Complete news archive

  • Further IndyMac appeal filed

    IndyMac Bancorp's former chief executive Michael Perry has made another filing in ongoing litigation in the US Ninth Circuit Court of Appeals. The appeal is from a District Court Decision in a case pitting the FDIC, IndyMac's Chapter 7 trustee, Perry and other former IndyMac executives against a group of insurers that includes XL Specialty Insurance Company, Arch Insurance Company, .......

    Job Swaps 19 August 2013

  • Sterling ABS trader recruited

    Lloyds has appointed Martin de Ville as fixed sterling ABS trader in London. He will join next month and report to head of structured credit trading Gary Hibbard.

    De Ville was most recently at Cantor Fitzgerald, where he was responsible for building out the European ABS business. He has also worked at UBS as a senior ABS trader.

    .......

    Job Swaps 19 August 2013

  • Credit trading pro brought in

    Glen Gregorio has joined Citigroup's CDS team in New York as director for credit trading. He was most recently head of the high grade and crossover CDS trading desk at BNP Paribas and before that served as high yield credit trading vp at Deutsche Bank.

    .......

    Job Swaps 19 August 2013

  • FHFA's ResCap claims to proceed

    The US District Court for the Southern District of New York last week ruled that the FHFA may proceed with its claims against affiliates of Residential Capital, despite Residential Capital's ongoing bankruptcy proceedings. The FHFA sued Residential Capital and numerous other defendants in 17 lawsuits filed two years ago, alleging generally that defendants misrepresented the quality of loans backing RMBS .......

    Job Swaps 19 August 2013

  • SCI Start the Week - 19 August

    A look at the major activity in structured finance over the past seven days

    Pipeline
    A variety of deals remained in the pipeline at the end of last week. These included two ABS, one RMBS, one CMBS and four CLOs.

    The ABS comprised US$755.5m CNH Equipment 2013-C (an equipment deal originated by CNH Capital America) and US$800m Santander Drive Auto Receivables Trust 2013-A (an auto deal from Santander Consumer USA). The RMBS was US$434.17m Agate .......

    News 19 August 2013

  • RFC issued on CSO update

    Moody's is seeking comments from market participants on proposed changes to its rating approach for corporate synthetic CDOs (CSOs). If implemented, these changes will raise the minimum credit enhancement levels for a given rating category and will have a generally negative impact on outstanding CSO ratings.

    The proposed changes include: lowering the average recovery rate assumptions for all types of .......

    News Round-up 19 August 2013

  • Eminent domain impact examined

    Fitch says that the potential use of eminent domain by communities in California would negatively affect private label US RMBS and future lending in those regions (SCI 8 August). If those communities are successful, similar plans might be replicated in other communities, thereby broadening the impact of the scheme. The agency also believes that these programmes could further weigh on .......

    News Round-up 19 August 2013

  • Bank boosts CLO capabilities

    CLO specialist Adrian Radulescu is joining Barclays' US credit structuring team. He will be based in New York and report to head of US ABS and credit structuring Jaime Aldama.

    Radulescu most recently worked as a consultant for Credit Suisse in London. Before that he was at Lehman Brothers and SecondMarket in New York, following an earlier stint at Credit .......

    Job Swaps 16 August 2013

  • Tobacco bond cashflow errors corrected

    Moody's says it will continue to maintain the ratings on the term bonds issued in tobacco settlement revenue securitisations under review with direction uncertain (SCI 23 January). But the agency has disclosed that since it placed the bonds under review, it has corrected certain errors in the cashflow models used in rating them. The corrections have a positive credit effect .......

    News Round-up 16 August 2013

  • FFELP SLABS issuance set to slow

    US student loan ABS new issuance is on track to finish below last year's total issuance of US$30bn, S&P notes. In steep contrast, student loan originations through the Department of Education's (DOE's) Direct Loan programme have continued to grow quickly, further augmenting the total amount of outstanding student loan debt. However, student loans from the Direct Loan programme have not .......

    News Round-up 16 August 2013

  • Industry vet joins PNC board

    Andrew Feldstein has joined PNC Financial Services' board of directors. His appointment is intended to strengthen the board's risk management expertise.

    Feldstein is co-founder, ceo and cio of BlueMountain Capital Management. He was previously head of structured credit at JPMorgan and has also worked at Sullivan & Cromwell.

