March 3, 2014
Housing boom-era mortage bonds, written off as “toxic waste” during the financial crisis, are performing better than expected.
This issue has the government all over it, not unlike the industry itself over the past few years.
The subprime credit card market, long down for the count, may finally be poised for a comeback: A team assembled by ex-regulator Raj Date is preparing to launch a plastic card for Americans who don’t qualify for mainstream credit.
George Canellos, the SEC’s former co-director of enforcement, has joined Milbank, Tweed, Hadley & McCloy as global head of the litigation department.
While lawmakers continue to press regulators to exempt collateralized loan obligations from Volcker Rule restrictions, managers of these deals have found another workaround – and this one allows them to invest in bonds.
Managers and arrangers of U.S. collateral loan obligations have struggled to satisfy the European Union’s risk retention requirement. However, the final draft rules published by the European Banking Authority include a new concession that may assist U.S. managers in accessing an investor base in the region.
The powerful storm surge produced by Hurricane Sandy has added momentum to the federal government’s efforts to farm out a portion of the risk now borne by the National Flood Insurance Program, and there appears to be a strong appetite in the private market.
Dan Feshbach, founder and CEO of MeasureOne, thinks that disclosure of loan-level data can do for the student loan market what it did for mortgages.
Regulation AB governs registration, reporting and disclosure requirements for all things asset-backed. The Securities and Exchange Commission appears to be ready to update it significantly, but, nearly four years after changes were originally proposed, it’s not clear exactly what the Commission will do.
By halting Ocwen Financial's deal to buy a mortgage servicing portfolio from Wells Fargo, New York regulator Benjamin Lawsky has called into question the servicer's ambitious growth plans.
JPMorgan Chase may be the quintessential New York money center bank, but the Big Apple is a rare market where it lags in multifamily lending.
The biggest issue at hand is the nature of private-public risk-sharing in mortgage credit risk; for the next generation secondary market to thrive, there must be some limited form of government guarantee present to reduce potential investor flight during times of crisis.
A trend of fewer homeowners refinancing their mortgages as interest rates climb is helping to curb sales of home-loan bonds without government backing. It’s also making new notes being issued safer, according to Moody’s Investors Service.
Many of these economies are stronger than they were in the late '90s, and lending can now be funded in local securitization markets.
View year-to-date issuance through March 7 for ABS, MBS and CMBS.
View the year-to-date manager rankings through Feb. 28 for the different ABS sectors, including real estate, credit cards, student loans, autos, and collateralized debt obligations.
View the Scorecard deals featured in ASR's Scorecard database that priced in the two weeks ended Feb. 28.