Complete news archive

  • GMAC sued over 'fraudulent' affidavits

    In a lawsuit filed against GMAC Mortgage and its parent Ally Financial, Ohio attorney general Richard Cordray accuses the loan servicer and its agents of filing fraudulent affidavits to mislead courts in hundreds of Ohio foreclosures.

    "We know that as Ohioans were fighting to save their homes, this loan servicer benefited financially from the dire circumstances," says Cordray. "Instead of .......

    Job Swaps 13 October 2010

  • Distressed debt director hired

    Steven Bandolik has joined Deloitte Financial Advisory Services as director in its distressed debt and asset practice group. Based in Chicago and New York, Bandolik is responsible for developing financial advisory and consulting services for clients nationally. He will also deliver services in real estate restructuring, asset recovery and capital markets, while providing valuation services and asset management advice to .......

    Job Swaps 13 October 2010

  • LCM takes on Hewett's Island

    LCM Asset Management has been appointed replacement collateral manager on Hewett's Island CLO IV. The firm is assuming the collateral management responsibilities previously performed by CypressTree Investment Management, which was recently sold by Primus Guaranty to CIFC (see SCI issue 202).

    .......

    Job Swaps 13 October 2010

  • Hire to boost EMEA retail coverage

    Mark Valentine has joined Bank of America Merrill Lynch as md in its securitised products EMEA group. He will report to both Eric Personne and Marco Piccioni, EMEA co-heads of the bank's asset retail distribution unit.

    Valentine is expected to focus on developing BAML's footprint in the European securitised market across retail and high net-worth channels, as well as creating .......

    Job Swaps 13 October 2010

  • Seix ceo finds new home

    GoldenTree Asset Management has recruited Bob Sherman as a partner. He will work closely with partners Frank Jordan and Tom Humphrey in the continued expansion of the firm's institutional franchise.

    Sherman joins GoldenTree following 14 years at Seix Investment Advisors, where he rose to the position of ceo. Previously, he was svp at Daiwa International Capital Management and a director .......

    Job Swaps 13 October 2010

  • RMBS director added

    The Paragon Group has appointed Peter Shorthouse as director of treasury and structured finance. Reporting to the firm's director Nick Keen, Shorthouse will spearhead Paragon's RMBS strategy.

    With over 20 years of experience in the securitisation market, Shorthouse joins the firm from UBS, where he was head of European securitisation.

    .......

    Job Swaps 13 October 2010

  • Asian markets vet moves into advisory

    Iku Nishino has joined GreensLedge Asia as md and general manager to expand its business activities in the Asian markets. In this role Nishino will be responsible for providing capital markets advisory solutions and managing transaction executions from the firm's Tokyo office.

    With over 25 years of investment banking experience, Nishino joins from JPMorgan Tokyo, where he was md and .......

    Job Swaps 13 October 2010

  • Derivatives vets launch risk advisory shop

    Joyce Frost, Frank Iacono and Chris Frost have founded Riverside Risk Advisors. The launch is in response to the soaring demand for independent risk assessment, structuring, pricing and execution advice for complex derivative and structured product transactions.

    "The Dodd-Frank Act creates an effective mandate that some end-users seek independent advice for derivative transactions. We expect, however, that even where a .......

    Job Swaps 13 October 2010

  • LNR names co-ceos, launches new fund

    LNR Property has named two new senior executive officers to lead its diversified real estate services, investment company and CRE mortgage special servicer. The firm has also launched a new US$200m fund as part of its new investment management platform (IMP).

    Justin Kennedy has been appointed as co-ceo and is responsible for the firm's strategic direction, current investment activities and its .......

    Job Swaps 13 October 2010

  • Pricing compliance portal offered

    Interactive Data Corporation (IDC) is now offering a web-based client management and compliance oversight tool, designed to provide audit trails and compliance reports for a firm's pricing challenge process.

    The portal can increase client workflow efficiency by centralising information and generating management reports, as well as improving the turnaround time of challenges, the firm says. It can also provide clients .......

    News Round-up 13 October 2010

  • Systemic risk tool launched

    Macro Risk Advisors (MRA) has launched a 'Systemic Risk Dashboard', designed to monitor cross-asset risk premiums in order to help institutional investors manage portfolio uncertainty and optimise investment performance.

