Complete news archive

  • CPS secures credit line ahead of ABS return

    Consumer Portfolio Services has entered into a US$100m two-year warehouse credit line with UBS Real Estate Securities. Loans under the facility will be secured by automobile receivables that CPS now holds or will purchase from dealers. The facility revolves during the first year and amortises during the second year.

    "This transaction brings our total warehouse capacity to US$200m," says Charles .......

    News Round-up 3 March 2011

  • Increase in CMBS delinquencies slows

    US CMBS delinquencies had one of the smallest increases in February since the beginning of the credit crisis, according to Trepp, edging up by 5bp and putting the rate at 9.39%. However, this also represents the highest percentage of loans 30+ days delinquent, in foreclosure or REO in the history of the CMBS market.

    The percentage of loans seriously delinquent .......

    News Round-up 3 March 2011

  • Bank adds mortgage director

    Deutsche Bank is understood to have hired Sean Dawson as a director within its mortgage principal investment unit. He was previously svp of securitised products at Citadel and prior to this was svp at Lehman Brothers.

    .......

    Job Swaps 3 March 2011

  • Tremonia senior noteholders paid out

    Junior noteholders of Tremonia CDO 2005-1 won't receive any of the proceeds from a recent auction of its English security assets. The auction took place on 1 March at BDO Ireland (see SCI 9 February).

    Bids for all of the securities were accepted at the auction for a total sum of US$474.7m. Settlement is scheduled to take place tomorrow (4 .......

    News Round-up 3 March 2011

  • Guggenheim preps prop trading platform

    Guggenheim Partners has launched Guggenheim Global Trading (GGT), which will invest capital on behalf of the firm, its shareholders, its affiliates and a small group of institutional investors. Based in Purchase, New York, GGT will be headed by Loren Katzovitz and Patrick Hughes, both managing partners of Guggenheim Partners.

    GGT has an initial target allocation of approximately US$500m, with a .......

    Job Swaps 3 March 2011

  • SEC rating, clearing rules proposed

    The US SEC has released two further proposals for comment in line with Dodd-Frank requirements. One would see the removal of references to credit ratings in certain rules and forms under the Investment Company Act of 1940 - including rule 2a-7, governing the operations of money market funds. The other is in connection with the operation and governance of clearing .......

    News Round-up 3 March 2011

  • Third charge brought over TBW fraud

    The US SEC has charged former vp and head of mortgage warehouse lending at Colonial Bank, Catherine Kissick, with conducting a US$1.5bn securities fraud scheme.

    The SEC alleges that Kissick enabled the sale of fictitious and impaired mortgage loans and securities from the mortgage warehouse lending division's largest customer - Taylor, Bean & Whitaker Mortgage (TBW) - to Colonial Bank. .......

    Job Swaps 3 March 2011

  • US ABS market plays it safe

    The US consumer ABS market has had a quiet week, with both new issue and secondary trading volumes remaining consistent. At the same time, triple-A paper still appears to be a favourite as investors continue to play it safe.

    "Everything's steady at the minute; we haven't been all that responsive to the broader market sell-off and that's not too unusual. .......

    Market Reports 3 March 2011

  • Visualisation tool launched

    Codean has released Codean Visualizer, its new legal document visualisation software. Acting as a standalone desktop application, the software analyses documents for defined terms to produce a hyperlinked and navigable report. The report includes where and how the defined terms are used, while graphically showing how the defined terms fit together.

    "Codean Visualizer's technology allows lawyers and financial investors, who .......

    News Round-up 2 March 2011

  • Rethink required

    Pressure mounts for RMBS remittance overhaul

    Investors and analysts alike are struggling to make sense of increasingly indecipherable RMBS remittances. However, pressure is growing for reporting structures to be completely overhauled.

    RMBS remittance reports should clarify a deal's cashflows and balances, but they have become far more complicated than they need to be. Sandipan Deb, residential credit strategist at Barclays Capital, argues that market developments have .......

    News Analysis 2 March 2011

  • CDO management rights acquired

    Newcastle Investment Corp last month purchased the management rights of a number of C-BASS Investment Management CDOs, pursuant to a C-BASS bankruptcy proceeding. The acquisition cost approximately US$2m and entitles Newcastle to earn, on average, a 20bp annual senior management fee on a portion of the total collateral - which currently stands at US$1.3bn.

