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MBA Q2 Delinquency Report Shows Worsening in Prime Sector

September 5, 2008 – The MBA quarterly National Delinquency Survey reported the delinquency rate for mortgage loans on one to four unit residential properties was 6.41% of all loans outstanding as of the end of 2Q08.

ECB Changes Its Policy for Using Its Repo Facility

September 5, 2008 – The ECB said that it no longer intends to accept ABS collateral for its repo operation if it is not backed by a liquidity facility that is worth at the minimum 20% of the deal’s nominal value.

Moody's Publishes Outlook of EMEA Regions

September 4, 2008 – Over the next 12 to 18 months, the EMEA region can expect stable and negative performance of its major structured finance asset classes.

SIFMA Suggests SEC Focus to Improve Ratings Process

September 4, 2008 – The SIFMA cautioned against proposals to remove references to credit ratings in regulations that the SEC issued with the intention of avoiding overreliance on credit ratings and promoting independent analysis.

HSBC France Launches Covered-Bond Program

September 4, 2008 – HSBC France, Paris, has launched an 8 billion euro ($11.6 billion) covered-bond program under French law.

Ranieri Sheds Interim CEO Post

September 4, 2008 – Lewis Ranieri has stepped down as interim chief executive of the struggling Franklin Bank Corp. of Texas.

Bingham McCutchen Further Boosts Staff

September 3, 2008 – Bingham McCutchen has hired Kenneth A. Kopelman, former head of Bear Stearns fixed-income and derivatives legal groups, as partner.

Piper Jaffray & Co. Expands its Aircraft Finance Team

September 3, 2008 – The new additions to the team include Doug Runte, Scott Sodokoff, Dan Reese and John Covello.

ResCap to Reduce Its Workforce

September 3, 2008 – Various intiatives will reduce ResCap's workforce by roughly 5,000 employees.

Merrill Hires Global Heads of Securitized Products and Mortgage Trading

September 2, 2008 – Merrill Lynch hired Michael Nierenberg from JPMorgan to head global mortgages and securitized products businesses.

U.K. Mortgage Lending Continues to be Challenged

September 2, 2008 – The number of mortgages approved in the U.K. in July 2008 fell by 71% year over year.

Fitch Warns of a Dramatic Rise in Option ARM Defaults

September 2, 2008 – A Fitch Ratings report on the outlook for increasing delinquencies in option ARMs resulting from recasts was released today.

CIFG Commutes $12 Billion in Structured Exposure

September 2, 2008 – CIFG Holding today announced that its financial guaranty subsidiaries have reached agreements to commute approximately $12 billion in structured finance exposures.

Allen & Overy Launches Product Addressing Documentation Risk

September 2, 2008 – Allen & Overy and docGenix launched docGenix, an independent firm offering innovative services to give financial institutions the ability to manage documentation risk.

Andrews Kurth Forms Covered Bonds Practice Group

September 2, 2008 – Andrews Kurth formed a covered bonds practice group to meet demands of changing the capital markets.