    "A defining lesson of the financial crisis has been the high level of asset price correlation in times of macro uncertainty," says Dean Curnutt, ceo of MRA. "Our risk dashboard provides .......

    News Round-up 13 October 2010

  • CDPC ratings lowered and withdrawn

    S&P has lowered its issuer credit rating (ICR) on Invicta to single-A plus from triple-A, and the ratings of its class A notes to single-A minus from triple-A and class Bs to triple-B minus from double-A. At the same time, the agency removed these ratings from credit watch with negative implications and subsequently withdrew them.

    S&P also disclosed that it placed .......

    News Round-up 13 October 2010

  • Economically-challenged states driving CRE defaults

    Loans secured by properties in economically challenged states are defaulting at an elevated rate and driving delinquencies higher, according to the latest US CMBS delinquency index results from Fitch. CMBS late-pays rose by 18bp to 8.66% last month.

    "Though certain macroeconomic indicators have been more encouraging of late, CMBS delinquencies will not subside anytime soon," comments Fitch md Mary MacNeill. .......

    News Round-up 13 October 2010

  • SF qualitative risks examined

    Moody's has released a report assessing how the misalignment of interests among transaction parties, as well as the effectiveness of transaction governance and safeguarding, poses an important qualitative risk in securitisations.

    "The behaviour of transaction parties in ways not initially intended can affect the distribution of cash and performance of the assets in a structured finance transaction," says Moody vp .......

    News Round-up 13 October 2010

  • Off-balance sheet treatment clarified

    The IASB has issued amendments to IFRS 7 as part of its review of off-balance sheet activities. The board says the amendments will allow users of financial statements to improve their understanding of transfer transactions of financial assets, such as securitisations.

    It is hoped the changes will help clarify the possible effects of any risks remaining with the entity that .......

    News Round-up 13 October 2010

  • Fitch warns on CDS 'false positives'

    CDS spreads indicated an elevated risk of default during the recent financial crisis that, for some sectors, was ultimately not borne out by subsequent experience, according to Fitch.

    In a recent study, the rating agency analysed the performance of CDS spreads as market-implied indicators of default risk for more than 100 companies across five US industry sectors that experienced pronounced .......

    News Round-up 13 October 2010

  • FNMA prepays 'close to peaking'

    Fannie Mae 30-year prepayment speeds picked up by 6% month-over-month to 24.9 CPR, according to MBS analysts at Barclays Capital. Speeds came in at the lower end of the analysts' estimates, with the 2009 FNCL 4.5s and 5s printing 22 and 28.5 CPR respectively.

    The month before, prepayments had jumped by around 27% (see SCI issue 199). The BarCap analysts .......

    News Round-up 13 October 2010

  • New Euro wind cat bond on offer

    GC Securities and Swiss Re Capital Markets are marketing a new European windstorm catastrophe bond on behalf of AXA. The three-year €150m Calypso Capital deal has been assigned a preliminary double-B rating by S&P.

    The series 2010-1 class A notes are the first to be issued under the €1.5bn Calypso Capital principal-at-risk variable-rate note programme sponsored by AXA Global P&C. .......

    News Round-up 13 October 2010

  • Two new Vita tranches marketing

    Swiss Re is marketing the latest in its Vita mortality catastrophe bond programme. The as-yet unsized dollar-denominated series III class E and series IV class E notes due 15 January 2015 issued by Vita Capital IV have been assigned a preliminary double-B plus rating by S&P.

    The notes will provide the reinsurer with protection against extreme mortality events occurring to .......

    News Round-up 13 October 2010

  • Garrison CLO nears

    Further details have emerged about Garrison Investment Group's long-awaited US CLO - Garrison Funding 2010-1. The US$219.55m transaction, arranged by Deutsche Bank, will pool primarily middle-market and broadly syndicated senior secured loans.

    S&P has assigned preliminary ratings to four classes of notes: triple-A to the US$164.5m class A-1 and US$25m class A-2 notes (which are expected to print at 240bp .......

    News Round-up 13 October 2010

  • ECB updates ABS guidelines

    The ECB has announced changes to its guidelines on monetary policy instruments in the Eurosystem. While many of the revisions pertaining to ABS - such as ratings and tranche seniority - have already been signalled, there are some new rules designed to limit exposure to non-European collateral.

    Essentially, from October 2011 any collateral backing a securitisation must be originated in .......

    News Round-up 13 October 2010
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