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Asset Securitization Report

Multiplying Stress-Test Rules Prompt Fears of Inconsistency

Feb 3, 2012 – The sheer number of varying stress test requirements is raising concerns about whether regulators will be able to consistently apply the rules to the largest banks.

American Express Files S-3 with the SEC

Feb 3, 2012 – American Express has filed an S-3 with the SEC to issue under its American Express Credit Account Master Trust.

Homeowners Refi to Lower Payments - Not Cash

Feb 3, 2012 – Cash-out refinancings hit a 26-year low in the fourth quarter as 85% of borrowers maintained the same loan amount or reduced their principal balance after refinancing,

Geithner: GSE Plan Coming This Spring

Feb 3, 2012 – The Obama administration is working toward producing a plan to wind down Fannie Mae and Freddie Mac, according to Treasury secretary Timothy Geithner.

Euro CLOs: Reports of Our Death Exaggerated

Feb 3, 2012 – New CLO creation in Europe has come to a standstill, but there are still an estimated $121 billion in European arbitrage CLOs outstanding with $80 billion still in their reinvestment periods.

Bankcard Charge-offs Drop, Analysts Say

Feb 3, 2012 – Bankcard charge-offs dropped to 4.4% from a peak of 10.5% in February 2010.

Capital Markets Chief at Ally/GMAC Bolts for Fannie Mae

Feb 3, 2012 – Fannie has hired Adam Glassner, executive vice president in charge of capital markets for GMAC Mortgage.

Risk Appetite in Repo Market Makes a Comeback, Fitch Says

Feb 3, 2012 – Risk appetite in the U.S. triparty repo market is slowly returning, according to Fitch Ratings in a report released today.

CoBiz Structured Finance Targets Middle Market Borrowers

Feb 3, 2012 – CoBiz Financial will begin providing asset-based loans to middle market businesses through its newly formed CoBiz Structured Finance.

MBS Technicals Rule Over Refi.Gov

Feb 3, 2012 – The Federal Reserve and the Obama administration have put the continued poor state of the housing market front and center on their agendas in the first month of 2012.

Apollo, Lehman Vet to Head Carlton's European Capital Markets Unit

Feb 3, 2012 – Mark Gollin has joined Carlton as managing director and will run the company's European capital markets business.

NY AG Sues Big Banks for their Use of MERS

Feb 3, 2012 – The attorney general's complaint charges that the use of MERS by BofA, JPMorgan, and Wells Fargo caused fraudulent foreclosure filings.

Assured Sues UBS for Contract Breach in RMBS Deals

Feb 3, 2012 – Assured Guaranty has filed a lawsuit against UBS' real estate securities unit over breach of contract claims.

IMA Selling $589MM MSR Portfolio

Feb 3, 2012 – IMA Denver, is selling a $589 million portfolio of residential servicing rights backed by Fannie Mae and Ginnie Mae mortgages.

Redwood Files with SEC for Shelf Offering

Feb 2, 2012 – Redwood Trust filed a shelf offering with the SEC to issue MBS that will be backed primarily by mortgage loans secured by first liens on one- to four-family residential properties.