    .......

    Job Swaps 2 March 2011

  • Moody's operational risk guidelines explained

    Moody's has published its comprehensive guidelines for analysing operational risk in structured finance transactions globally. The methodology applies immediately to new Moody's-rated deals, as well as to its outstanding ratings on ABS, RMBS, CMBS and certain other structured credit transactions.

    In Europe, the changes will affect 131 tranches from 78 RMBS, 40 tranches from 26 ABS, 48 tranches from 29 .......

    News Round-up 2 March 2011

  • MBIA CDO commutations continue

    MBIA Insurance Corp says it reached agreements with five counterparties for commutations of transactions including multi-sector CDOs, multi-sector CDO-squareds, structured CMBS pools, commercial real estate CDOs and high-yield corporate CDOs during 4Q10. The agreements eliminated US$15.7bn in gross insured exposure in exchange for one-time payments by MBIA Corp that were consistent with its aggregate statutory loss reserve for these transactions.

    News Round-up 2 March 2011

  • Opera Uni-Invest restructuring awaited

    The sponsor of the Opera Finance (Uni-Invest) CMBS has defaulted on its standstill agreement, following the expiration of a 10-day cure period without the breach of the senior loan balance target being cured (see SCI 22 February). The special servicer on the deal, Eurohypo, has reserved the rights of the senior finance parties in respect of such a termination event, .......

    News Round-up 2 March 2011

  • Heads hired to lead fixed income group

    Ticonderoga Securities has appointed Martin Teevan and Alan Alsheimer to lead its new global fixed income group.

    Teevan assumes the role of the group's global head of fixed income. He was most recently senior md with Cantor Fitzgerald and prior to this was the firm's global head of credit.

    Alsheimer joins Ticonderoga as its head of US fixed income. He .......

    Job Swaps 2 March 2011

  • Euro CMBS maturity repayments improve

    Fitch reports that improving loan repayments and full and partial redemptions - totalling €232.5m - in February has increased its CMBS Maturity Repayment Index to 38.4% from 36.1%. These repayments also reduced the outstanding matured loan balance by 1.4%, with 53 of the 125 loans that matured since 2007 having been fully repaid.

    The largest repayment recorded in February relates .......

    News Round-up 2 March 2011

  • KKR expands in distressed assets

    Kohlberg Kravis Roberts & Co (KKR) has appointed Mubashir Mukadam as European head of the special situations platform within its asset management arm. Based in London, Mukadam will focus on secondary purchases of distressed assets, as well as rescue lending and structured investments in Europe.

    He will report to Nat Zilkha and Jamie Weinstein, co-heads of the special situations platform .......

    Job Swaps 2 March 2011

  • Consultancy adds business development md

    Actualize Consulting has appointed Mark Kahn as md with responsibility for business development across its capital markets and mortgage and fixed income practices. He will focus on expanding the firm's capabilities and service offerings in risk management, valuation services, regulatory compliance and financial system implementations.

    Before joining Actualize, Kahn served as head of sales for Principia Partners. Prior to this, .......

    Job Swaps 2 March 2011

  • Foreclosure complexity highlighted

    A bill passed last week in the Arizona Senate that voids foreclosures without full title history has re-emphasised the complexity of foreclosure requirements. If the bill passes in the House, many borrowers could begin challenging foreclosures in this non-judicial state - thereby pushing foreclosure timelines even further out.

    Chain of title remains an important issue, according to NewOak ceo Ron .......

    News 2 March 2011

  • US CMBS stabilising

    Despite a slight widening of spreads, it has been another good week for the US CMBS market as prices begin to stabilise. Meanwhile, JPMorgan priced its latest transaction today.

    "So far this week, equity is down and spreads have widened a little," one CMBS trader says. For example, the A4 tranche of the benchmark GSMS 2007-GG10 bond has widened by .......

    Market Reports 2 March 2011

  • Asset finance head appointed

    Credit Suisse has appointed Jay Kim as head of its asset finance group. In this role, he will work on the relationship side of the business, focusing particularly on new issuance. Kim was previously co-head of securitised products origination for the Americas at Barclays Capital.

    The bank is also said to be expanding the group further with the hire of a .......

    Job Swaps 1 March 2011
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