 23 years of experience developing investment strategies for institutions across various fixed income sectors, with an emphasis on RMBS, CMBS and ABS.

    "Scott's proven track record of developing investment strategies and wealth of experience will further bolster the strong mortgage sales and trading .......

    Job Swaps 23 June 2010

  • Credit investment manager moves on

    Geoffrey Jones has joined Tennenbaum Capital Partners (TCP) as principal. His background is in distressed debt and special situations investing and he has spent the last five years as principal responsible for managing credit investments at Kohlberg Kravis Roberts. Jones has previously worked for BNY Mellon, Deloitte, Brown-Forman Corporation and Benesch, Friedlander, Coplan & Aronoff.

    .......

    Job Swaps 23 June 2010

  • Veteran CMBS trader joins broker

    Amherst Securities Group has hired John Caputo as primary CMBS trader. He joins the New York office, having most recently managed RMBS and CMBS trading at C12 Capital Management. Caputo has almost 20 years of experience and has previously worked for Barclays Capital, Salomon Smith Barney and Citi as a CMBS trader.

    Sean Dobson, Amherst chairman and ceo, says: "There .......

    Job Swaps 23 June 2010

  • Distressed assets practice formed

    Insurance broker Willis North America has formed a distressed assets practice to advise clients on managing the risks associated with financially distressed, foreclosed or abandoned properties and to provide a range of insurance solutions.

    The new unit will be headed by Brian Ruane, national real estate and hotel practice leader for Willis. It will bring together resources and expertise from .......

    Job Swaps 23 June 2010

  • Firm bolsters structured funds practice

    Ashurst has hired Nick Terras from Schulte Roth & Zabel International, where he was an investment management partner. He specialises in hedge funds, UCITS funds, exchange-traded funds and related derivatives and joins Ashurst's derivatives products group.

    "Nick is widely regarded as a leading adviser in respect of structured funds platforms. He is quite rare in the market in being both .......

    Job Swaps 23 June 2010

  • Change of control for Deerfield CDOs

    A deemed assignment of the management agreement on the Mayfair Euro CDO I, Mid Ocean CBO 2000-1 and Valeo Investment Grade CDO II transactions has occurred, following Deerfield Capital Corp's acquisition of Columbus Nova Credit Investment Management (SCI passim). The acquisition involved the transfer of US$25m - approximately 40% - of Deerfield stock to Bounty Investments, which constitutes a change .......

    Job Swaps 23 June 2010

  • Liquidity remediation efforts falling short

    Syncora Holdings says its New York financial guarantee subsidiary, Syncora Guarantee, has made progress on its liquidity remediation actions but remains materially short of its remediation plan.

    On 17 June the New York Insurance Department (NYID) withdrew an order from 2009 prohibiting Syncora Guarantee from paying claims until it had removed the impairment to its statutorily mandated minimum surplus to .......

    Job Swaps 23 June 2010

  • CMA ceo steps aside

    CMA has appointed Antoine Kohler as ceo, effective from today (21 June). He succeeds Laurent Paulhac as global head of CMA's business, promoting the growth of the company through its QuoteVision, DataVision and valuations products.

    Kohler joins from ICAP, where he was information services md. During a 13-year career at ICAP he also served as head of business development and .......

    Job Swaps 23 June 2010

  • New FCM formed

    BNY Mellon has created a new company to clear futures and derivatives trades on behalf of institutional clients. BNY Mellon Clearing is a registered futures commission merchant and member of the National Futures Association. It plans to become a clearing member on major exchanges and central clearinghouses on a global basis to support its clients' trading activities.

    "BNY Mellon Clearing .......

    Job Swaps 23 June 2010

  • Basel 2 capital charges clarified

    The Basel Committee on Banking Supervision has announced adjustments to the revised market risk framework, which was released in July 2009 (SCI passim). A coordinated start-date of no later than 31 December 2011 for all elements of the July 2009 trading book package has been decided on, to give supervisors additional flexibility.

    Two aspects of the framework are impacted by .......

    News Round-up 23 June 2010

  • Non-asset trigger concerns for Aire Valley

    Based on the latest report for the trust, the Aire Valley RMBS programme appears to be following the pattern of Granite before its non-asset trigger was breached, according to Ron Thompson, global head of ABS strategy at Knight Libertas. The market's assumption is that there'll be a non-asset trigger for Aire Valley in early 2011, based on the minimum trust .......

    News Round-up 23 June 2010

  • Succession event determined

    ISDA's EMEA Determinations Committee has ruled that a succession event occurred with respect to Cable & Wireless PLC on 26 March. Cable & Wireless Limited and Cable & Wireless Worldwide PLC were determined to be the successors.

    .......

    News Round-up 23 June 2010

  • Impact multifamily deal prices

    Impact Community Capital last week came with its multifamily housing deal called Impact Funding Affordable Multifamily Housing Mortgage Loan Trust 2010-1, say investors. The deal began marketing at the beginning of June (see SCI issue 187).

    Barclays was the sole lead on the offering, which totalled US$309m. The deal included a US$235m class A1 tranche, which originally marketed at US$269m. .......

    News Round-up 23 June 2010

  • Refi risk expected to drive HY CDS returns

    A factor analysis of the recent selloff undertaken by credit strategists at Goldman Sachs reveals that refinancing risk has not been a meaningful driver of a cross-section of high yield CDS returns. But this scenario is expected to change as growth in the US loses its momentum.

    Goldman Sachs economists forecast that US GDP growth will decline to just 1.5% .......

    News Round-up 23 June 2010

  • MBS basis 'on the rich side' of fair value

    Mortgages are cheap to the consumer and rich to the investor, compared to current 30-year market rates (4.75%), according to MBS analysts at Wells Fargo. They modelled 30-year mortgage rates and determined that current market rates should be between 4.75% and 5.35%.

    "We continue to believe that the MBS basis is at 'fair value', albeit on the rich side," the .......

    News Round-up 23 June 2010

  • Office building CMBS due in market

    A CMBS transaction secured by leases from New York office building One Bryant Park is marketing. The US$650m offering, called OBP Depositor Trust 2010-OBP Commercial Mortgage Pass-Throughs, is to be rated triple-A by Fitch.

    Bank of America, the largest tenant in the building, is a part owner of the asset along with the Durst Organization. The building has a 96.9% .......

    News Round-up 23 June 2010
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