    .......

    Job Swaps 16 August 2013

  • Hong Kong SF lawyer appointed

    Jones Day has added Donna Healy to its banking and finance practice in Hong Kong. She was formerly of counsel for Orrick's debt capital markets and structured finance groups.

    Healy focuses her practice on structured finance, banking and debt capital markets. She also has experience of cross-border real estate financings in China and cross-border securitisation transactions in Korea.

    .......

    Job Swaps 16 August 2013

  • Multifamily in focus during summer slow-down

    August is traditionally a quiet month for the secondary markets, but activity has been picking up in certain sectors. In particular, German multifamily CMBS and Spanish RMBS has piqued the interest of investors.

    "Activity in European CMBS has picked up over the last week or so. Markets are always quieter during the summer holidays, but we have seen increased buying .......

    Market Reports 16 August 2013

  • MSR challenges ahead

    Movement of non-agency RMBS away from banks and into the hands of non-bank servicers continued apace in the second quarter. Additional large mortgage servicing right (MSR) transfers are scheduled to be completed in the last half of 2013, as banks offload defaulted/high-risk loans, Fitch reports.

    For example, in addition to its acquisition of the Homeward Residential and GMAC Mortgage portfolios, .......

    News Round-up 16 August 2013

  • Serviceability test utility underscored

    Meaningful serviceability tests are becoming an even more important way for Australian mortgage originators to maintain the high quality of their portfolios as interest rates reach historic lows, Fitch reports. The agency says that current low interest rates, coupled with high house prices and household leverage could expose borrowers to future payment shocks when interest rates rise.

    "It is therefore .......

    News Round-up 16 August 2013

  • Additional clearing rules released

    The CFTC has issued a final rule to exempt swaps entered into by qualified cooperatives from the clearing requirement, subject to certain conditions. It has also released final rules to implement enhanced risk management standards for systemically important derivatives clearing organisations (SIDCOs), as well as proposed rules to establish additional SIDCO standards.

    A qualifying cooperative is permitted to elect to .......

    News Round-up 16 August 2013

  • CIO group traders charged

    Criminal complaints against Javier Martin-Artajo and Julien Grout for their alleged participation in a conspiracy to hide the true extent of credit derivatives losses at JPMorgan have been unsealed by US Attorney General Eric Holder, Attorney for the Southern District of New York Preet Bharara and George Venizelos of the FBI. The US SEC has announced separate civil charges.

    Martin-Artajo .......

    Job Swaps 15 August 2013

  • Agency prepays to decline sharply

    US agency RMBS prepayment speeds are projected to decline sharply over the next two months as rising mortgage rates continue to dampen refinancing activities. At the same time, housing turnover - due mostly to existing home sales - is becoming a critical component of agency prepays for the first time in many years.

    Historically, housing turnover has been negatively correlated .......

    News 15 August 2013

  • Ginnie prepays spike on buy-outs

    Prepayment speeds on 2009 and newer Ginnie Mae pools accelerated unexpectedly last month after Bank of America bought out delinquent loans. Unlike other large servicers that buy out loans consistently every month, Bank of America buy-outs occur more haphazardly and in bigger blocks, Deutsche Bank securitisation analysts explain.

    Last month's buy-outs pushed 90-day delinquency rates in Ginnie Mae I 30-year .......

    News Round-up 15 August 2013

  • Legacy AMs, AJs attract attention

    US CMBS BWIC volume reached around US$600m yesterday, with SCI's PriceABS data revealing a number of successful and unsuccessful trades from the session. Many of the names out for the bid were legacy AM, AJ and mezz bonds, with spreads generally widening.

    "Overall, spreads on legacy super seniors edged wider by two or so basis points. The benchmark .......

    Market Reports 15 August 2013

  • Manager adds non-agency specialist

    Prosiris Capital Management has appointed Aashish Marfatia in New York to enhance its residential mortgage capabilities. He takes responsibility for non-agency residential mortgage trading and related investments.

    Marfatia has over 10 years of experience in the mortgage and securitised product space. He was previously at Tilden Park, Perry Capital, Credit Suisse and Moody's, working in research and trading positions.

    .......

    Job Swaps 15 August 2013
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